Deja vu: Eurozone businesses back in decline as Covid cases jump October 23, 2020 The Eurozone’s private sector slipped back into decline in October as coronavirus ripped through the region and new restrictions hit countries’ service sectors and wider economies, according to a new survey. The preliminary IHS Markit Eurozone composite purchasing managers’ index (PMI) – which measures the health of businesses – dropped to 49.4 in October from [...]
Which stock markets look cheap as we enter the final quarter of 2020? October 23, 2020 While the virus itself hasn’t gone away, as far as financial markets are concerned, the pit of misery was back in March. At that point, a typical global market stock market portfolio had haemorrhaged around a third of its value in just six weeks. Stocks have soared As is often the case, peak despair turns [...]
Jes Staley confirms intention to stay on as Barclays beats expectations October 23, 2020 Jes Staley has signalled his intention to remain at the helm of Barclays after the bank reported better-than-expected results in the third quarter. In a call with reporters Staley said he would like to lead the bank for two more years, after Barclays today reported a return to profit for its consumer division. Between July [...]
US private equity firm Lone Star to buy developer McCarthy & Stone for £630m October 23, 2020 US private equity firm Lone Star has made an offer to buy UK retirement property developer McCarthy & Stone for £630m. McCarthy & Stone has recommended that shareholders approve the deal, which represents a premium of 38.6 per cent to yesterday’s closing share price of 83p. The board said the offer represents “fair value” for [...]
Over 1m people from Hong Kong could come to UK under new visa rules October 23, 2020 More than 1m people from Hong Kong could emigrate to the UK in the next five years under new visa arrangements, according to official estimates. Plans were set out to allow British National (Overseas) (BNO) citizens and their families who live in Hong Kong to apply for visas and live and work in the UK. [...]
UK retail sales smash expectations but analysts flag trouble ahead October 23, 2020 UK retail sales rose well beyond expectations in September, with Britons buying 1.5 per cent more goods than a month earlier as they stocked up on food and turned to online retailers. The 1.5 per cent growth was much better than economists had expected. It also beat the 0.6 per cent expansion in sales in [...]
KFC to hire 5,400 new workers despite ‘extremely difficult year’ for hospitality October 23, 2020 Fast food chain KFC has announced plans to hire 5,400 new workers in the UK and Ireland by the end of the year, signalling confidence in the hospitality industry despite an “extremely difficult year” for the sector. KFC, which has already employed more than 4,300 new team members since the start of lockdown, said the [...]
Entrepreneurs don’t want Rishi’s restaurant handouts — they want to be allowed to do their jobs October 23, 2020 The Conversative Father Christmas — Rishi Sunak, to you and me — has visited once again. In a better-late-than-never display of magnanimity, the chancellor has finally realised that conditions in Tier 2 Covid areas — which now cover 26.7 million people — make operating impossible for thousands of businesses, particularly in the hospitality sector. Whereas [...]
The future of buildings in the age of Covid-19 October 23, 2020 Pandemics shape cities. Cholera, for example, led to the creation of London’s sewage systems in the 1830s. Of course, it is a brave person who is prepared to make predictions at a time like this. In fact, it has become almost a truism to say that we live in “uncertain times”. None of us, after [...]
Finance not fish: The trade deal with Japan focuses on what matters for the City October 23, 2020 Trade talks with the EU remain uncertain, with negotiations focused on issues like fishing that have little bearing for the City. But in the meantime, Japan has given “global Britain” — and particularly the City — something to celebrate. This week’s signing of the UK-Japan free trade agreement secures the UK’s smooth transition from the [...]
