UK ready to slash tariffs on US agricultural imports in free trade talks – report May 14, 2020 The UK is ready to cut tariffs on US agricultural imports in order to move talks closer to securing a free trade deal, it is reported. The Department for International Trade is looking at a “big concession package” to US negotiators in the next few months to cut the cost of some agricultural imports, the [...]
FTSE 100 and US stocks fall on fears of coronavirus second wave May 13, 2020 The FTSE 100 and US stocks have fallen as fears of a second wave of coronavirus infections spook traders and US-China tensions rise over the pandemic. The UK’s blue-chip stock index was 1.2 per cent lower in afternoon trading. This took the FTSE 100 below the 6,000 mark which it passed yesterday for only the [...]
Why staying close to your accountant matters more now May 13, 2020 | City Talk Accountants exist to ensure the accuracy of financial statements and advise how to save money or boost revenue. The coronavirus pandemic, then, with its profound and deepening impact on the economy has jolted the profession like all others. Depending on their role, accountants have been battling to keep on top of the unprecedented flurry of [...]
Exiting lockdown: where’s ready, where’s not, and where risks a second wave? May 13, 2020 | City Talk In collaboration with Schroders’ Data Insights Unit, we’ve looked into the global state of lockdown and compared this with estimated reproduction numbers (R) to identify who is ready to exit lockdown, who is not and who is potentially exiting prematurely. Here’s what we found in summary: While China and Korea were the first to exit [...]
Rishi Sunak: UK set for ‘significant recession’ May 13, 2020 Chancellor Rishi Sunak has said the UK will be plunged into a “significant recession” in the wake of figures showing the economy contracted in the first quarter. It was the first time during the crisis that Sunak has admitted a recession is on its way, telling The Telegraph that “we’re at a time of unprecedented [...]
UK GDP shrinks: Economists warn worst yet to come as lockdown persists May 13, 2020 The UK economy shrank by a record 5.8 per cent in March, thanks almost entirely to just over a week of coronavirus lockdown that began on the 23rd. In the first quarter as a whole GDP contracted by two per cent, the Office for National Statistics (ONS) said today. This was its worst performance since [...]
Premier Oil to seek lower price for BP North Sea fields acquisition May 13, 2020 Premier Oil will seek a lower price for its acquisition of two North Sea oil fields from BP due to the decline in prices for the commodity, its chief executive has said. In January the oil explorer announced a $625m (£509m) deal to buy Andrew Area and Shearwater assets from the major, based on a [...]
Coronavirus: UK economy shrinks two per cent in first quarter of 2020 May 13, 2020 The UK economy shrank by two per cent in the first three months of 2020 due to the impact of coronavirus, official GDP data showed today. The slump showed the UK economy’s contracted at its fastest rate since the height of the financial crisis in 2008. The lockdown, which started on 23 March, saw the [...]
TP ICAP revenue surges after first quarter volatility May 13, 2020 Interdealer broker TP ICAP’s revenue rose by almost a fifth in the first quarter, as it benefited from the coronavirus-induced market turbulence. Revenue of £547m was 17 per cent higher than the £469m reported for the equivalent period last year. The broker said the growth reflected “higher client volumes due to the volatile market conditions” [...]
Exclusive: UK-Japan trade deal to give London a £383m per year boost May 12, 2020 A potential UK-Japan free trade deal would provide a £383m boost to London’s economy each year, City A.M. can reveal. Estimates from the Department of International Trade, and seen by City A.M., show a trade deal between the two nations would be a major boon to the capital, particularly its financial and professional services industries. [...]