Rolling coverage of the latest economic and financial news
- Latest: Just 9,300 UK mortgages approved in May
- Mortgages approvals down 90% (!) since February
- Economists: Lenders and borrowers both nervous
- World stock markets have hit a two-week low
- Coronavirus – latest updates
- See all our coronavirus coverage
Energy news: BP has sold its petrochemicals business to Ineos – owned by Britain’s richest man, Sir Jim Radcliffe.
The deal will raise $5bn (£4.1bn) for BP, whose finances are under pressure following the slump in the oil price since the pandemic. Brent crude is trading at $41 per barrel today, from as much as $70 in January.
Back in the aerospace industry, Boeing has been given the green light to start testing its 737 Max jet, which was grounded after two fatal crashes which killed 346 people.
Theses test flights could pave the way for commercial flights to restart — Covid-19 permitting…..