US jobless claims pass 40m as economy staggers under coronavirus May 28, 2020 A further 2.1m people in the US filed for unemployment claims last week, bringing the total to more than 40m since mid-March. Overall, 40.7m people have applied for unemployment benefits in the last 10 weeks, a quarter of the American workforce, according to new data from the US labor department. Although the new total represents [...]
Debenhams cuts ‘hundreds’ of head office and store jobs May 28, 2020 Embattled retailer Debenhams is preparing to cut “hundreds” of jobs, with both head office and in-store roles set to go. Debenhams, which is set to reopen most of its branches on 15 June, will cut some in-store roles due to reduced opening hours and the continued closure of services such as cafes, City A.M. understands. [...]
GSK plans to make 1bn coronavirus vaccine booster shots May 28, 2020 Drug giant Glaxosmithkline (GSK) today announced that it would aim to produce 1bn vaccine booster shots next year in a bid to improve the efficacy of potential new coronavirus treatments. These booster shots, which are called adjuvants, are a key part of vaccine development as they help patients develop a longer lasting immunity to disease. [...]
Dominic Cummings ‘might’ have broken lockdown rules, say Durham Police May 28, 2020 Dominic Cummings “might have” broken lockdown rules when he made the 30-mile trip from Durham to Barnard Castle, according to the Durham Constabulary. In an official statement, the police force also said that Cummings’ initial trip from London to Durham was not in breach with the coronavirus lockdown laws. However, Durham police said the senior [...]
Shadow chancellor backs long-term UK coronavirus jobs programme May 28, 2020 Shadow chancellor Anneliese Dodds has pushed for the government to back a UK-wide post-coronavirus jobs programme to deal with expected high unemployment. In an interview with City A.M. Dodds said that the government needed to place a greater emphasis on “upskilling and redeployment” in its response to Covid-19 and should look to Gordon Brown’s Future [...]
Norwegian Air loss deepens after carrier clings on May 28, 2020 Norwegian Air today reported that it made a loss of 3.3bn Norwegian krone (£270m) in the first quarter after the low-cost carrier narrowly avoided going out of business due to the coronavirus pandemic. The loss for the period was 66 per cent deeper than that reported in the same quarter last year, when the airline [...]
Nearly half of closed UK businesses are unsure when they will reopen May 28, 2020 Almost half of businesses that shutdown because of the coronavirus pandemic are unsure when they will reopen, according to data from the Office for National Statistics (ONS). The UK is attempting to reopen its economy with shops allowed to reopen on 15 June having been closed in March when the pandemic was raging. About one [...]
Nissan backs UK plant as it unveils restructuring plan May 28, 2020 Nissan’s Sunderland factory will stay open as the Japanese carmaker unveils its global restructuring plan amid the coronavirus crisis. However, the carmaker will close its plant in Barcelona, resulting in the loss of about 2,800 jobs, according to the Spanish government. The closure could cost Nissan up to €1bn (£898m), the government said. It is [...]
Harrods to open Westfield outlet shop to ease pressure on Knightsbridge store May 28, 2020 Harrods is preparing to open a new London outlet to host its summer sale and create more space at its Knightsbridge flagship store. The Harrods Outlet at Westfield Shepherd’s Bush will open in July and offer discounted stock from the existing season that the retailer was unable to sell when stores closed during the UK [...]
Daniel Hannan: Slash taxes and ramp up spending to boost economy May 28, 2020 Influential free-marketeer Daniel Hannan has told City A.M.’s The City View podcast that the government should both cut taxes and increase spending to help Britain recover from the coronavirus crash. The former Tory MEP also said Britain should be exiting its lockdown much quicker, given that other European states are doing so without suffering a [...]