HSBC warns of reprisals in China if UK bans Huawei equipment June 7, 2020 HSBC has reportedly warned Downing Street against a ban on Huawei in 5G telecoms networks, in a further escalation of tensions between Britain and China. The bank’s chairman Mark Tucker made private representations to the Prime Minister’s advisers, according to the Sunday Telegraph. HSBC reportedly claimed it could face reprisals in China if Huawei was [...]
Retail landlord Intu puts KPMG on standby to act as administrator June 7, 2020 Embattled retail landlord Intu Properties has reportedly lined up KPMG to handle its insolvency process ahead of a testing fortnight. Intu has placed the Big Four accountancy firm on standby in the event that lenders refuse to grant a standstill on its debt obligations, according to Sky News. The landlord, which owns Manchester’s Trafford Centre, [...]
Coronavirus is a ‘devastating blow’ to the economy, says World Bank chief June 7, 2020 Coronavirus is a ‘devastating blow’ for the global economy, according to the president of the World Bank. David Malpass, an economist who has run the bank since last year, also said the fallout from the pandemic could last for a decade. Last month he warned that the coronavirus crisis could push 60m people into “extreme [...]
Coronavirus: How safe is it to order takeaway food in lockdown? June 5, 2020 Restaurants have started pivoting to takeaway services amid the pandemic to stay afloat as normal service will only be able to resume, in some capacity, in July. The government has not ruled out restaurants from offering takeaway services and last month issued guidance. We look at how safe it is to order takeaway food and [...]
Scrap BoE’s two per cent inflation target, says think tank June 4, 2020 The Bank of England’s (BoE) two per cent inflation target should be scrapped and replaced with a four per cent nominal GDP target, a think tank has said. A Policy Exchange paper published tomorrow urges the government to consider temporary tax cuts to boost the economy after the pandemic. Some of the measures proposed include [...]
Sir Keir Starmer calls on PM to urge Trump to ‘respect human rights’ June 4, 2020 Sir Keir Starmer has called on the Prime Minister to urge the US and President Donald Trump “to respect human rights” following the death of George Floyd. In a letter to Boris Johnson, the Labour leader said the UK “must be ready to stand together with those who seek to tackle the injustice and inequality [...]
Black Lives Matter: Which business leaders have spoken out after George Floyd’s death? June 4, 2020 Business leaders across industries are speaking out about racial inequality in the wake of George Floyd’s death that sparked Black Lives Matters protests in cities across the US. Floyd, an unarmed African American man, was killed by a white police officer in Minneapolis last week. Bosses of some of the world’s most successful firms, including [...]
Softbank launches $100m minorities startup fund in the wake of George Floyd protests June 4, 2020 Softbank has launched a new startup fund to invest in companies led by “people of colour” in the wake of protests over the death of George Floyd. The Japanese technology giant announced the $100m (£80m) Opportunity Growth Fund as other executives of firms speak out over racial inequality. Chief executive Masayoshi Son wrote on Twitter [...]
Supermarket delivery slots: Which grocers offer home delivery amid UK coronavirus outbreak? June 3, 2020 UK supermarkets are racing to increase capacity as the demand for home delivery services soars amid the coronavirus pandemic. All UK supermarkets are prioritising home delivery slots for those who are vulnerable, elderly, disabled or self-isolating. Many have introduced special in-store shopping hours dedicated to key workers. The surge in demand following the coronavirus outbreak [...]
UK faces protracted recovery without action on business debt, says IoD June 3, 2020 Action must be taken to tackle the burden of debt on small and medium-sized businesses to avoid a protracted economic recovery, says the Institute of Directors (IoD). The institute has called on the government and banks to help tackle the “debt mountain” otherwise the UK faces an even slower path to economic recovery. In a [...]
