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BUSINESS LIVE: Retail sales rise 0.8%

by Camille McKim (2020-09-21)


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The FTSE 100 closed down 42. If you adored this article therefore you would like to acquire more info with regards to Sahara Cash for Cars will provide an instant cash offer for your car! nicely visit the site. 87 points at 6007.05 and the pound was at $1.30 against the dollar.

Worries about a second wave of the coronavirus pandemic and a meagre economic recovery continue to unnerve investors. 

British retail sales rose for their fourth consecutive month in August. The sector expanded by 0.8 per cent compared to July. Trade was also 2.8 per cent higher than in the same month last year and 4 per cent above its pre-lockdown levels in February.

The Mayor of London Sadiq Khan has urged the Government to extend the business rates holiday for another year over fears thousands of jobs could be lost in London and across the country.

The London Stock Exchange said it has entered exclusive talks with France's Euronext after weighing up several offers for its Borsa Italiana business. 

Budget airline EasyJet has appointed Tui executive Kenton Jarvis to be its next chief of finance. Both firms has been severely affected by travel restrictions imposed to contain the spread of the coronavirus




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17:12


FTSE 100 closes down 42.87 points at 6007.05














16:31


Rich get richer: US billionaires gained $845B in pandemic


America's billionaires have reaped a windfall during the first six months of the
The gains represent a 29 percent jump in net worth for America's billionaires, according to a join on Thursday from Americans for Tax Fairness and the Institute for Policy Studies, a politically liberal think-tank. 











The gains represent a 29 percent jump in net worth for America's billionaires, according to a join report on Thursday from Americans for Tax Fairness and the Institute for Policy Studies.
















16:25


The Footsie closes soon


Just before close, the FTSE 100 was down 0.4% to 6,024.
Meanwhile, the FTSE 250 was down 0.9% to 17,582.











16:21


'The Dow Jones might as well have not bothered'


Connor Campbell, financial analyst at Spreadex, comments on today's markets:
The Dow Jones did little after the bell, while the FTSE fretted about a second UK lockdown and Europe worried over its rising number of covid cases.
The Dow Jones might as well have not bothered. Starting the session unchanged around 27900, the American index remained the wrong side of 28000, a level it has had a lot of trouble with this week.
Still waiting for a covid-19 spending plan from Congress – something that seems like it is going to be increasingly hard to come by as the election draws closer – and with a tech sector that isn’t fully recovered from the shock to the system received at the start of September, it feels like the US markets are at something of a crossroads. Perhaps next week’s flash PMIs will give investors a better idea of where the country’s economy is at.











15:59


UK nominee Liam Fox moves a step close to becoming WTO chief


(PA) - Former trade secretary Liam Fox has made it through to the second round of the race to become the next director general of the World Trade Organisation (WTO).
Liz Truss, his successor at the Department for International Trade, on Friday announced that Dr Fox, the UK’s nominee for the top job, has successfully navigated the first round of voting among the 164 WTO members.
The trade body is currently in the process of electing a replacement for outgoing boss Roberto Azevedo. A new director general is not expected to be elected for several weeks, after two more rounds of the contest.
Trade Secretary Ms Truss said: I’m delighted to see Dr Fox through to the second round. The world needs a WTO director general that will stand up for free trade and fight protectionism.











15:35


London mayor calls for business rates holiday extension


The Mayor of London Sadiq Khan has called for the business rates holiday to be extended into 2021/2022 to avoid mass job losses. He also said an extension should apply to childcare providers. 
He said: Businesses across London continue to struggle from the impact of Covid-19. If the business rates holiday comes to an end, I worry any employers will have no choice but to make more people unemployed.
Many large retail, leisure and hospitality businesses – accounting for thousands of Londoners’ jobs – are taking important decisions for the next financial year right now, so certainty over the business rates holiday is needed urgently.











15:18


EU's von der Leyen says UK trade deal still possible despite law row


The head of the European Commission believes the EU can still strike a trade deal with Britain despite the frosty deadlock between the two sides.
Ursula von der Leyen lashed out at over his 'unpleasant surprise'  attempt to override the Brexit treaty he signed last year.











