Carmaker Ford is expected to announce today that it is closing its engine facility in Bridgend, Wales, in what would be another blow to Britain’s car industry.

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Philip Green’s fashion empire is teetering on the brink of collapse after a crucial vote to rescue the business and secure 18,000 jobs was unexpectedly postponed yesterday after the billionaire failed to win enough support from his landlords.

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Fiat Chrysler Automobiles has withdrawn its proposal for  a merger with Renault, reversing plans to create what could have been the world’s third-largest carmaker.

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The International Monetary Fund (IMF) has called for a speedy end to the deepening trade war between the United States and China it said will cost $455bn (£357.5bn) in lost output next year.

Earlier this year IMF managing director Christine Lagarde told Financial Director a combination of US-China tension, slowing Chinese growth and Brexit would result in a slowing global economy.