TSB fined £48m over IT migration meltdown; UK house prices ‘could fall 5%’ in 2023 soft landing – as it happened

Nationwide says a relatively soft landing' in housing market is possible, while TSB is penalised for operational failings over botched move to new IT platform in 2018

In a worrying sign for the global economy, Taiwan has suffered its biggest drop in export orders in over a decade.

Taiwan's manufacturers were hit by a plunge in demand from China, where Covid-19 outbreaks and lockdowns hit its economy, and weakening consumer demand worldwide as interest rate hikes bite.

Taiwan's orders for all major product categories fell, with optical products, plastics and basic metals registering the biggest contractions. Electronic products, which includes orders for semiconductors, fell by 15.2% versus November 2021.

The government attributed the bigger-than-expected decline to waning end-user demand, inventory adjustment by clients and to disruption to manufacturing in China due to Covid controls, according to the ministry's statement.