UK High Court rules against Nicolas Maduro in Venezuelan gold case July 2, 2020 The High Court has ruled against Venezuela’s government in a legal battle over who controls $1bn (£799m) of gold reserves stored in the Bank of England. The Court ruled that the UK had “unequivocally recognised opposition leader Juan Guaido as president”, rather than Nicolas Maduro, in a severe blow to Maduro’s cash-strapped administration. The case [...]
Two-thirds of Brits think coronavirus bailouts should have strings attached July 2, 2020 Almost two-thirds of Brits think large companies should only receive public bailout money if they agree to conditions such as protecting jobs and reducing carbon emissions, according to polling published today that adds to pressure on the Bank of England. Financial campaign group Positive Money and pollster Yougov found that 63 per cent of the [...]
1 Lombard Street hires Mark Hix as director of food and drink July 1, 2020 City restaurant 1 Lombard Street has hired chef and restauranteur Mark Hix as director of food and drink ahead of the restaurant’s reopening, as the hospitality sector begins to emerge from months of lockdown. Hix, who owns the Hix group of London restaurants, will work alongside executive chef Robin Freeman to reimagine the menu at [...]
Bank of England to review climate impact of corporate bond-buying after crisis July 1, 2020 The Bank of England will look at introducing climate change considerations when deciding which corporate bonds it buys, governor Andrew Bailey said today. The central bank had been targeted by climate change protesters who have been calling and emailing it this week to demand a change in the way it helps companies survive the Covid-19 [...]
Virgin Atlantic secures £200m from Virgin in bid for £1bn rescue deal July 1, 2020 Virgin Atlantic has secured £200m in additional funding from parent company Virgin as the embattled carrier seeks a total of £1bn in the coming weeks in order to stay afloat. The airline, which has seen its planes grounded for three months due to the coronavirus pandemic, has had its finances decimated by the virus and [...]
S&P: Brexit to hold back UK economy’s coronavirus recovery July 1, 2020 Credit rating agency S&P has said prolonged social distancing and Brexit will hold the UK economy’s recovery from coronavirus, disagreeing with the Bank of England’s optimistic view about a sharp rebound. S&P Global Ratings today said it expects the UK economy to shrink by an enormous 8.1 per cent this year. And it said the [...]
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 [...]
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 house prices fall for first time since 2012 amid coronavirus July 1, 2020 UK house prices posted an annual fall for the first time since 2012 in June amid the coronavirus pandemic, according to Nationwide’s index today. Growth turned negative last month with prices slipping 0.1 per cent year on year, following a 1.8 per cent climb in May, Nationwide said. Its data showed UK house prices also [...]