THE DAILY BRIEFING
CHINA WEAKENS Chinese factory output and other economic activity weakened in July. Growth in retail sales, factory output and investment all decelerated from June levels, according to the country’s National Bureau of Statistics. Analysts have warned economic growth, which held steady at 6.7pc for the three months ending in June, was showing signs of weakening heading into the current quarter.
CLAIMS ALERT Structural reforms to the insurance industry are needed to tackle inflated injury claims, FBD Holdings warns. In a half-year update the insurance firm, which has slashed its pre-loss to £3.2m from £82.9m, said claims costs are affecting the affordability of insurance for its customers. FBD said the average premium had increased 11pc over the first six months of the year, which offset a 7pc fall in policy numbers.
AMAZON EXPANDS Amazon is to create 500 jobs in Doncaster as it opens a new warehouse in the town. The site will be the company’s third in the town. The firm will recruit for a range of positions, including operations managers, engineers and IT specialists.
Amazon, which has faced questions over pay and conditions in its warehouses, said that the permanent employees will receive a comprehensive benefits package.
ITALY CREAKS Italy’s economy failed to grow between April and June as the country struggled with its creaking banking sector.
GDP growth shrank to 0pc in the second quarter compared to 0.3pc in the first quarter. Germany’s growth also slowed, to 0.4pc, down from 0.7pc in the first quarter.
BUILDING FALL Britain’s construction industry shrank by 0.9pc in June, says the Office for National Statistics.
And output in the three months to the start of July dropped by 0.7pc when compared to the previous quarter – more than the 0.4pc fall which had previously been expected.
However, the study found it was too early to judge the impact of the European Union referendum.
VW BULLISH Volkswagen shrugged off the impact of its emission scandal to say demand for its vehicles had remained constant.
The Volkswagen passenger car brand delivered 3.37m vehicles worldwide from January to July, almost matching the level from the previous year.