Fears over looming coronavirus job losses in UK manufacturing sector July 1, 2020 The UK manufacturing sector could be facing a huge wave of job losses as government support for businesses hit by the coronavirus pandemic comes to an end, economists warned. Although factory activity in the UK grew by the slimmest of margins in June, the IHS Markit/Cips manufacturing purchasing managers’ index (PMI) showed, the survey painted [...]
Signs of rising unemployment already apparent, says BoE’s Haskel July 1, 2020 Bank of England interest rate-setter Jonathan Haskel said that indicators of rising unemployment in the UK caused by the coronavirus crisis “are already revealing themselves.” In a speech given today, Haskel said there was a risk that Britain’s economy would be harder hit by the pandemic than the central bank has predicted. “I believe the [...]
Lloyd’s of London: ‘Much more’ insurers can do to help Covid-struck SMEs July 1, 2020 The insurance industry must do more to help SMEs recover from the impact of the coronavirus pandemic and better prepare for catastrophic events in the future, according to a new report by Lloyd’s. The report outlines three possible new open-source solutions and frameworks designed to cover risks businesses could encounter in the so-called “new normal” [...]
FCA puts UK banks on notice on overdrafts but will not open formal inquiry July 1, 2020 The Financial Conduct Authority (FCA) will not open a formal inquiry into overdraft charges by UK banks, but said there would be a full evaluation of lenders’ pricing next year. In January, the financial watchdog gave banks just two weeks to explain changes to their overdraft rates which would leave around eight million consumers worse [...]
Eurozone manufacturing downturn eased in June as lockdowns loosened July 1, 2020 The downturn in eurozone manufacturing was not as bad as initially thought in June after many countries in the bloc eased lockdown restrictions. IHS Markit’s final manufacturing purchasing managers’ index (PMI) reading for the bloc moved closer to the 50-mark separating growth from contraction last month, coming in at 47.4. The reading marks a significant [...]
UK manufacturing activity steadies in June following historic slide July 1, 2020 Activity in the UK’s manufacturing sector grew narrowly in June as lockdown measures were eased, with companies reporting a small increase in output following the historic collapse triggered by coronavirus. June’s final reading for the IHS Markit/Cips manufacturing purchasing managers’ index (PMI) came in at 50.1, compared to May’s 40.7. Any reading above 50 on [...]
UK to negotiate financial services trade deal with Switzerland July 1, 2020 The UK and Switzerland have pledged to negotiate a financial services trade agreement to enable cross-border market access after the Brexit transition period ends. Chancellor Rishi Sunak and his Swiss counterpart Ueli Maurer last night said they wanted to reach an agreement that would enable cross-border market access for wholesale financial services relating to insurance, [...]
FTSE 100 falters, taking shine off best quarter since 2010 June 30, 2020 The FTSE 100 retreated today as fears over a second coronavirus lockdown dampened the end of the strongest quarter for UK stocks since 2010. The blue-chip index ended the session XX per cent down after news of the UK’s first local lockdown and poor GDP figures helped dampen investor enthusiasm. Nevertheless, the FTSE 100 recorded [...]
Investment industry bodies urge Euronext to call time on long trading hours June 30, 2020 Two investment industry bodies have called on Euronext to trim its trading day by 90 minutes, as the exchange’s consultation on cutting trading hours draws to a close. The Association for Financial Markets in Europe (AFME) and the Investment Association (IA) today called on the pan-European exchange to cut its trading day to seven hours, [...]
Cerberus wants ‘far more’ than 7,000 redundancies at Commerzbank June 30, 2020 Activist investor Cerberus reportedly wants Commerzbank to cut far more than the 7,000 jobs it is said to be mulling as part of cost-cutting plans, a source familiar with the matter told Reuters. Earlier today it was reported that the German lender’s supervisory board was set to discuss the possibility of another 7,000 job cuts, [...]
