Author: LoveWorld UK

Germany’s HDE retail association called on Wednesday for the government to give immediate state aid and tax relief to stop businesses going bust as stores closed to stem the spread of the coronavirus, losing 7 billion euros ($7.70 billion) per week. “Massive loss of turnover is destroying thousands of independent companies and millions of jobs,” HDE President Josef Sanktjohanser said in a statement that announced he had written to Chancellor Angela Merkel to ask for help. HDE said the ordering of store closures would lead to a loss of sales of around 1.15 billion euros per day or 7 billion…

Oil prices fell for a third session on Wednesday with U.S. crude futures tumbling to a 17-year low as travel and social lockdowns sparked by the coronavirus epidemic knocked the outlook for demand. U.S. crude Clc1 was down $1.49 cents, or 5.53%, at $25.46 per barrel by 1006 GMT, having earlier fallen to $25.08, its lowest since late April 2003. Brent crude LCOc1 was trading down 84 cents, or around 3%, at $27.89 a barrel, after dropping to $27.56, its lowest since early 2016. “The oil demand collapse from the spreading coronavirus looks increasingly sharp,” Goldman Sachs said in a…

Bank borrowed more than $15 billion from the Bank of England’s U.S. dollar repo operations on Wednesday, part of measures announced by six central banks to keep the financial system working during the coronavirus outbreak. The BoE said it lent $8.210 billion of seven-day funds in its usual weekly dollar repo operation, and $7.245 billion in a new operation for 84-day funds which forms part of the new liquidity measures announced with other central banks. The BoE said it fulfilled all the requests that it received for the borrowing, which is secured against collateral. Source: Reuters.

Schools across Britain were struggling to stay open on Wednesday, with some forced to partially or fully close as staff and students stayed at home because of the spread of coronavirus. The closures come amid confusion about why schools are being advised to stay open when the government has stepped up advice to curb social contact to try to slow the spread of the virus. Geoff Barton, the general secretary of the Association of School and College Leaders union, said head teachers were saying they were struggling to keep their institutions open beyond Friday. “Some very seasoned head teachers have…

Pub operator Marston’s (MARS.L) and Wagamama owner Restaurant Group (RTN.L) outlined plans to ride out major hits to sales from Europe’s coronavirus shutdown on Wednesday, including seeking possible leeway on debt commitments later this year. Prime Minister Boris Johnson on Monday essentially shut down social life in Britain and ordered the most vulnerable to isolate for 12 weeks, as the country steps up efforts to stem the spread of the virus. Marston’s, whose shares have lost 80% of their value in less than a month, sank another 8% in early trade after it said it was now unlikely to recommend…

European shares retreated after an initial bounce on Tuesday as damage being heaped on companies and economies across the globe from the coronavirus grew and kept financial markets on edge. Sharp restrictions on large gatherings, shutdowns of major cities and disruptions to business supply chains are taking a toll on corporate Europe. The world’s biggest catering firm Compass Group (CPG.L) and automaker Volkswagen Group (VOWG_p.DE) were the latest to warn of a hit from the pandemic. The pan-European STOXX 600 index was down 1.1% after rising as much as 3.7% in early trading, following a dramatic sell-off on Monday that…

Amazon.com Inc is suspending sellers from sending non-essential products to its U.S. and U.K. warehouses until April 5 in the latest move to free up inventory space for much-needed supplies that are in shortage as a result of the coronavirus outbreak. In a note sent to sellers on Tuesday, Amazon said it is seeing increasing online shopping demand from consumers. As its household staples and medical supplies are running out of stock, it will prioritize certain categories in order to “quickly receive, restock, and ship these products to customers.” Amazon defined five categories as essential products that can continue shipping,…

Britain’s Queen Elizabeth cancelled her annual garden parties and will leave London for Windsor Castle earlier than planned because of the coronavirus outbreak, Buckingham Palace said on Tuesday. The 93-year-old monarch will carry out a number of small duties at Buckingham Palace in the next few days before she heads to Windsor, west of London, on Thursday – a week earlier than scheduled. She will remain there beyond the Easter period, the palace said. “In consultation with the Medical Household and government, a number of public events with large numbers of people due to have been attended by the queen,…

Britain created more jobs than expected in the three months to January but unemployment rose too by the largest amount since 2011, a sign that the labor market tightened further before the impact of coronavirus began to bite. While figures last week showed that Britain’s overall economy showed zero growth in the three months to January, Tuesday’s official data extended a run of hefty increases in employment. The number of people in work rose by 184,000 to 32.985 million, the Office for National Statistics said, driven by record quarterly increases in full-time and female employment. A Reuters poll of economists…

British foreign minister Dominic Raab advised British nationals on Tuesday to stop all non-essential travel globally for the next 30 days, the latest stringent measure taken by the government to try to stem a growing coronavirus outbreak. “With immediate effect, I have taken the decision to advise British nationals against non-essential travel globally, for an initial period of 30 days and of course subject to ongoing review,” Raab told parliament. Referring to the growing number of border restrictions in other countries, Raab said Britons who decide they need to travel abroad should be aware of the increased risks of doing…