She said that while the row over the Internal Market Bill had 'distracted very strongly' from the two sides being able to secure fresh trade terms she was  'still convinced' a deal with London 'can be done'.
















14:44


CBI calls for successor to furlough scheme


Annie Gascoyne, Director of Economic Policy at the CBI, comments on the furlough scheme:
The Job Retention Scheme has kept millions of people in jobs since the crisis started. As the economy re-opened and with the scheme coming to an end soon, it’s no surprise that fewer people were still being furloughed.
But that does not take away the absolutely critical need for a successor to replace it. Businesses are still struggling with a lack of cash and low demand, perhaps even more so in areas where there are greater local restrictions.  
We need a new scheme that is less generous, but most importantly still offers firms enough support to reach the other side and keep more people in work. Saving jobs today is easier than picking up the pieces tomorrow.











14:09


'The Fed is highly accommodative but not accommodative enough'


Craig Erlam, Senior Market Analyst at OANDA Europe, comments on the markets this week:

This week hasn't quite lived up to expectations and investors are getting a little nervous as we head into the final few months of the year.
The Fed is highly accommodative but not accommodative enough, Congress is desperate to agree a much needed relief package but no closer to doing so and virus numbers globally are rising, rapidly. What's more, tech stocks - which were a driving force behind the outstanding stock market comeback - remain shaky and vulnerable to more downside.
While the end of the year could look very different - a Covid vaccine, political clarity and fiscal support - the next few weeks could be challenging. Congress is running out of time and an awful lot of compromise is required to get anything over the line. In the absence of a deal, it's not hard to envisage a continuation of the tech-led correction in the markets.












13:47


Rail franchises could be nationalised as emergency measures expire


More rail franchises could face being nationalised from this weekend as measures introduced to help railways survive the
At the start of lockdown in March, the Government signed Emergency Measures Agreements for all of Britain's rail franchises, in order to keep trains running while demand collapsed amid lockdown. 











A six month emergency contract between the Government and rail operators, which has cost taxpayers £3.5bn, runs out on Sunday, amid fears firms could give back control to Government.
















13:38


Blueprints for Covid-19 vaccine trials revealed by Moderna and Pfizer


US biotech firm Moderna, one of nine companies in the late stages of clinical trials for a
Pfizer, the other American company currently carrying out Phase 3 trials in the US, followed suit a short time later and there is now added pressure for the remainder to do the same.











US biotech firm Moderna and fellow American company Pfzizer became the first to release complete blueprints for the late stages of clinical trials for a Covid-19 vaccine on Thursday.
















13:04


Could your bank charge you to save money with them?


Britain's savers could soon be charged to hold money with their banks after the Bank of England left itself open to setting interest rates negative for the first time.
The Bank of England base rate of interest, which influences how cheaply banks can borrow money, what homeowners pay for their mortgage and how much savers earn on their savings, was held at its historic low of 0.1 per cent yesterday.











Britain's savers could soon be charged to hold money with their banks after the Bank of England left itself wide open to setting interest rates negative for the first time.
















12:52


Trump to block U.S. downloads of TikTok and WeChat starting Sunday


Americans will no longer be able to download TikTok starting on Sunday when the Trump administration will have it banned from U.S. app stores. 
The Commerce Department plans to issue an order Friday that will bar people in the United States from downloading the video sharing app and the Chinese-owned messaging app WeChat, three officials told Reuters.











Americans will no longer be able to download TikTok starting on Sunday when the Trump administration will have it banned from U.S. app stores.
















12:36


Easyjet appoints Tui executive to be new finance chief


Budget airline EasyJet has announced that Tui executive Kenton Jarvis will become the company's chief financial officer.
He will succeed Andrew Findlay, who declared his intention to leave after surviving an attempted boardroom coup earlier in the year by the Luton-based airline's founder, Sir Stelios Haji-Ioannou.











No start date has been given for Jarvis' tenure, though Findlay has said he will leave the company once his contract expires in May 2021.
















