Guardian business and finance news

Here are the latest business and finance news from The Guardian:

Top Stories

  1. UK economy shrinks by 0.1% in first quarter of 2023: The UK's economy contracted by 0.1% in the first quarter of 2023, according to official figures, as the country grapples with the impact of the cost of living crisis and global economic uncertainty.
  2. HSBC profits surge to record high: HSBC has reported a record profit of $12.6bn (£9.7bn) in the first quarter of 2023, driven by strong growth in its investment banking and wealth management divisions.
  3. UK inflation rate falls to 2.5%: The UK's inflation rate has fallen to 2.5% in March, according to official figures, as the cost of living crisis begins to ease.

Business

  1. Amazon to cut 18,000 jobs worldwide: Amazon is set to cut 18,000 jobs worldwide, the company has announced, as it seeks to reduce costs and streamline its operations.
  2. Boeing to cut 2,000 jobs in latest round of layoffs: Boeing is set to cut 2,000 jobs in the latest round of layoffs, as the company continues to struggle with the impact of the pandemic and global economic uncertainty.
  3. UK's biggest banks to face new stress tests: The UK's biggest banks are set to face new stress tests, designed to assess their ability to withstand a potential economic downturn.

Finance

  1. FTSE 100 falls to lowest level since 2020: The FTSE 100 index has fallen to its lowest level since 2020, as investors worry about the impact of the cost of living crisis and global economic uncertainty.
  2. Sterling falls to lowest level against dollar since 2020: The pound has fallen to its lowest level against the dollar since 2020, as investors worry about the impact of the cost of living crisis and global economic uncertainty.
  3. Oil prices surge to highest level since 2008: Oil prices have surged to their highest level since 2008, as investors worry about the impact of the conflict in Ukraine and global economic uncertainty.

Economy

  1. UK's economic growth forecast cut by 0.5%: The UK's economic growth forecast has been cut by 0.5% by the Office for Budget Responsibility, as the country grapples with the impact of the cost of living crisis and global economic uncertainty.
  2. UK's public debt to reach 100% of GDP by 2025: The UK's public debt is set to reach 100% of GDP by 2025, according to official figures, as the country grapples with the impact of the cost of living crisis and global economic uncertainty.
  3. UK's productivity growth slows to lowest level since 2010: The UK's productivity growth has slowed to its lowest level since 2010, according to official figures, as the country grapples with the impact of the cost of living crisis and global economic uncertainty.