Real Estate: COVID-19 may permanently quarantine inflexible leases May 5, 2020 | City Talk Real estate leases have long represented a point of disagreement between accountants and financial analysts. This disagreement was the primary reason why the London-headquartered International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) went separate ways in finalising lease accounting standards. Figure 1. Lease Accounting Survey Report (October 2013) For a [...]
Michael Spencer: Government must find way to ease ‘agonising’ UK lockdown May 5, 2020 Billionaire financier Michael Spencer has urged the government to “be brave” in its approach to easing the UK lockdown, warning the “agonising” effects of the economic shutdown risk causing lasting damage to British businesses. Spencer said that the longer the economy is “left in its paralysed state the greater the damage that accumulates”. He added: [...]
The City View podcast, from City A.M., with Michael Spencer May 4, 2020 In this episode Christian is joined by billionaire financier and City grandee Michael Spencer. Subscribe to The City View Podcast: Apple / Google / Spotify / RSS Spencer urges the government to “be brave” in easing the UK out of lockdown – a state of affairs he described as “agonising”. He warns of lasting damage [...]
US factory orders plunged 10.3 per cent in March May 4, 2020 Orders for US-made goods plunged 10.3 per cent in March, and could fall further as coronavirus shutters the economy. The US Department of Commerce said factory orders declined 10.3 per cent, as coronavirus lockdown measures began to shut down the economy. The steeper than expected fall in orders came as orders for both durable and [...]
Hong Kong recession deepens due to coronavirus pandemic May 4, 2020 Hong Kong’s recession deepened in the first quarter as its economy, which had already been impacted by anti-government protests last year, was hit by the coronavirus pandemic. Hong Kong’s economy shrank by 5.3 per cent in the first quarter of this year compared to the previous quarter. On an annual basis the economy contracted 8.9 [...]
Coronavirus lockdown takes heavy toll on Britons’ wellbeing May 4, 2020 The coronavirus lockdown is taking a heavy toll on Britons’ mental health, new data has shown, with anxiety and unhappiness hitting record levels as people fret over their finances and are forced to stay indoors. Nearly half of people aged 16 and over reported high levels of anxiety between 20 and 30 March, according to [...]
Eurozone investors deeply pessimistic in May amid coronavirus May 4, 2020 Eurozone investors remained deeply gloomy at the start of May, a survey has shown, although there was a minor improvement as countries such as Germany and Austria start to ease coronavirus lockdowns. The Sentix Eurozone investor sentiment index came in at minus 41.8 in May. This was below expectations of a pick up to minus [...]
Coronavirus: Eurozone factory output plunges at fastest pace on record May 4, 2020 Eurozone manufacturing output plunged at the fastest pace on record in April, survey data has confirmed, as coronavirus lockdowns caused production and trade to dry up. The IHS Markit Eurozone manufacturing purchasing managers’ index (PMI), a gauge of the health of the sector, fell to 33.4 in April. This was the lowest score ever recorded [...]
British Chambers of Commerce tells PM to ramp up public spending May 3, 2020 The government must sustain high levels of public spending to help the private sector recover from the coronavirus, according to one of the country’s largest business bodies. British Chambers of Commerce (BCC) president Baroness Ruby McGregor-Smith has written to Boris Johnson to say it was “a time to be bold” and that “an expansionary fiscal policy, [...]
Credit card lending fell for the first time in March May 1, 2020 UK consumers’ credit card debt fell for the first time since records began in March, as lockdown measures froze spending. The annual growth rate of credit card lending fell to minus 0.3 per cent, the first negative annual growth since the Bank of England (BoE) started tracking the data. The annual growth rate of other [...]