The 10 things to watch in business on Wednesday September 2nd

IMF's Christine Lagarde warned volatility in Asia could spill over to the rest of the world; Asos boss Nick Robertson steps down; UK black cabs fight back against Uber

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The Independent Online

1. World markets are on course for a calmer day as China's top share index is in positive territory after tanking at the open.

The Shanghai Composite lost more than 4 per cent of its value in early deals but came back strongly. At the break the benchmark Shanghai Composite index rose to 3176.335, an increase of 0.31 per cent. The FTSE gained 0.5 per cent in early trading this morning while futures markets indicated a similar opening for US stocks.

2. Christine Lagarde, International Monetary Fund (IMF) Managing Director, said global economic growth may be weaker than expected due to a slower recovery in advanced economies and a further slowdown in emerging nations. She also warned emerging economies like Indonesia to “be vigilant for spillovers” from China’s slowdown


3. Greece's Syriza party is on course to win 26 per cent of votes in the September election. The party, led by Alexis Tsipras, is just one point ahead of the conservative New Democracy party, according to a poll published by the Pulse for Action 24 television channel.


4. Nick Robertson, the founder of British online fashion retailer ASOS, has stepped down as chief executive after 15 years in which he transformed the internet into a retail powerhouse . He will be replaced at the top by Nick Beighton, the company's chief operating officer, with immediate effect.


5. Australian GDP rose by 0.2 per cent in the three months to June, missing analysts' expectations. It was the slowest quarterly growth since the March quarter of 2011, leaving the annual pace of growth at a near two-year low of 2.0 per cent.


6. British retailer Tesco has picked private equity firm MBK Partners as preferred bidder to buy its South Korean unit, in what is set to be the largest ever private equity deal in Asia.


7. Passenger numbers at Ryanair rose by 10 per cent to 10.4 million in August, versus the same month a year earlier according to new figures published on today.


8. The biking dream is over for Halfords with cycle sales down 11 per cent in latest quarter – it blames bad weather and steep discounting . That dragged overall sales are down 1.3 per cent.


9. London's black cab drivers are fighting back against taxi-hailing app Uber by offering discounts on journeys.


10. France's justice ministry promised to take action after an investigation leaked in the press found it had hired over 40,000 undeclared workers on a casual basis.

 

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