Oil prices set for biggest fall in two weeks after Fed outlook spooks traders June 11, 2020 Oil prices are on track for their biggest daily fall in two weeks after a combination of a record build in stocks and the Federal Reserve’s economic predictions spooked traders. Worldwide benchmark Brent crude swiftly pared yesterday’s gains this morning, falling 3.4 per cent to $40.29 per barrel. US standard West Texas Intermediate followed suit, [...]
European business networks join calls to quash quarantine plan June 11, 2020 Business networks which support the UK’s trade relationships with its European neighbours have added their voices to the growing criticism of the government’s blanket quarantine plan. Eduardo Barrachina, president of the Spanish Chamber of Commerce in the UK, said that the plan “sent the wrong message” and risked putting the UK out of step with [...]
Johnson Matthey to cut 2,500 jobs as coronavirus bites June 11, 2020 Manufacturing firm Johnson Matthey has announced that it will cut 2,500 jobs over the next three year as a result of the coronavirus pandemic. The FTSE 100 company said that the crisis had knocked its underlying profit by £60m as it unveiled its annual results today. Shares in the firm slipped 3.1 per cent in [...]
Heathrow Airport to begin job cuts as passenger numbers flatline June 11, 2020 Heathrow Airport announced this morning that it would begin to cut frontline jobs after the government’s 14-day quarantine measures meant traffic numbers were no longer sustainable. In May, passenger numbers were at an all time low of 228,000, down 97 per cent from last year. As a result, the airport, which has already cut one-third [...]
Oil prices slip as US crude inventories hit record highs June 10, 2020 Global oil prices slipped today after US crude stocks breached all-time highs after an unexpected surge in inventories. According to the Energy Information Administration, crude inventories rose 5.7m barrels in the week to June 5 to 538.1m barrels, the most in history. In response, worldwide standard Brent crude fell 1.2 per cent back to $40.60, [...]
Scottish MP submits bill to block BA’s ‘fire and rehire’ plans June 10, 2020 SNP MP Gavin Newlands has submitted an emergency bill to the House of Commons which would prevent firms using controversial “fire and rehire” tactics on their employees. The decision to bring forward the bill comes after it was claimed that British Airways (BA) was planning on making all 42,000 of its staff redundant and then [...]
More ‘Boris bikes’ to be rolled out after record numbers take to two wheels June 10, 2020 Transport for London is adding 1,700 more bikes to its Santander Cycle scheme in response to record numbers of users during May. With health fears over coronavirus keeping Londoners off public transport, last month saw over 1.2m of the vehicles – formerly known as “Boris bikes” – hired, the highest number in the scheme’s 10-year [...]
Global gas demand set for record decline in 2020 June 10, 2020 Global demand for natural gas is set for its biggest fall on record, the International Energy Agency revealed today, due to the combination of the coronavirus crisis and a particularly mild winter. This year, gas demand is due to drop four per cent – or 150bn cubic metres – which is double the size of [...]
Bank of England set to reload bond-buying programme with £100bn June 10, 2020 The Bank of England is expected to announce a further £100bn for its bond-buying programme when it meets next week in order to limit the damage to the UK economy by the coronavirus crisis. The central bank has already spent the majority of the record £200bn expansion to its asset purchase programme which it made [...]
Corporate travel firms call for business air bridges to avoid quarantine June 10, 2020 The UK’s business travel sector has called on the government to create industry-specific air bridges to European business hubs in order to sidestep the current 14-day quarantine plan. In a letter to home secretary Priti Patel and transport secretary Grant Shapps, Clive Wratten, chief executive of the Business Travel Association, proposed three pilot travel corridors [...]