11:57


Investec to cut 210 London jobs as profits fall - full story


The jobs cuts, which equate to about 13 per cent of its UK workforce, are part of an ongoing plan to 'to simplify and focus the business', Investec said.
It comes as the investment banking giant expects adjusted operating profit for the six months to the end of September to come in between 50 to 60 per cent lower than in the same period last year.  
Full story below...











The jobs cuts, which equate to about 13 per cent of its UK workforce, are part of an ongoing plan to 'to simplify and focus the business', Investec said.
















11:52


Ryanair to slash number of flights from 50% to 40% of 2019 levels


Ryanair has announced it will further reduce its operations due to
The budget airline said its capacity in October will be 40% of 2019 levels, compared with the 50% it previously announced.











Ryanair has announced it will further reduce its operations due to coronavirus travel restrictions and blamed 'government mismanagement' for lack of customer confidence.
















11:49


Markets in brief


- FTSE 100 is down 0.2% at 6,039
- FTSE 250 is down 0.9% at 17,585











11:40


Pound recovers from yesterday's fall


The pound has bounced back from yesterday's fall, partly helped by retail sales rising again last month.
Sterling is up 0.15 per cent against the dollar and the euro, with £1 buying $1.299 and €1.096 on currency markets.
The pound took a hammering yesterday when the Bank of England said it was examining how it might cut interest rates below zero, falling to $1.286.
Fears of a chaotic end of the Brexit transition period in December also do not bode well for the pound.











10:48


'UK-listed stocks are heading lower as we stumble towards the weekend'


Joshua Mahony, Senior Market Analyst at IG, comments on the markets this morning:
UK-listed stocks are heading lower as we stumble towards the weekend, with the prospect of a renewed lockdown in London serving to bring the potential of a second wave closer to home. While localised restrictions have become somewhat normalised of late, the economic importance of London means we are likely to see a more significant market reaction if the growth in cases leads to significant economic consequences. From a tourism perspective, the rise in Covid cases in the UK does little to help boost sentiment around travel stocks.
While we have become accustomed to the UK imposing quarantine restrictions on visitors from specific countries, the prospect of quarantines on UK tourisms holidaying abroad would put a major stake in heart of the travel industry. With the growing likeliness of quarantine restrictions being imposed on UK visitors, it comes as no surprise to see the likes of IAG, easyJet, Carnival, Rolls Royce, and InterContinental Hotels Group heading up the FTSE 350 losers.  











10:24


Investec to axe 210 jobs and likely to suspend payment of half-year divi


Investment banking giant Investec has confirmed plans to axe 210 jobs at its London headquarters after battling the 'challenging economic backdrop'.
The UK and South African broker and asset manager said the business proved 'resilient' during lockdown.
But added it is unlikely to pay a dividend for the half year as expected credit losses are to remain elevated.
Assets under management increased by 14.1 per cent to £51.4billion in the five months to August, with net inflows positive at £391million. Loans declined by 1.3 per cent to £24.6billion for the period.











10:09


Ryanair cuts more flights and says Ireland 'locked up like North Korea'


Ryanair said it will cut its planned October flight capacity by a further 20 per cent due to disruption to bookings caused by 'continuous changes' in travel restrictions in Europe.
It means that from October, it will fly at 40 per cent capacity of last year's levels.
Criticising travel restrictions, Ryanair said Ireland had been 'locked up like North Korea since 1 July, while at the same time Italy and Germany removed all intra-EU travel restrictions and have delivered Covid case rates which are less than half the rate'.
A Ryanair spokesperson added:
We are disappointed to reduce our Oct capacity from 50% of 2019 to 40%. However, as customer confidence is damaged by Government mismanagement of Covid travel policies, many Ryanair customers are unable to travel for business or urgent family reasons without being subjected to defective 14 day quarantines.
While it is too early yet to make final decisions on our winter schedule (from Nov to Mar), if current trends and EU Governments’ mismanagement of the return of air travel and normal economic activity continue, then similar capacity cuts may be required across the winter period.



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09:53


Police back Uber's licence as firm shares data with intelligence cops



A court has been told the ride hailing app shares 2,000 pieces of 'vital' information with senior officers in











A court has been told the ride hailing app shares 2,000 pieces of 'vital' information with senior office