us-business

Scandinavian currencies should also do well if geopolitical risk is priced out, with Sweden’s krona likely better positioned than Norway’s krone due to opposite exposures to energy prices, ING’s FX analyst Francesco Pesole notes. Opposite energy price exposure favors Swedish Krona “The drop in NOK/SEK yesterday might be attributed to that. Sweden also reported an acceleration in July CPIF inflation to 3.0%, but that was widely expected, and core inflation actually decelerated faster than anticipated to 3.1%.” “We still aren’t forecasting any extra cut by the Riksbank, but admit this has become a much closer call after the EU-US trade deal. Anyway, markets are fully pricing it in, so we aren’t concerned about our bullish medium-term call on SEK.” Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page. If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet. FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice. Read More

ICE Brent settled almost 0.7% lower yesterday with hopes that Presidents Trump and Putin may meet soon, possibly as soon as next week, ING’s commodity experts Ewa Manthey and Warren Patterson note. Crude Oil imports in July averages 11.2m b/d “It’s still unclear if Ukrainian President Volodymyr Zelenskyy will take part. This is important because it could affect the secondary tariffs on India, depending on how discussions go. However, it is important to note that President Trump’s deadline for a Russia-Ukraine peace deal expires today, leaving open the risk that the US will still tighten sanctions against Moscow.” “Meanwhile, there are media reports that Indian state refiners are taking a step back from buying Russian crude Oil amid the tariff uncertainty. Refiners are waiting for some guidance from the government before resuming their purchases. Indian exports to the US dwarf the savings that India receives from buying discounted Russian crude Oil. Therefore, we believe that India will likely switch to alternative crude supply in order to avoid these additional tariffs. This should lead to increased demand for other grades from the Middle East, continuing to provide support to Dubai relative to Brent.” “The latest trade data from China shows that crude Oil imports in July averaged 11.2m b/d, up 11.5% year on year, but down a little more than 8% month on month. Imports in June were strong as independent refiners restocked. This leaves cumulative imports so far this year at 11.3m b/d over the first seven months of the year, up 3.2% YoY.” Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page. If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet. FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice. Read More

The US is showing a moderate bullish bias favoured by Speculation that Waller will be Powell’s replacement as Fed Chair. Soft US employment data and hopes of Fed cuts are keeping USD longs limited so far. The BoJ’s Summary of Opinions cast doubts about immediate rate hikes. The US Dollar is reverting to the previous two days’ losses as investors welcomed reports suggesting that Fed Governor Waller is emerging as a top candidate for the replacement of Chair Powell in May, while a moderate risk appetite is weighing on the safe-haven Yen. A report from Bloomberg suggested on Thursday that the US President Trump’s team was impressed with Waller after their meeting. Waller is a dove and was appointed by Trump during his first term, which makes him a suitable top candidate for the president. On the other hand, he has a reputation for defending the central bank’s credibility. The Dollar has bounced up after the news. US Data released on Thursday revealed that Jobless claims rose to 226,000 on the previous week, above the 221,000 claims expected, following a 218,000 reading in the previous week. Somewhat later, the St. Louis Fed President delivered a cautious message warning about the threat of tariffs to US inflation and to the economy, and pointed to only one rate cut in the rest of the year. Futures markets, however, keep pricing a rate cut in September and another one before the end of the year. In Japan, the BoJ’s summary of opinions, also released on Thursday, revealed that some policymakers remain wary about the impact of US tariffs on Japan’s economy, which might take two to three months to be assessed. These comments have cooled hopes for immediate rate cuts. Bank of Japan FAQs The Bank of Japan (BoJ) is the Japanese central bank, which sets monetary policy in the country. Its mandate is to issue banknotes and carry out currency and monetary control to ensure price stability, which means an inflation target of around 2%. The Bank of Japan embarked in an ultra-loose monetary policy in 2013 in order to stimulate the economy and fuel inflation amid a low-inflationary environment. The bank’s policy is based on Quantitative and Qualitative Easing (QQE), or printing notes to buy assets such as government or corporate bonds to provide liquidity. In 2016, the bank doubled down on its strategy and further loosened policy by first introducing negative interest rates and then directly controlling the yield of its 10-year government bonds. In March 2024, the BoJ lifted interest rates, effectively retreating from the ultra-loose monetary policy stance. The Bank’s massive stimulus caused the Yen to depreciate against its main currency peers. This process exacerbated in 2022 and 2023 due to an increasing policy divergence between the Bank of Japan and other main central banks, which opted to increase interest rates sharply to fight decades-high levels of inflation. The BoJ’s policy led to a widening differential with other currencies, dragging down the value of the Yen. This trend partly reversed in 2024, when the BoJ decided to abandon its ultra-loose policy stance. A weaker Yen and the spike in global energy prices led to an increase in Japanese inflation, which exceeded the BoJ’s 2% target. The prospect of rising salaries in the country – a key element fuelling inflation – also contributed to the move. Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page. If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet. FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice. Read More

