British pound in more Brexit falls as Theresa May clings on

The British pound has continued to fall on uncertainty surrounding the future of UK prime minister Theresa May who is under pressure to quit over her exit strategy. 

Foreign exchange strategist Jane Foley says nervousness about a potential "hard" exit from the European Union is hurting the economy demonstrated by this week's collapse of British Steel. 

Jane Foley speaks with ABC's Peter Ryan.

Kogan sued for misleading consumers with false discount offers; ABC's Peter Ryan on latest Huawei developments

The online retailer Kogan is being taken to court for allegedly offering fake discounts to consumers. 

The consumer regulator has accused Kogan of raising prices on certain products before running a misleading online discount promotion. 

Also ABC senior business correspondent Peter Ryan looks at the latest developments with Huawei with UK and Asia telcos pausing contracts on the Chinese telco's phones.

Here's my report on The World Today

British Steel collapses amid Brexit uncertainty, US China trade tensions

Britain's second biggest steelmaker has collapsed and forced into liquidation as a partial result of Brexit uncertainty. 

A potential 25,000 jobs are at risk after British Steel failed to secure emergency government funding with potential buyers yet to emerge with a bailout. 

ABC's Peter Ryan says British Steel was hurt by Britain's looming exit from the European Union, high iron ore prices and investor jitters from US China trade tensions.

Analysts urge caution on deep RBA rate cuts and looser lending buffers from APRA

With interest rates almost certain to be slashed next month, the Reserve Bank is being warned to be careful in cutting too deeply below the already record low levels. 

Analysts say dramatic reductions would leave the RBA with less of a buffer to deal with a further deterioration in Australia's economy or a shock from China. 

The calls for caution come after the banking regulator APRA said it planned to loosen current restrictions on home loans to stimulate credit growth and ease the housing downturn.

Here's my report on The World Today

Reserve Bank in dramatic change to "easing bias", bets rise to 70pc for June cash rate cut

The Reserve Bank is set to cut interest rates if the labour market fails to improve further. 

The minutes from the Board's May meeting say that any rise in the jobless rate would be trigger for a rate cut. 

The indications come as Prime Minister Scott Morrison confronts a slowing economy and flat wages as he projects a budget surplus in the new financial year. 

ABC's Peter Ryan says the change in language shows the RBA is no longer sitting on the fence and could cut the cash rate as early as June.

Labor's failed bet on franking credits as PM confronts slowing economy

Fitch Ratings has re-affirmed Australia's AAA credit rating, saying the re-election of the Morrison government provides important continuity. 

Fund manager Geoff Wilson tells me Labor underestimated the backlash of its franking credits policy and believes it was a key factor in the Coalition's surprise victory.

Slowing economy, climate change a challenge for new government warn economists Sarah Hunter and Jo Masters

Economists say the new Morrison government must now take action on climate change and heed the message from the ousting of former Prime Minister Tony Abbott. 

Jo Masters and Sarah Hunter tell me the slowing Australian economy is a major challenge with the Reserve Bank likely to cut interest rates.