Britain s economy shrank by less than feared in January as the country went back into a coronavirus lockdown, official data showed, but trade with the European Union was hit hard at the start of the country s new, post-Brexit trading relationship. Gross domestic product in January was 2.9% lower than in December, the Office for National Statistics said. Economists polled by Reuters had expected a contraction of 4.9%. Britain s economy is likely to shrink by 4% in the first quarter of 2021, due mostly to the latest lockdown but also because of disruption caused by new, post-Brexit rules for trade with the European Union, the Bank of England said last month.
Read more about Size of average buyout deals grows smaller in 2021: Refinitiv data on Business Standard. Deals have been coming in at the rate of one every three days
By Sankalp Phartiyal NEW DELHI (Reuters) - Apple Inc has started the assembly of iPhone 12 in India, the U.S. tech giant said, as the company ramps up manufacturing operations in the world s second-biggest smartphone market. We are proud to be starting production of iPhone 12 in India for our local customers, Apple said in a statement on Thursday, without naming the supplier making the smartphone. The Indian unit of Apple s Taiwanese contract manufacturer Foxconn will assemble the device in its plant in southern Tamil Nadu state, two sources familiar with the matter said. Foxconn did not immediately respond to a request for comment, but has previously said it does not comment on client-specific work.
Read more about Pfizer wants to make vaccine in India if faster clearance assured: Report on Business Standard. The US company pulled an application last month seeking emergency approval for its product in India after the drug regulator declined its request to skip a small local safety trial
By Laila Kearney NEW YORK (Reuters) - Oil prices rose on Wednesday on an upbeat forecast for global economic recovery and as U.S. gasoline inventories plummeted, but prices were limited due to a surge in crude oil inventories in the aftermath of last month s Texas winter storm. Brent crude settled at $67.90 a barrel, gaining 38 cents, or 0.6%. U.S. West Texas Intermediate crude settled at $64.44 a barrel, rising 43 cents, or 0.7%. U.S. gasoline stocks dropped by 11.9 million barrels last week and distillates, which include diesel and heating oil, fell 5.5 million barrels, the Energy Information Administration said, sharper than analysts expectations in a Reuters poll for a 3.5 million-barrel drop each. [EIA/S]