Global public debt to pass $100tn this year, warns IMF Global public debt is on track to exceed $100tn by the end of this year, the International Monetary Fund has warned. In its latest fiscal monitor report, the Fund says: Global public debt is very high. It is expected to exceed $100 trillion, or about…

The former head of IT at the Post Office named by the ex-chief executive Paula Vennells as one of five people responsible for the Horizon scandal has said he still has not seen evidence of a “fundamental flaw” in the IT system. Mike Young, who worked at the Post Office from 2008-2012 when the legacy…

The EU’s plans to ban the manufacture of traditional combustion engines from 2035 will shrink the industry, BMW’s chief executive has warned as the German car industry battles with increased competition from China in the electric vehicle sector. In a comment that will alarm Brussels, Oliver Zipse told the Paris motor show the 2035 cutoff…

The department store chain Fenwick, which closed its historic shop on London’s Bond Street in February, has reported its seventh year of losses as sales fell. The family-owned group, which is left with eight department stores led by Newcastle, said sales fell 3% to £299m in the year to January and it almost halved losses…

Global oil prices have tumbled by almost $3.50 a barrel amid ongoing concerns about a slowdown in China and as fears ease about the possibility of an attack by Israel on Iran’s energy facilities. The Israeli prime minister, Benjamin Netanyahu, has reportedly offered assurances to the White House that its retaliation against Iran for its…