China’s parliament approves controversial Hong Kong security bill May 28, 2020 China’s parliament has approved the controversial bill which imposes national security legislation on Hong Kong to tackle secession, subversion, terrorism and foreign interference. Defying international pressure, the National People’s Congress voted 2,878 to one in favour of the decision to empower its standing committee to draft the legislation, with six abstentions. Protestors in Hong Kong [...]
Boohoo buys remaining stake in Pretty Little Thing May 28, 2020 Fast fashion retailer Boohoo has today bought the remaining 34 per cent stake in Pretty Little Thing after facing conflict of interest criticisms from a short-seller. The deal is for an initial consideration of £269.8m, with a further £54m of consideration “contingent on Boohoo’s share price averaging 491p per share over a six month period [...]
UK firms face ‘difficult decisions’ when furlough scheme winds down May 28, 2020 UK firms have said they will struggle to contribute to furloughed workers’ salaries from August, as the Treasury slowly winds down the job retention scheme. In an Institute of Directors (IoD) survey of almost 700 company directors, a quarter said they could not afford the 20 per cent or more needed to contribute to furloughed [...]
FTSE 100 rallies as reopening optimism takes hold May 27, 2020 The FTSE 100 extended gains made yesterday as investors focused on the phased reopening of the economy. London’s blue-chip index closed up 1.26 per cent at 6,144 points as investors took comfort in increased hopes of a recovery. The Prime Minister set out plans to reopen parts of the economy from next week, as the [...]
US stocks open higher as recovery hopes outweigh tension with China May 27, 2020 US stocks extended gains as hopes of an economic recovery and vaccine developments outweighed growing tensions with China. The Dow Jones index was up 1.33 per cent. The S&P 500 rose 0.97 per cent to 3,015 while the Nasdaq was nudged down 0.29 per cent. The gradual easing of lockdown restrictions, paired with optimism about [...]
Renault, Nissan and Mitsubishi to increase technology sharing May 27, 2020 Renault, Nissan and Mitsubishi have announced details of a new strategy to deepen cooperation in developing and producing cars, in a bid for survival. The carmakers have been hit hard by the coronavirus pandemic just as they were reworking their partnership after the arrest of chairman Carlos Ghosn. Last year Ghosn made an astonishing escape [...]
Britvic sales hit by coronavirus restrictions May 27, 2020 Britvic has reported volatile sales across the board due to the pandemic, with its out-of-home channel adversely hit by lockdown restrictions. The figures In the six months to 31 March, revenue rose 1% to £698m with profit before tax up 16% to £53m. Britvic said while it is confident of its liquidity the board will [...]
FTSE 100 rises as retail sector prepares to reopen May 26, 2020 The UK’s FTSE 100 closed higher after investors welcomed Boris Johnson’s plans for the phased reopening of the retail sector. London’s blue-chip index closed 1.28 per cent at 6,069 points, as the retail sector prepared to re-open in mid-June. In the Downing Street briefing last night, the Prime Minister said there will be a formal [...]
Traders return to NYSE floor after two months May 26, 2020 Traders returned to the New York Stock Exchange (NYSE) for the first time in two months after closing due to the pandemic. New York Governor Andrew Cuomo rang the opening bell to restart in-person trading, but it was not a complete return to normal. Due to safety concerns, only a quarter of brokers will return [...]
US stocks jump as investors welcome easing of coronavirus restrictions May 26, 2020 US stocks extended gains seen across Asia and Europe as the global easing of lockdowns boosted optimism among investors. The Dow Jones index was up 2.47 per cent higher. The S&P 500 rose 1.93 per cent to bring 3,000 while the Nasdaq edged up 1.39 per cent. European stocks opened higher this morning, as investors [...]
