Global think tanks paint grim view for world economy

View this email in your browser
9th June 2022

Bite-sized business news from the UK and beyond
Good morning The saying goes ask and you shall receive and, after weeks of badgering, Elon Musk is finally getting data on Twitter fake accounts that he demanded in order to complete the takeover. The social media company will provide the world’s richest man with access to a stream of data comprising more than 500 million tweets posted every day.
Today's stories
  • Global think tanks paint grim view for world economy
  • British education startup becomes latest tech unicorn
ECONOMY
Global think tanks paint grim view for world economy


What happened?
This week two major economic think tanks - the World Bank and the OECD – cut their forecasts for global growth this year. The World Bank from 4.1% to 2.9% and the OECD from 4.5% to 3.0%. 

The world has changed significantly since the last set of forecasts were done in January. The invasion of Ukraine in February, along with shutdowns in major Chinese cities due to the zero-Covid policy in recent months have created even more headwinds for the global economy only just recovering from two years of pandemic restrictions.

The World Bank raised the risk of a global recession, warning economies may face a 1970s-like period of stagflation, characterised by slow economic growth and rising prices. 

Prospects for the UK look particularly gloomy. The OECD predicts the British economy will grow by 3.6% this year with no growth in 2023, only Russia has a weaker forecast out of the top 20 developed nations.

A toxic mix of high inflation, rising interest rates and higher taxes relative to other rich countries means British consumer spending power, and therefore economic growth, will be more constrained. 

So what can be done? The UK government is facing increased pressure to do more to help struggling households. The chancellor Rishi Sunak has said he can’t insulate the economy from all the global shocks but there are reports that tax cuts could be on the way, something the OECD and World Bank say governments should do.
Other stories to keep you in the loop
  • House price growth is slowing, Halifax says
  • Petrol prices see biggest daily jump in 17 years
  • Air fares likely to increase significantly by end of summer, Wizz Air boss says
  • JD Sports ‘guilty’ of fixing Rangers kit prices
  • Zara owner’s sales jump by 36% as shoppers return to high streets
  • TikTok investigating claims executive said he ‘didn’t believe’ in maternity leave
TECH
British education startup becomes latest tech unicorn


What happened?
Yesterday British education tech firm Multiverse announced it had raised £175m in its latest round of funding at a valuation of £1.4bn – doubling its value from the previous investment just eight months ago. It’s the first UK firm of its kind to reach unicorn status i.e. with a value over $1bn.

The founder has famous connections. Euan Blair, Multiverse’s founder and CEO, is the son of former prime minister Tony Blair. According to reports, Euan owns as much as 50% of the business, taking his personal wealth to as much as £700m.

Launched in 2016, the company trains apprentices and helps them find roles in the US and UK. Its mission is to give young people paths to employment other than through university -  a different view to Tony Blair’s mission of sending at least 50% of students to university.

The company says it has partnered with over 500 employers including Visa and Cisco, and reached more than 8,000 apprentices. 

It focuses on training students from underrepresented backgrounds - 56% of the apprentices the company places are ethnic minorities and 54% are women.

What next? The funding will help it expand in the US, and to broaden its range of learning programmes to create more career possibilities for apprentices.
Stat of the day

The 2022 World Cup in Qatar is expected to be watched by 5 billion people around the world, far surpassing the record 3.5 billion who tuned in to the 2018 edition in Russia
Interesting links from around the web
Forward to Friend Forward to Friend
Not a subscriber? Join free
Twitter
Sent this by a friend? Sign up here
How did you like today's email?
Get in touch with any feedback or even just to say hi
hello@marketloop.co

Copyright © 2022 Market Loop, All rights reserved.

Want to change how you receive these emails?
You can update your preferences or unsubscribe from this list.
 






