Europe’s economy is geared towards a disappearing world, says ECB’s Lagarde

Europe’s economy is “geared towards a world that is gradually disappearing”, according to a warning from Christine Lagarde that the EU needs reforms to spur growth.The president of the European Central Bank (ECB) said the EU’s dependence on international trade had left it vulnerable, as major partners had turned away from the trade that made the bloc’s exporters wealthy.Donald Trump has led a global turn towards protectionism and against globalisation, with steep tariffs imposed on almost every trading partner. At the same time, China has used its dominance of production of certain critical materials and products to exert pressure.Lagarde argued that Europe was vulnerable because of a “dependency on third countries for our security and the supply of critical raw materials”

UK government borrows more than expected in setback before budget

Rachel Reeves was urged to use next week’s budget to create significantly more headroom against her fiscal rules, after official figures showed the UK government borrowed almost £10bn more than forecast in the year to October.In the final snapshot of the public finances before the chancellor’s crunch budget, the Office for National Statistics (ONS) said borrowing – the difference between public spending and income – was £17.4bn last month.That was lower than the same month last year, but still the third-highest October deficit on record.In the fiscal year so far, borrowing was running at £116

Wetherspoon to open first pub in Spain – offering garlic prawns and beer from 6am

Wetherspoon’s is to open its first pub outside the UK and Ireland, serving alcohol from 6am every day to sun-seeking Britons waiting for their plane in the departure lounge at Alicante airport.The opening in Spain, scheduled for January, will be the first foray on to continental European soil for the pub chain, which said it expects to pursue more footholds on the continent in the coming years.The expansion into mainland Europe comes nearly a decade after the outspoken Wetherspoon’s founder and chair, Tim Martin, celebrated Britain’s vote to leave the EU, a policy he vocally backed.The airport pub, named Castell de Santa Bàrbera after a culturally significant medieval coastal fortress in Alicante, expects to cater to holidaymakers travelling home from Spain’s Costa Blanca tourist hotspot.Alongside its usual dining fare, such as fry-ups, burgers and pizzas, the departure lounge pub will also serve traditional local dishes such as garlic prawns and Spanish omelette

Asos turns to AI stylists to win back shoppers after sales slide 12%

Asos has turned to online stylists powered by artificial intelligence as it attempts to win back customers and reverse a fall in sales.The online fashion retailer said sales had fallen 12% in the year to 31 August, and City analysts predicted another year of declining sales ahead.The company is testing “Styled for You”, which uses AI trained on its database of 100,000 curated outfits to suggest items that could go together with those a shopper has already bought or has searched.If a shopper signed up to its loyalty programme is seeking advice on buying a dress, for example, the AI stylist on the Asos app may suggest how the item can be complemented with a jacket and heels or given a more casual look with a sweater and trainers.The choices offered up are picked from Asos ranges based on consumer trends, and the shopper’s history and preferences are expressed when they sign up to its app

UK retail sales drop unexpectedly as shoppers await Black Friday and budget

Sales at UK retailers slumped unexpectedly last month as shoppers waited for Black Friday deals, and uncertainty over the upcoming budget dampened consumer confidence.Retail sales fell 1.1% month on month in October, the first fall since May, according to official figures from the Office for National Statistics (ONS). Economists had been expecting sales growth to be flat on the previous month.Supermarkets, clothing stores and online mail order companies suffered sales declines, which some retailers said was due to consumers delaying purchases in the run-up to the annual Black Friday sales, according to the ONS

AI bubble fears return as Wall Street falls back from short-lived rally

Fears of a growing bubble around the artificial intelligence frenzy resurfaced on Thursday as leading US stock markets fell, less than 24 hours after strong results from the chipmaker Nvidia sparked a rally.Wall Street initially rose after Nvidia, the world’s largest public company, reassured investors of strong demand for its advanced datacenter chips. But the relief dissipated, and technology stocks at the heart of the AI boom came under pressure.The benchmark S&P 500 closed down 1.6%, and the Dow Jones industrial average closed down 0