The Unemployment Rate in Canada remained unchanged at 6.9% in July, Statistics Canada reported on Friday. This reading came in below the market expectation of 7%. In this period, Net Change in Employment was -40,800, compared to analysts’ estimate for an increase of 13,500. “The employment rate declined 0.2 percentage points to 60.7%,” Statistics Canada noted in its press release. “The employment decline in the month was concentrated among youth aged 15 to 24 (-34,000; -1.2%). Employment among core-aged (25 to 54 years old) people as well as among those aged 55 and older was little changed in July.” Other details of the report showed that the Participation Rate declined to 65.2% from 65.4%, while the Average Hourly Wages rose by 3.5% on a yearly basis, up from the 3.2% increase recorded in June. Market reaction to Canada employment data The Canadian Dollar came under modest bearish pressure with the immediate reaction to employment data. At the time of press, USD/CAD was trading at 1.3760, gaining about 0.1% on the day. Canadian Dollar PRICE Today The table below shows the percentage change of Canadian Dollar (CAD) against listed major currencies today. Canadian Dollar was the weakest against the US Dollar. USD EUR GBP JPY CAD AUD NZD CHF USD 0.15% 0.09% 0.40% 0.07% 0.00% -0.05% 0.10% EUR -0.15% -0.03% 0.28% -0.05% -0.11% -0.12% -0.04% GBP -0.09% 0.03% 0.34% -0.02% -0.17% 0.07% -0.07% JPY -0.40% -0.28% -0.34% -0.31% -0.45% -0.41% -0.27% CAD -0.07% 0.05% 0.02% 0.31% -0.03% 0.06% -0.00% AUD -0.01% 0.11% 0.17% 0.45% 0.03% 0.11% 0.02% NZD 0.05% 0.12% -0.07% 0.41% -0.06% -0.11% -0.01% CHF -0.10% 0.04% 0.07% 0.27% 0.00% -0.02% 0.00% The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Canadian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent CAD (base)/USD (quote). This section below was published as a preview of the Canada labor market data at 09:00 GMT. Canada is expected to show moderate job growth and a higher Unemployment Rate in July. These figures are unlikely to alter the BoC’s wait-and-see stance. The Canadian Dollar is regaining lost ground against a weaker US Dollar.   Statistics Canada will release July’s Canadian Labour Force Survey report on Friday. The market consensus anticipates some moderation in job creation, with the Unemployment Rate increasing. Unless there is a big surprise, these numbers are unlikely to alter the Bank of Canada’s (BoC) wait-and-see stance on interest rates. The BoC met market expectations and left its benchmark interest rates unchanged at  2.75% for the third consecutive meeting in July, after having slashed them from 5% since May 2024. The Bank’s Governor, Tiff Macklem, observed the strength of the Canadian economy in the face of global trade uncertainty, adding that the bank will remain vigilant to assess the impact of US tariffs on Canada’s economic growth. Previous data released by Canada’s statistics office revealed an unexpected 83,100 net increase in employment in June, beating market expectations of a flat reading. Likewise, the Unemployment Rate declined to 6.9% from the previous 7% instead of increasing to  7.1% as market analysts had forecasted. Later in July, Canada’s Gross Domestic Product data showed that the economy contracted in May, but the rebound observed in some sectors suggests that the GDP might show a slight growth in Q2, which, in the face of the heating inflationary trends, would endorse the BoC’s “patience” message. What can we expect from the next Canadian Unemployment Rate print? According to the market’s consensus, the Canadian economy continued creating jobs in July, although at a slower pace. The Net Change in Employment is seen moderating to 13,500, well below June’s 83,100 new jobs, while the Unemployment Rate is expected to return to 7% level after retreating to 6.9% in June.  The statement of the Bank of Canada’s latest monetary policy meeting confirms that the US economy is showing some resilience despite the uncertain trade relationship with the US, and that the employment creation has held up even though the sectors affected by trade have experienced some weakening. The bank observed the growing unemployment trend and the softening wage inflation but called for a careful approach towards monetary policy before the impact of tariffs on employment, business investment, and household spending is evidenced. When is the Canada Unemployment Rate released, and how could it affect USD/CAD? The Canadian Unemployment Rate for July, together with the Labour Force Survey numbers, will be released at 12:30 GMT. The Bank of Canada left the door open for further monetary easing before the end of the year, but hopes of a September rate cut remain relatively low so far, and Friday’s data is unlikely to alter that consensus unless the final reading shows a negative surprise. The market expectations suggest that the Canadian economy continues to create jobs despite the uncertain global trade scenario, and recent Consumer Price Index (CPI) figures revealed that price pressures are increasing, which strengthens the case for maintaining the status quo in the next monetary policy meeting. The next BoC rate decision on September 17, however, is still far away, and Friday’s employment report is unlikely to be decisive for the bank’s monetary policy plans. More jobs data and the Q2 GDP will be released ahead of the BoC’s meeting, and the bank is likely to wait for further input for a better-founded assessment of the impact of tariffs before taking monetary policy decisions. In currency markets, the Canadian Dollar reversal from late June and early July lows seems to have found significant support, as the USD/CAD featured an impulsive pullback from two-month highs near 1.3900 following a grim US Nonfarm Payrolls report last week. The USD/CAD is holding at a previous support area above 1.3700, with upside attempts limited so far. With investors ramping up their bets

