ONS says number of workers on payroll fell 2.2% from March although rate of decline fell in JuneAnalysis - rising unemployment is becoming less hiddenPaid employment in Britain has plunged by almost 650,000 employees since the onset of the coronavirus pandemic in March, official figures show, as growing numbers of companies cut jobs.According to the Office for National Statistics, the number of payroll employees fell by 2.2%, or 649,000, from March to June. However, it said the rate of decline in employment slowed in June compared with May. Continue reading...
Rolling coverage of the latest economic and financial newsLatest: China’s stocks have slumped 4.8% todayChina avoids recession with 3.2% growth, but retail sales fallCoronavirus UK: 649,000 people lose their jobs during lockdownComing up: ECB meeting and US jobs figuresCoronavirus – latest updatesSee all our coronavirus coverage 3.16pm BST Time for a quick recap.China’s economy has returned to growth, with official figures showing GDP grew by 3.2% year-on-year in April to June. Industrial production strengthened, encouraging Beijing officials to predict they were “confident on the economic rec[...]
Chancellor’s statement ‘corrosive of public trust’ for passing old funds off as newRishi Sunak has been accused of repackaging up to £10bn of previously announced government spending to form the backbone of his summer statement plan to save jobs during Covid-19.Serving the chancellor with a blunt rebuke, the Institute for Fiscal Studies said it was “corrosive to public trust” for the government to reallocate old funds and pass them off as new money. Continue reading...
Hipgnosis acquires 100% of RedOne’s songs and recorded music interests, covering 337 tracksA London-listed firm offering investors the chance to make money from the royalties of track by famous artists has struck a deal for the catalogue of the songwriter and producer whose credits include Lady Gaga’s global hits Poker Face and Bad Romance.Hipgnosis has acquired the music catalogue of Grammy-winning producer and songwriter RedOne, who produced six songs on her 2008 debut album, The Fame. RedOne credits also include One Direction, Nicki Minaj, Enrique Iglesias, Shakira and Jennifer Lopez. Conti[...]
Insolvency move linked to competition and coronavirus adding to £1.1bn debts in 2018Coronavirus – latest updatesSee all our coronavirus coveragePizza Express is set to close up to 75 of its restaurants as part of a rescue plan which could put more than 1,000 jobs at risk.The restaurant chain is lining up a company voluntary arrangement (CVA) – an insolvency process which allows it to exit stores and cut rents – linked to talks with bondholders over its heavy debt burden. Continue reading...
Lingerie brand would be second bold acquisition by retailer during coronavirus crisisCoronavirus – latest updatesSee all our coronavirus coverageNext is finalising a deal to take on the UK arm of the lingerie brand Victoria’s Secret, which fell into administration last month.The brand, once renowned for its controversial fashion shows featuring models known as “angels”, would give Next access to a potentially younger consumer. Continue reading...
Property website Rightmove said rents outside London hit record £845 a month in early JulyRents have continued to climb across England, but they are sliding in London as Airbnb owners abandon hopes of attracting holidaymakers and put their properties on the long-term rental market.Property website Rightmove said asking rents outside London hit a record of £845 a month in early July, up 3.4% on the same time last year. Continue reading...
Regulator seeks to safeguard consumer access to cash as branches and free-to-use ATMs disappearBanks and building societies will have to alert regulators if they plan to close branches or cash machines and must prove they considered the impact on consumer access to cash, according to rules proposed by the City regulator.Under draft guidelines from the Financial Conduct Authority (FCA), lenders will also have to show they have explored alternatives to support cash access in areas affected by the closures. Alternatives could include mobile banking hubs, cash delivery, commissioning free-to-use A[...]
Redundancies likely to affect all areas of organisation including Royal Festival HallCoronavirus – latest updatesSee all our coronavirus coverageThe UK’s largest arts complex, the Southbank Centre, has confirmed 400 jobs are at risk as it enters into talks with staff in an attempt to reduce losses caused by the Covid-19 crisis.A spokesperson confirmed the news after workers were told about the cuts on Wednesday, which could lead to two-thirds of its staff being made redundant. Continue reading...
Philip Dunne, chair of parliamentary committee, says it is ‘shameful’ it took pandemic for firm to acknowledge issuesBoohoo has been criticised by the chair of an influential committee of MPs, who said the online fashion firm had failed to address warnings of malpractice at Leicester factories.Philip Dunne, the chairman of the environmental audit committee, which questioned Boohoo co-founder Carol Kane about problems in Leicester factories in November 2018 for a report on the fast fashion industry, has disputed claims the group was not aware of potentially illegal working practices at factorie[...]
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Pushing out Huawei doesn’t come cheap: the main alternatives are more expensive in the west
Call to allocate telecoms spectrum to cover cost of replacing Chinese equipment
Investment in young Indian company damped by announcement of delay to Saudi Aramco deal
Boris Johnson’s government says existing kit must also be stripped from 5G networks by 2027
Government concluded that company’s products posed threat to security of UK infrastructure
The government must ensure its China relations remain constructive
Earlier-than-expected exit coincides with UK move to ban Chinese company equipment
Exile for the Chinese group will confirm the ascendancy of rival equipment suppliers
Chief says it would be ‘impossible’ to remove all Chinese group’s kit within 10 years
Chinese group says profit margin improved as consumer business outpaced carrier unit
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There is ample room for the Taiwanese chipmaker to keep rising
Taiwanese chipmaker says customers are building inventory to guard against potential coronavirus waves
Shares in chipmaker pop 246% after Beijing pushes investors to back drive to become self-sufficient
ECJ rules main mechanism for transferring information fails to protect EU citizens’ privacy
Core rental business boss to leave as site sees bookings rebound after coronavirus disruption
Bitcoin scam raises new security questions for social media platform
Plan would be a notable about-turn for founder Michael Dell
Judges annul ruling by European Commission in blow to competition commissioner Margrethe Vestager
Apple’s €14.3bn tax win, Tesla shares wow, Zoom for Home
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