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UK at risk of recession after economy shrinks

The UK is at risk of recession after revised figures showed the economy shrank between July and September. Gross domestic product, which measures the health of the economy, contracted by 0.1% after previous estimates suggested growth has been flat. Meanwhile, there was zero growth between April and June, after it was first calculated to have risen by 0.2%. A recession ...

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UK economy shrinks in third quarter as election looms

LONDON, Dec 22 : Britain’s economy unexpectedly shrank in the third quarter, official data showed Friday, raising fears of a potential recession before an election due next year. Gross domestic product contracted 0.1 percent between July and September, down from a prior estimate of zero growth, the Office for National Statistics said in a statement. Activity was adversely impacted by ...

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Tesla launches Shanghai battery plant project

Tesla officially launched a massive battery factory project in Shanghai on Friday, the US electric car maker’s second plant in the Chinese city, state media reported. The project was announced in April after Tesla chief Elon Musk presented a vague but ambitious plan to investors to turbocharge growth. Company representatives signed an agreement to acquire land for the factory on ...

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Government borrowing higher than expected in November

Government borrowing fell in November but was still higher than expected, the latest official figures show. Borrowing – the difference between spending and tax income – was £14.3bn last month, above forecasts of £13bn. The figure was £900m less than a year earlier, but was the fourth highest total for November since monthly records began in 1993. Spending rose as ...

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Shock strike hits Eurotunnel and Eurostar services

Eurostar has urged customers not to travel on Thursday after it was forced to cancel trains when strike action hit the cross-Channel route. The firm said it had to halt services at midday until 15:30 due to a “last-minute strike” at Eurotunnel. The disruption emerged as many people start travelling for the Christmas holidays over the next few days. Eurotunnel ...

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NBR to set up 28 new tax zones, units in phases

The National Board of Revenue (NBR) is extending its network by setting up 28 new tax zones and units to increase revenue collection. Under the plan, the revenue agency will set up 20 new tax zones, four specialised units and four appellate wings, reports UNB. The government approved this recently after shelving the proposal for expansion for 11 years. “The ...

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Wasted wind power adds £40 to household energy bills, says think tank

Wasted wind power will add £40 to the average UK household’s electricity bill in 2023, according to a think tank. That figure could increase to £150 in 2026, Carbon Tracker has estimated. When it is very windy, the grid cannot handle the extra power generated. Wind farms are paid to switch off and gas-powered stations are paid to fire up. ...

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Red Sea attacks disrupt sea shipping, increasing delays and costs

Following attacks by Yemeni rebels, several shipping firms have said they will avoid the key Red Sea shipping route, which is likely to disrupt global trade by increasing delays and increasing costs, reports AFP. In recent weeks, Yemen’s Iran-backed Houthi rebels have launched numerous drone and missile attacks on ships passing through the Red Sea’s strategic Bab al-Mandab strait, a ...

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Gold price raised by Tk 1,167 per bhori

The price of gold has been raised by Tk 1,167 per bhori following an increase in the price of pure gold in the local market. Now, the price of 22-carat (11.664 grams) gold has become Tk 1,09,292 per bhori. In addition, the price of 21-carat is Tk 1,04,334 per bhori, 18-carat Tk 89,405 per bhori, and gold of traditional method ...

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Indian onions start rotting as trucks stuck at landport

Truckloads of onions have begun stinking along the India-Bangladesh border in Bengal while the prices of the crop move northwards in the neighbouring country, according to a report by The Telegraph Online on Sunday (December 17). A decision of the central government prohibiting export of onions has suddenly slammed the brakes on several cargo trucks, waiting at land ports along ...

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