• Business

    Rebound continues with fourth month of growth

    Retail sales registered their fourth month in a row of growth in August, the Office for National Statistics (ONS) said on Friday. Spending in shops and online rose by 0.8{09c3c849cf64d23af04bfef51e68a1f749678453f0f72e4bb3c75fcb14e04d49} between July and August. Analysts had forecast growth of 0.7{09c3c849cf64d23af04bfef51e68a1f749678453f0f72e4bb3c75fcb14e04d49}. Compared to a year earlier, retail sales were up 2.8{09c3c849cf64d23af04bfef51e68a1f749678453f0f72e4bb3c75fcb14e04d49} in August. Economists had expected annual growth of 3{09c3c849cf64d23af04bfef51e68a1f749678453f0f72e4bb3c75fcb14e04d49}. The data showed a continued solid rebound in consumer spending, which began after shops were allowed to reopen in June. Retail sales surged back to pre-pandemic levels in June and sales grew far faster than economists had expected in July. Michael Hewson, chief market analyst at CMC Markets, said the government’s…

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  • Business

    Deutsche Bank Targets Commodity Finance for Mideast Growth

    (Bloomberg) — Deutsche Bank AG plans to boost lending to commodity traders in the Middle East, even as other banks back away after a spate of defaults in the industry, to help double the size of its regional business. The German lender, which on Monday appointed Loic Voide and Kees Hoving as co-chief executive officers for the Middle East and Africa, is also targeting bond markets for growth in the region. “In the next five to six years, we would like to double the size of the revenues from what we have today,” Voide said in an interview. “The old Deutsche Bank wanted to be everything to everybody, and we…

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