Rishi Sunak reveals £2bn unemployment scheme to create hundreds of thousands of jobs July 7, 2020 The government will subsidise hundreds of thousands of new jobs for unemployed young Britons as a part of a new £2bn coronavirus support package. Chancellor Rishi Sunak will announce the launch of the Kickstart Scheme in his summer economic statement tomorrow, which will see the government subsidise jobs for 16 to 24-year-olds receiving Universal Credit [...]
Economic recovery will be determined by public policy, says BoE’s Haldane July 7, 2020 The UK’s path to economic recovery will be determined by the course of public policy, the Bank of England’s chief economist Andy Haldane said today. “Our economic destiny lies not in the stars but to a significant extent in ourselves, in what policy course we choose,” Haldane said in an online webinar. “What is done [...]
FTSE 100 and US stocks drop on economy warnings July 7, 2020 The FTSE 100 and US stocks have fallen as investors weigh persistent worries about the economy against countries’ moves to reopen after lengthy coronavirus lockdowns. London’s blue-chip index was 1.6 per cent lower this afternoon, at 6,187 points. It rose more than two per cent yesterday after Chinese shares rallied more than five per cent. [...]
UK unemployment rate could hit 15 per cent with second Covid wave, says OECD July 7, 2020 The UK unemployment rate could soar to 15 per cent if there is a second wave of coronavirus infections, the OECD has said. Even without a second wave, the global economic organisation reckons unemployment could hit 11.7 per cent, a level not seen since the 1980s. It comes as the UK gradually reopens its economies [...]
Rishi Sunak to unveil £3bn green stimulus package July 7, 2020 Chancellor Rishi Sunak will tomorrow announce a £3bn green investment package to create jobs and upgrade buildings as he tries to kick-start the UK’s economic recovery from the coronavirus lockdown. The Treasury said £1bn of the package will be spent on improving the energy efficiency of public buildings such as schools and hospitals. Sunak is [...]
Egypt and Morocco capital markets attract growing international recognition July 7, 2020 | City Talk Heidi Raubenheimer, PhD, CFA, is head of Journal publications at CFA Institute. Experienced Board Member with a PhD focused in Business Management and Administration from University of Stellenbosch. CFA Institute has examined Africa’s 10 largest capital markets in a major report compiled by Heidi Raubenheimer, CFA, our senior director for journal publications. Here we highlight key [...]
Markets live: Nasdaq hits record intraday high as FTSE 100 rallies on recovery hopes July 6, 2020 The FTSE 100 and US stock markets rose sharply today as investors cheered the prospect of more stimulus for the UK economy and followed the lead of Asian markets. London’s index of blue-chip companies was 1.87 per cent higher this afternoon at 6,2572.5 points. The FTSE 250 index of slightly smaller firms rose 1.27 per [...]
US services sector returns to growth with record surge July 6, 2020 The enormous US services sector returned to solid growth in June, according to a survey, with a closely watched gauge posting its biggest rise since records began. It is the latest sign that the world’s biggest economy was on its way back to normality in June from coronavirus lockdowns. However, a surge of new coronavirus [...]
Construction sector rebounds sharply as UK reopens July 6, 2020 The UK construction sector beat expectations and returned to solid growth in June as coronavirus lockdown measures were eased further, according to a survey. The closely watched IHS Markit/Cips construction purchasing managers’ index (PMI) surged to 55.3 in June from May’s severely weak reading of 28.9. It was the fastest pace of expansion since July [...]
Former Tory PM advisers call for government to spend big on coronavirus recovery July 6, 2020 A group of former economic advisers to a string of Tory prime ministers and chancellors have called for a swathe of jobs programmes and fiscal spending to aid the UK’s economic recovery. The group called for £30bn investment into high growth firms, a new retraining fund, a doubling of further education funding and tax reform. [...]