Brits spend £40bn on items to boost mood in lockdown July 23, 2020 Brits have spent £40.6bn on dispensable items during lockdown in a bid to keep themselves entertained while at home. Consumers spent an average of £771.34 each during lockdown, as retailers launched new products to capitalise on the demand for at-home experiences. Londoners spent the most during lockdown, amounting to 2812.26 per person followed by parents [...]
Tesla shares bounce on fourth consecutive quarterly profit July 22, 2020 Tesla has beat analyst estimates to report its fourth consecutive quarterly profit, inching it closer to entering the S&P 500 index. It posted earnings per share of 50 cents for the second quarter, compared to a loss of $2.31 a year earlier. Tesla is now able to qualify for entry into the S&P 500. At [...]
Microsoft surprises investors in sales and profit beat July 22, 2020 Microsoft topped analyst estimates for both sales and earnings in its fourth fiscal quarter, but shares still dropped slightly in after-hours trading. Microsoft reported earnings per share of $1.46 in the three months to the end of June, compared to an average estimate of $1.34. However overall its net income was $11.2bn, down 15 per [...]
US gives China 72 hours to shutter Houston embassy as spy charges rise July 22, 2020 Washington has given China just 72 hours to close its consulate in Houston, after the US accused two Chinese nationals of spying on US businesses and researchers. The warning marks a significant deterioration in relations between the world’s two largest economies, ramping up a war of words on both sides. The US State Department said [...]
UK companies lobby Mike Pompeo to ease travel restrictions and end tariff dispute July 22, 2020 A group of prominent UK companies used a meting to pressure US secretary of state Mike Pompeo and foreign secretary Dominic Raab to ease aviation restrictions and settle a long-running tariff dispute. Members of the BritishAmerican Business (BAB) lobby group met with Pompeo and Raab in London yesterday to discuss the two countries’ future trading [...]
Sports Direct owner Mike Ashley warns of closures after business rates review delay July 22, 2020 Mike Ashley’s Frasers Group, formerly known as Sports Direct, has warned it could be forced to close stores after the government delayed a business rates review. The government has promised a “fundamental review” into the long-term future of business rates. In March it gave retail, hospitality and leisure businesses a year-long holiday from the tax [...]
High standards will keep London competitive, incoming FCA chief says July 22, 2020 Maintaining high regulatory standards rather than having a “competitiveness” mandate is the best way to preserve the City of London’s status as a dynamic financial centre, the Financial Conduct Authority’s incoming chief said today. Britain will no longer have to comply with European Union rules after December when transition arrangements that followed Brexit in January [...]
Oliver Dowden: Joe Biden presidency will not change UK Huawei sanctions July 22, 2020 The UK’s sanctions on Huawei are unlikely to be lifted if Joe Biden wins the November US election, according to digital secretary Oliver Dowden. The UK banned Huawei from supplying any more equipment to build the UK’s new 5G network, beginning from next year, after the US leveled sanctions on the Chinese telecoms giant. All [...]
Labour apologises to BBC Panorama over antisemitism claims and hands out six-figure settlement July 22, 2020 Labour has formally apologised to BBC’s Panorama for claiming it had misrepresented allegations of antisemitism within the party, and promised to shell out “substantial damages” to whistleblowers who sued the party over the row. The party issued an unreserved apology at the High Court after agreeing to settle a defamation lawsuit by seven Labour whistleblowers [...]
Exclusive: MPs ask banks for clarity on state aid rules and coronavirus loans July 22, 2020 A group of MPs and Lords has written to lenders to try to ensure they take into account changes to EU state aid rules that could boost the UK’s coronavirus loan scheme, amid confusion about the alterations. It came as business group UK Hospitality urged the government to take the lead and make sure the [...]