Tiktok threatens legal action over Trump executive order August 7, 2020 Tiktok has said it is considering legal action after US President Donald Trump signed an executive order banning the app in 45 days’ time. The short-form video app said it was “shocked” by the order. It added that it would it would “pursue all remedies available” to “ensure the rule of law is not discarded”. [...]
What the data tells us about the shape of the US economic recovery August 7, 2020 Looking at high-frequency data in the US, the key question is whether momentum in consumer spending can be sustained. Some signs of the much hoped-for V-shaped recovery have started to emerge for the US economy. While consumption collapsed in March and April due to lockdown measures and a jump in unemployment, stimulus cheques provided an [...]
Slow retail recovery expected as consumers reluctant to spend August 7, 2020 Hopes of a rapid high street recovery have been thrown into doubt as consumers remain hesitant to splash out on new clothes and electronics. According to research by the British Retail Consortium (BRC), 24 per cent of consumers said they will spend less than usual over the next month, compared to 11 per cent who [...]
FTSE 100 flatlines as Trump order ramps up US-China tensions August 7, 2020 The FTSE 100 flatlined on a choppy morning of trading after US President Donald Trump signed executive orders hitting Chinese firms Tiktok and Wechat, and Congress and the White House failed to agree on a stimulus plan. London’s blue-chip index was roughly flat at 6,027 points at midday. The FTSE 250 of mid-cap firms rose [...]
Evening Standard to cull a third of its workforce August 7, 2020 The Evening Standard is preparing to cut around a third of its staff, as the coronavirus pandemic bites on advertising revenue. Around 70 journalists — which amounts to half the paper’s editorial staff — will be affected in the cuts which encompass a total of 115 roles, the Guardian first reported. Circulation of the free [...]
The return to work: Here’s when City firms are going back to the office August 7, 2020 Prime Minister Boris Johnson on Thursday said a strong recovery for the UK economy will require people to have the confidence to return to work at the office. The government is worried that hospitality businesses are being hit hard by people working from home. But London firms have adopted a more cautious approach than the [...]
Activist investor ValueAct sells entire stake in Rolls-Royce August 7, 2020 Shares in Rolls-Royce edged lower on Friday morning after news that activist shareholder ValueAct had sold its entire stake in the firm. The activist built up a 10 per cent stake in Rolls-Royce in 2015 after a string of profit warnings, but has now decided to exit the firm, according to the Financial Times. ValueAct’s [...]
Hong Kong to offer free coronavirus testing for all residents August 7, 2020 Hong Kong is set to offer free voluntary coronavirus testing for all its residents as it bids to contain a resurgence of the virus. The plan, which was announced by leader Carrie Lam on Friday, will not be implemented for at least two weeks, but will enable citywide testing for the first time. It comes [...]
Foreign Office cat Palmerston heads into retirement August 7, 2020 Palmerston, the cat who has lived at the Foreign Office for four and a half years, is to step down from his mouse-catching duties for diplomats. He will instead retire to the countryside, where he plans to live out the remainder of his years relaxing in the rolling grass. Handing in his resignation to the [...]
Gold consolidates near record highs as US-China tensions escalate August 7, 2020 Gold climbed further as demand for the precious metal surges against a backdrop of escalating US-China tension. The price of gold per ounce teetered between small gains and minor losses during the Asia session but seems to have stabilised around the $2,060 mark. It rose to new record highs in the early part of the [...]
