1.Oil Drops Further:
Oil Falls to Lowest Since 2003. Brent is down 4.09% at $32.92 (£22.51),while US crude oil is down 3.66% at $32.73 (£22.38).
2.The World Bank has reduced its forecast for global growth this year given weakness in the developing world:
The apex Bank said this week, that it expects the world economy to expand 2.9% in 2016, down from the forecast of 3.3% it made in June. The global economy grew 2.4% in 2015.
3.China weakened the value of its yuan currency by 0.51% to 6.5646 against the US dollar this week, figures from the China Foreign Exchange Trade System showed:
It is the biggest drop since August when Beijing guided the unit down by nearly 5% in a week in a surprise devaluation.
4.Apple fell below $100 (£68.30) per share for the first time since August:
Shares of Apple were down about 2.5% and trading near $100 this week.
5.South African Rand Weakens to Record Low on China as Stocks Fall:
The rand weakened to a record and South African stocks fell to three-week lows on concern slowing growth in China will weigh on the continent’s second-largest economy.
6.Marks & Spencer CEO Marc Bolland to Resign Later This Year:
Marks & Spencer Group PLC said Chief Executive Marc Bolland will Resign later this year, the latest sign of the pressures of competition in British retailing particularly in the clothing sector.
7.South Africa Extends Steel-Import Tariffs to Counter Surplus:
South Africa extended tariffs on some steel imports as producers continue to battle a surplus of cheap supply from China, according to the local unit of ArcelorMittal, which is selling shares, cutting jobs and closing plants as it seeks to return to annual profitability for the first time in almost 6 years.
8.Pound Drops to Weakest In 6 years As a Result Of U.K. Economic Risks:
The pound fell to the weakest level in 6 years.The U.K. currency slid 0.8 percent to 74.26 pence per euro.
