UK unemployment: 612,000 workers lose jobs as vacancies crash to record low in lockdown June 16, 2020 The UK unemployment rate unexpectedly remained unchanged in the three months to April, but workers on company payrolls fell 612,000 between March and May while job vacancies plunged to a record low. The unemployment rate remained unchanged at 3.9 per cent between February and April, new data from the Office for National Statistics (ONS) showed. [...]
City watchdog tells UK banks to prepare for coronavirus debt pile June 16, 2020 British banks must accelerate preparations for dealing with businesses unable to repay funds borrowed to help them survive the coronavirus pandemic, the financial regulator warned. Over 860,000 UK businesses have taken out state-backed loans worth over £38bn under three emergency credit programmes introduced by the government as lockdowns forced companies to shutter temporarily. Financial Conduct [...]
Workers on furlough pass 9m as cost of job support measures nears £30bn June 16, 2020 Over 9m workers in the UK have now been furloughed due to the Covid-19 pandemic at a cost of £20.8bn, new figures from the Treasury show. As of 14 June, 9.1m jobs were being supported by the government’s coronavirus job retention scheme (CJRS) at a cost of £20.8bn, up from £19.6bn the week before. The [...]
England and Wales coronavirus death toll nears 50,000 June 16, 2020 Coronavirus deaths in England and Wales have hit 47,387 since the start of the year until 5 June, official data confirmed today. That contrasts with official government data yesterday that puts the overall UK death toll from coronavirus at 41,736. While England’s coronavirus death toll stood at 45,432 according to the Office for National Statistics [...]
UK unemployment data: Five key facts as furlough stems job losses June 16, 2020 New figures released today showed that the UK’s unemployment rate unexpectedly remained flat for the three months to April, confounding expectations of a sharp rise. But economists are warning that a bleak picture lurks behind that headline figure as the impact of coronavirus on the British labour market begins to show. City A.M. has broken [...]
The City View: Jack Inglis on the evolution of the hedge fund June 16, 2020 In this episode Christian is joined by Jack Inglis, CEO of the Alternative Investment Management Association which represents funds from 60 countries with more than $2 trillion under management between them. Jack talks about how hedge funds have responded to the market volatility and economic disruption of recent months, and offers a robust defence of [...]
Coronavirus: Plans for Portugal-UK ‘air bridge’ going well June 15, 2020 Portugal’s prime minister Antonio Costa has said that negotiations over an “air bridge” with the UK were still in progress and going well. Speaking to foreign media, Costa said: “We are working towards an agreement and will wait for it to happen”. If the measure is agreed, people in England will be able to travel [...]
Johanna Kyrklund: Is retail investor surge cause for caution? June 15, 2020 | City Talk With a combination of resurgent markets, seemingly ebullient retail investors and a bleak economic outlook, it may be prudent to tread carefully. It’s an old investment cliché that when your taxi driver starts giving you share tips, it’s time to sell. As someone who has been on the receiving end of cabbie investment advice during [...]
German economy to contract more sharply in second quarter than first, warns ministry June 15, 2020 The German economy will contract more in the second quarter than in the first, the country’s economic ministry said, warning that the recovery in the second half of 2020 would be sluggish. Europe’s largest economy went into lockdown in March, with many shops closing and factories halting production in a bid to limit the spread [...]
Bunzl shares rise as demand for cleaning kit spikes amid pandemic June 15, 2020 Bunzl’s share price rose considerably in early trading today as it revealed half-year revenue is set to rise despite the pandemic. The FTSE 100 outsourcer said it expects revenue to the end of June to climb around six per cent despite the impact of coronavirus. That sent shares up six per cent to 1,997p. Hailing [...]