One of Stevens Equipment Rental’s six new D6 dozers Finning UK & Ireland is supplying Stevens Equipment Rental with 17 new Cat machines to help it meet growing demand for its rental offering. The investment comprises three Cat 966 wheeled Loaders, a 972 wheeled loader, two D5 bulldozers, six D6 bulldozers, three CS13 soil compactors, one CS16 soil compactor and a 320 excavator.  Managing director and owner Andrew Stevens said: “We identified a need to bridge a gap in the market for bulldozer and soil compactor hire, particularly as the construction sector begins to regain stability and confidence. With more certainty returning to the market, particularly following the recent spending review, we knew it was the right time to invest in robust, efficient, and technologically advanced equipment that will allow us to support our customers in delivering critical infrastructure projects across the country.” Got a story? Email news@theconstructionindex.co.uk Read More

image from volkerfitzpatrick.co.uk Volkerfitzpatrick, which recently resurfaced the runways at RAF Lossiemouth, will now carry out similar work at RAF Coningsby. Works include resurfacing works on Echo and Sierra Taxiway and airfield ground lighting. The contract, awarded via an MoD framework arrangement, runs until February 2027. RAF Coningsby was built just before World War Two and became the home of 617 Squadron, known as the Dambusters, during the second half of the war. Got a story? Email news@theconstructionindex.co.uk Read More

Howard Chamberlain Cheetham Hill Construction (CHC) transitioned to an employee ownership trust (EOT) on 1st August 2025, with 100% of the shares owned by the 100 or so employees. The transition fulfils the long-standing ambition of founder and managing director Howard Chamberlain, who has led the company for the past 59 years. Howard Chamberlain set up the business as a limited company in 1966 when he was just 20 years old. In 2016 ownership passed to his daughters, Claire Chamberlain and Katie Myers, who are both directors of CHC alongside their father. Howard Chamberlain will remain a director under the new ownership model although Mike Goodier, previously contracts director, has now taken over as managing director. CHC is expecting to hit £25m turnover for this year, which is an increase of more than 30% on the previous filed accounts, as delayed projects and frameworks are now in full flow, the company said. Got a story? Email news@theconstructionindex.co.uk Read More

Leigh Johnson Leigh Johnson has been appointed managing director of Barking Riverside Limited (BRL), the master developer behind East London’s largest residential development. Johnson joins BRL from Wates Residential, where she is regional development director for London. She has previously held leadership positions at four of the UK’s top five house-builders and also worked at Homes England for three years. She starts her new job in November, taking over from Matthew Carpen, who has been in post for 12 years.  He is moving to the Old Oak & Park Royal Development Corporation, another mayoral project, to be its chief executive. Barking Riverside Limited is a joint venture between the mayor of London’s office and L&Q, redeveloping the site of Barking power station site – an area the size of Hyde Park – with 20,000 houses and flats. Johnson’s appointment comes at a pivotal time for the scheme. A new outline planning application was submitted in 2024 and is due to be determined in 2026.  It was the largest residential planning application in England last year. Supported by £124m funding from Homes England, BRL is currently putting in the infrastructure  to pave the way for house-building. L&Q finance director Ed Farnsworth, who is co-chair of the BRL boar, said: “Leigh brings with her a blend of contractor, developer and government experience – a mix that reflects the crucial partnership working at the heart of BRL. Barking Riverside has always been about supporting growth, connection and community. That vision remains unchanged, with Leigh’s leadership able to unlock more critically needed homes for London, whilst promoting transformative, community-led development.” Leigh Johnson said: “This is a nationally significant project and a career-defining opportunity, not only because of the scale of homes being delivered, but also because of the credibility and commitment of the partners involved. “Having previously sat on both sides of the table, I feel uniquely positioned to reinforce BRL’s role as a true master developer, working collaboratively to deliver homes at the pace and quality that London requires. “It is a privilege to be joining an experienced and dedicated team, which has already done so much to establish the identity, ambition and reputation of this emerging destination. Together, I’m looking forward to shaping a neighbourhood that residents are proud to call home, all whilst delivering an inclusive and lasting legacy for this part of East London.” Got a story? Email news@theconstructionindex.co.uk Read More

