How badly will the UK unemployment rate spike when furlough ends? July 22, 2020 Chancellor Rishi Sunak’s furlough scheme has so far saved the UK unemployment rate from sharp increases during the coronavirus lockdown, but it is drawing to an end. Consequently job losses are set to spike after furlough concludes in October, according to economists. Currently the government is paying 80 per cent of over 9m British workers’ [...]
Qatar Airways sues Arab states for $5bn over airspace blockade July 22, 2020 Qatar Airways is seeking $5bn in compensation from four Arab states which have prevented it from using their airspace since 2017. Saudi Arabia, the UAE, Bahrain and Egypt have since June that year implemented an air, sea and land blockade on the Gulf nation over accusations that it supports terrorist activity. Qatar denies the claims, [...]
Exclusive: Stricken burrito chain Chilango set to enter administration July 22, 2020 Mexican restaurant chain Chilango is preparing to enter administration putting over 150 jobs at risk, after the coronavirus pandemic hammered the already struggling casual dining company. In an email sent to shareholders today, a spokesperson for the company said that while Chilango had “done our very best to mitigate the pandemic’s impact… these efforts have [...]
Slack files formal EU antitrust complaint against Microsoft July 22, 2020 Slack has filed a complaint against Microsoft with the European Commission, arguing its bundling of its Teams messaging service and Office 365 is anti-competitive. Workplace messaging app Slack is a rival of Teams, which also offers video conferencing services. The complaint, filed this afternoon, accuses Microsoft of “illegal and anti-competitive practice” in abusing its market [...]
TfL stops 30,000 commuters not wearing face masks July 22, 2020 Transport for London enforcement officers have so far stopped 33,500 people from getting on public transport unless they put on face masks, according to the latest figures. A further 1,983 people were prevented from boarding services without masks, while 475 people were ejected from modes of transport. From those who were not able to get [...]
‘Euphoria’: Silver price surges and gold nears all-time high July 22, 2020 Silver hit its highest price in seven years and gold surged close to an all-time record as investors bought up the commodities in anticipation of yet more economic stimulus from the world’s biggest economies. Silver rose as much as seven per cent to around $22.80 per ounce in morning trading. However, it then slipped back [...]
Robert Jenrick says decision to save developer £40m was ‘perfectly fair’ July 22, 2020 Housing secretary Robert Jenrick has defended his controversial decision to approve a 1500-home housing development a day before taxes would have cost the developer £40m as “perfectly fair”. The housing secretary has come under fire for alleged links with the developer, and Tory donor, Richard Desmond, with Labour calling the saga an example of “cash [...]
Commercial rent collection ‘exceeds expectations’ in June July 22, 2020 The amount of commercial rent collected in June “exceeded expectations” in the wake of the coronavirus crisis, the latest data showed. Real estate services company Cushman & Wakefield said it collected 69.1 per cent of rent in June on behalf of its clients, compared to 69.5 per cent collected in March just after the UK [...]
Invesco bond bosses step back amid fund reshuffle July 22, 2020 Invesco has reshuffled its fixed interest management team with bosses Paul Read and Paul Causer both stepping back from their management roles on a series of a funds. Read is stepping down as manager of the Monthly Income Plus fund but will keep his management role on the £49.2m Global Income fund. He and Causer [...]
Crossrail set for further delays and cost increases due to coronavirus July 22, 2020 The long-awaited Crossrail transport project will face further delays and additional costs due to the coronavirus pandemic, London mayor Sadiq Khan has said. Much of the work on the huge rail project had to be suspended in the spring due to safety concerns over working in confined spaces. Speaking to the transport select committee this [...]
