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Bitcoin hits record high and the UK economy grows despite COVID-19 and Brexit
Giulia Carbonaro

"January was probably the low point of the year."

These are the words Thomas Pugh of Capital Economics used to explain the quite surprising economic growth of the UK in February – a month when things weren't exactly looking up for the country, amid a strict COVID-19 lockdown and the new reality of Brexit just kicking in.

And Pugh believes there is better to come. "Vaccinations and the reopening of the economy will combine to trigger a rapid rebound in activity over the next few months," he predicted.

The value of British goods exported to the EU also grew in February compared with January, jumping by 46.6 percent ($5.1 billion) and showing that companies trading between the UK and the EU are adapting to Brexit.

In other less positive news, economic morale in Germany hit its lowest level since November last year, as COVID-19 cases continue to rise in the country and a general election approaches. In the U.S., inflation rose last month, causing experts to consider whether this will be a long-term trend or a momentary blip as the country's economy heads towards recovery.

Scroll further down to find a video about a classic sci-fi nightmare: are robots here to replace us? Some incredibly lifelike androids from Russia have already taken jobs in customer service.

Our graph today explores the rise of Bitcoin's value from January until today, when it broke the $60,000 mark - which shows the road this record figure has been rather bumpy.

Read on for more of the day's business news in full. 

 

Giulia Carbonaro,

Digital correspondent 

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Bitcoin hit a record high on Tuesday, reaching $63,000 – a gain of more than 115 percent since the start of the year. Meanwhile, Coinbase, the cryptocurrency exchange, is preparing to launch shares on Wall Street.

The UK economy grew 0.4 percent in February, despite COVID-19 restrictions and Brexit, but the country's GDP is still 7.8 percent below levels recorded in February 2020.

Economic sentiment in Germany has dropped steeply this month for the first time since November 2020, down to 70.7 points compared with March's 76.6. A lower German business morale can be read in relation to an increase in COVID-19 cases in the country, but experts say expectations are still really high considering the situation.

Air France KLM's shares were priced at $5.76 each on Tuesday, making the France-Dutch company hopeful it will be able to raise $1.2 billion via share issues as part of a larger plan to increase the pandemic-hit airline's capital by $4.7 billion.

Grab, South East Asia's biggest ride-hailing and online food delivery company, is set to announce a merger with the U.S.-based company Altimeter, as reported by Reuters. The merger will raise Grab's value to $40 billion.

Babcock International, the UK's second largest government defense contractor, has announced it will cut 1,000 jobs as part of a restructuring plan that, according to the company, will simplify operations and make the business more efficient.

Former UK Prime Minister David Cameron faces a government investigation into his lobbying for the collapsed finance firm Greensill Capital

Credit Suisse has announced it will return another $1.7bn to investors after the collapse of Greensill, in which the Zurich-based bank had invested heavily. In early March, Credit Suisse made a first repayment of $3.1bn.

Inflation in the U.S. has risen 2.6 percent in March, higher than forecasts, possibly in connection to rising energy costs. Experts are now debating whether this will be a long-term trend or a temporary blip for the U.S. economy.

 

 

WATCH: Are robots after your job? Russian company Promobot has been experimenting with 3D printing and polymers to create lifelike androids, some of which are now working in customer services in Russia.

02:15

 

Citroen has unveiled its new flagship large touring car, C5 X, available in petrol and plug-in hybrid versions. We talk to Citroen CEO Vincent Cobee about what this ambitious new vehicle means for the company.

 

How does this new C5X vehicle help your company stand out in the European car market?

You know, what is really important for us in Citroen is - we've been repositioning, reinforcing, sharpening the brand for the last five years. Not only did we replace most of our key models from C3 to C3 aircross to C5 aircross and more recently the new C4, but we've also sharpened the brand, stating that we stand for innovation, wellbeing and humanity. And as such, C5X gives us an opportunity to show Citroen at its best: the touring experience, great design, fluid design, innovative posture and amazing comfort on board.

 

Can SUVs ever be green? In America and parts of Europe, SUVs are being shunned

We, in Citroen, think that there will continue being a substantial part of the market made of SUVs. And that's why we have C5 aircross. But a number of customers will be looking for more fluid silhouettes, for more efficient transport, as well as for more elegance as well as comfort. And in that particular dimension, we think C5X is a very interesting answer.

In the case of C5X, we will offer in Europe a plug-in hybrid solution, as I would say, the mainstream powertrain for C5X and we will continue refining this technology and its capabilities in the years to come.

 

And finally… The value of Bitcoin is ever fluctuating, but, overall, it's been consistently on the rise since the beginning of the year. Look at how price changes since January 2021 led Bitcoin to reach the record-high price of over $60,000.

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