Architect for the project is Ryder The government has given approval to Guy’s and St Thomas’ NHS Foundation Trust for a new surgical centre at Guy’s. The £100m centre will be dedicated to non-emergency (elective) surgery and will include six new operating theatres in an eight-storey purpose-built building next to Guy’s Hospital, which is right next to London Bridge Station on the south bank of the Thames. Elective orthopaedic surgery will transfer from Guy’s main theatres to the new centre. This will free up vital additional capacity to support other surgical services across the Trust. The architect for the project is Ryder and main contractor is McLaughlin & Harvey. Enabling works on the site at Great Maze Pond have begun, with building work scheduled to start in June 2026. Construction is expected to finish by the end of 2028, and the centre to open in spring 2029. Trust chief executive Ian Abbs said: “The Guy’s surgical centre will give us state-of-the-art new theatres so we can ensure that people get their operations when they need them, allowing us to continue to deliver outstanding care for our patients. “Having a surgical centre dedicated to complex, non-emergency operations benefits orthopaedic patients, while also enabling us to upgrade our existing theatres so they can respond to the needs of all our patients, now and in the future.” Street view of the new building, with the Shard behind Got a story? Email news@theconstructionindex.co.uk Read More

The chief executive of building-control firm Assent has stepped down from his role, Construction News has learnt. Companies House records show that, in the last week of July, Iain Thomson resigned from his director position at 17 linked firms where he was listed as CEO. These included Assent Building Compliance, formerly known as Assent Building Control, and parent company Assent Building Compliance and Safety Group, which was previously called Alphabet BC. He also resigned as director of registered building-control approvers (RBCAs) LB Building Control, Oculus Building Consultancy, and the Clarke Banks Group. When CN contacted the firm this morning, it was told that Thomson was currently “out of the business, sick”. A previous email sent on 31 July to the company by CN requesting more information went unanswered. Thomson had been on the board of Wakefield-based Assent BC – which acquired Clarke Banks two years ago – since 2021. The company came into the national spotlight last year after CN revealed that the Building Safety Regulator (BSR) had issued an industry alert after Assent BC failed to register as an RBCA. This, along with the insolvency of the unrelated AIS Surveyors, meant work on more than 50 ongoing projects classed as higher-risk had to stop. The BSR said it did not have information about which projects were affected but said the jobs should not continue until they were validated. Last year, the then Construction Industry Council Approved Inspectors Register (CICAIR) body twice sanctioned Assent BC for breaching its code of conduct. One followed the firm being convicted under Section 57 of the Building Act 1984 – a law relating to the issuance of reckless or false information on a notice or certificate. Assent BC’s accounts show it was convicted in September 2020 and given a level 3 sanction the following year; following a review, another CICAIR panel was held in January 2024, which imposed a less-severe level 2 sanction for the same offence. Despite this, in October 2024, LB Building Control won a place on the BSR’s higher-risk building framework for companies that carry out tasks such as building-control certification and approved inspection work for the regulator. An alleged lack of transparency around procurement for the framework was criticised the following month. Assent BC’s accounts for the year ending 31 December 2023, the most recent to be published, show it turned over £2.8m during the period – a sharp drop from £6.6m in 2022. A restructuring of the business was cited for the revenue drop. During the period, it made a £354,393 pre-tax loss, which was an improvement on the £1.4m loss the year before. The firm employed an average of 71 people, while its highest-paid director took home an £85,000 package. Parent company Assent Building Compliance and Safety Group’s accounts for the same period showed it achieved revenues of £24.3m, down slightly from £24.6m in 2022. The company made a pre-tax loss of £2.2m, a decline from the £202,090 pre-tax loss posted in the prior year. Other companies owned by the group include Xact Consultancy and Training Ltd, acquired in 2022, where Thomson was also listed as a director until 28 July. Assent did not respond to CN’s request for further comment about Thomson’s situation. The PR firm previously used by the company said it was no longer engaged by it. Read More