BoE: Furlough means UK faces record labour market inactivity June 8, 2020 The UK is facing what appears to be a record level of inactivity in its labour market as huge numbers of people are on furlough or facing unemployment due to Covid-19, the Bank of England’s chief economist has warned. “We’ve seen activity across the economy collapse, and we’ve seen a rapid rise in inactivity among [...]
Ifo: German industry predicts summer-long production slump June 8, 2020 German factories’ coronavirus slump is set to continue throughout summer, though the drop in production will not be as steep, according to a key Ifo survey out today. The Ifo index of production survey showed Germany’s manufacturers believe their severe coronavirus downturn will continue until at least September. They predict a hit of minus 20.4 [...]
World shares rise as shock US jobs increase spurs recovery hopes June 8, 2020 World share prices edged higher on Monday after a surprise recovery in US employment provided optimism that economies could quickly recover after lockdown. Oil prices erased earlier gains to stand almost flat after OPEC and its allies, including Russia, agreed to extend record oil production cuts until the end of July. U.S. S&P 500 futures [...]
UK coronavirus death toll passes 40,000 June 5, 2020 The official UK coronavirus death toll today rose past 40,000 after 357 more deaths were recorded. As of 5pm yesterday, 40,261 people have died from the disease, according to the Department of Health and Social Care. The figures showed that just over 5.2m tests have now been carried out, with 283,311 people testing positive for [...]
Bombardier to cut 2,500 jobs as Covid-19 hits aviation demand June 5, 2020 Manufacturing giant Bombardier today said it will cut 2,500 jobs in its aviation division as the coronavirus crisis sparks a slump in demand. The Canadian company said the cuts, which equate to roughly 11 per cent of its aviation unit, were necessary due to a sharp fall in orders amid the Covid-19 lockdown. “Over the [...]
Number of new coronavirus cases in the UK has halved June 5, 2020 The number of new coronavirus cases in the UK has halved, new data published today said. The survey by the Office for National Statistics (ONS), IQVIA, the University of Oxford and UK Biocentre tested individuals from 9,906 households for Covid-19 with swab tests between 17 May and 30 May. They study estimated that (0.1 per [...]
Coronavirus: Luxury car brand Bentley to cut up to 1,000 jobs June 5, 2020 Bentley today confirmed plans to cut up to 1,000 jobs in the UK as the coronavirus crisis takes its toll on the car industry. The luxury car manufacturer, which employs 4,200 people, blamed “significant effects on the short-term financial outlook” and warned it could not rule out further cuts in the future. The Volkswagen-owned company [...]
CBILS: Market Finance starts small business lending under Covid-19 scheme June 5, 2020 Market Finance today opened for loan applications from small businesses under the government’s coronavirus business interruption loan scheme (CBILS). The London fintech firm last month gained accreditation from the British Business Bank to offer loans under CBILS, which offers support to small firms impacted by the Covid-19 crisis. Market Finance will offer a term loan [...]
FTSE 100 reshuffle: Easyjet and British Gas drop out over coronavirus June 4, 2020 Four major UK companies dropped out of the FTSE 100 in last night’s reshuffle, over their exposure to the coronavirus pandemic. Pummelled by a collapse in oil prices and commercial energy demand, British Gas owner Centrica has dropped out of the UK’s top index. Cruise ship operator Carnival, whose Diamond Princess cruiseliner suffered one of [...]
Coronavirus: Lookers to slash 1,500 jobs and shutter showrooms June 4, 2020 Car dealership Lookers today said it will cut roughly 1,500 jobs and close 12 showrooms as it reels from the impact of Covid-19. The struggling motoring chain, which employs roughly 8,100 people, said it will start consultations on the cuts across the business. Lookers also said it had identified a further 12 showrooms for closure, [...]