This email was sent to you
why did I get this?    unsubscribe from this list    update subscription preferences
Market Loop · 16 Great Chapel St · London, London W1F 8FL · United Kingdom

Email Marketing Powered by Mailchimp

Older messages

Online car dealer slashes workforce amid recession fears

Wednesday, June 8, 2022

.... and Apple's next big thing View this email in your browser 8th June 2022 Bite-sized business news from the UK and beyond Good morning If you're making travel plans for this summer then

London Metal Exchange hammered with $450m lawsuit

Tuesday, June 7, 2022

.... and UK rental market facing unprecedented squeeze View this email in your browser 7th June 2022 Bite-sized business news from the UK and beyond Good morning 148. That's the number of votes

Investors in former City darling’s fund launch lawsuit

Monday, June 6, 2022

.... and Camden Market goes up for sale with £1.5bn price tag View this email in your browser 6th June 2022 Bite-sized business news from the UK and beyond Good morning Welcome back from the long

The EU (sort of) bans Russian oil

Wednesday, June 1, 2022

.... and Unilever adds activist investor to board View this email in your browser 1st June 2022 Bite-sized business news from the UK and beyond Good morning As the UK kicks off Jubilee celebrations

FTSE 100 CEO pay bounces back

Tuesday, May 31, 2022

.... and Morrisons takeover of McColl's under competition review View this email in your browser 31st May 2022 Bite-sized business news from the UK and beyond Good morning Yesterday contestants for

Weekender: Nordstrom leans on off-price Rack for growth and profit

Saturday, June 25, 2022

Signup | Forward Retail Dive Weekender June​ 25,​ 2022 | A roundup of this week's most read stories Commerce Signals BROUGHT TO YOU BY — Commerce Signals RMNs Work for Retail Marketers Too By

Weekender: Kraft rebrands macaroni and cheese to promote comfort food positioning

Saturday, June 25, 2022

Signup | Forward Marketing Dive Weekender June​ 25,​ 2022 | A roundup of this week's most read stories Industry Dive BROUGHT TO YOU BY — impact.com Ultimate influencer program starter kit

Truth Telling + Recommended Reading

Saturday, June 25, 2022

Our ability to see the bright side of a seemingly hopeless situation becomes the mindful practice of building mental stamina and hope. June 25, 2022 | Read Online Truth Telling + Recommended Reading

This One Chrome Extension Will Boost Your Rankings

Saturday, June 25, 2022

The issue with tools is we never really use them. But the one thing you do use is Google. 5.6 billion searches happen on Google each and every day. What if there was a chrome extension that tied into

166 - Zack Onisko

Saturday, June 25, 2022

Zack Onisko is the CEO of Dribbble, the global community for designers and creative professionals to showcase, promote, discover, and explore design ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

The Latest from SaaStr: 10 Common Misconceptions About Getting Funded

Saturday, June 25, 2022

Plus, the latest from SaaStr To view this email as a web page, click here saastr daily 10 Common Misconceptions About Getting Funded By Jason Lemkin · Friday, June 24, 2022 | Fundraising One common

VC returns snap back to reality

Saturday, June 25, 2022

Also: Agtech funding blossoms; PE's opportunity in supply chain tech; Investors increasingly turn to real assets; Talking software innovation trends. Read online | Don't want to receive these

Driving Strategic Value - Business Selling Price Versus Customer Acquisition Cost (a short Video)

Saturday, June 25, 2022

THE EXIT STRATEGIST Driving Strategic Value - Business Selling Price Versus Customer Acquisition Cost (a short Video) Click Here to Watch our Short Video The Key to driving strategic value in the sale

Why the arrival of African cheetahs to India is worrisome

Saturday, June 25, 2022

The project is a monument to personal ambition, politics, and bad science. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

From 0 to $57M by a newbie entrepreneur

Saturday, June 25, 2022

Today's hack From 0 to $57M by a newbie entrepreneur Back in 2012 Tyler Haney knew nothing about fashion design but managed to compete with Nike! and grew her clothing company to $57M in funding in