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Wednesday newspaper round-up: Britain's economy, Saudi Aramco, AA, Apple

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Wednesday newspaper round-up: Britain's economy, Saudi Aramco, AA, Apple

Wed, 02 August 2017
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Wednesday newspaper round-up: Britain's economy, Saudi Aramco, AA, Apple

(ShareCast News) - Britain's economy will surge back to life in the next six months following its slow start this year, a leading forecaster has predicted, prompting the Bank of England to raise interest rates next spring - more than a year earlier than its previous projection. The National Institute for Economic and Social Research (NIESR) said a boom in exports after the fall in the pound and a return to bumper wage rises next year would be enough to increase GDP growth to almost 2% and convince the central bank to increase the cost of borrowing. - Guardian
London is at risk of damaging its reputation by giving oil giant Saudi Aramco an easy ride onto the stock exchange, one of Britain's leading business groups has warned. The Institute of Directors has echoed the UK's investor community by warning the City watchdog that watering down rules to make it easier for state-owned companies such as Aramco to float in London could be damaging. - Telegraph

Yancoal is raising $2.5bn (£1.9bn) to fund its purchase of Rio Tinto's Australian coal mine, less than had previously been expected thanks to FTSE 100 Glencore's intervention last week. Australia-listed Yancoal said it was launching an "entitlement offer" to raise $2.35bn, with Yanzhou, a Chinese coal miner owned by state-backed entities, subscribing for $1bn. - Telegraph

The executive chairman of the AA has been sacked with immediate effect for allegedly lashing out at a colleague. Bob Mackenzie, 64, was removed from his role yesterday by the board of the AA, but no reason was given for his departure other than it involved "gross misconduct". - The Times

An unexpected revival for the iPad as well as sales of iPhones that exceeded all expectations lifted Apple shares to a record high last night. Shares in the world's largest public company jumped by 6.3 per cent to $159.55 in after-hours trading after Apple unveiled a third-quarter profit of $8.7 billion, up from $7.8 billion a year ago and comfortably ahead of Wall Street's forecasts. - The Times