Author: LoveWorld UK

Britain will reopen thousands of high street shops, department stores and shopping centres next month, Prime Minister Boris Johnson said on Monday, setting out a timetable for businesses as part of moves to ease the coronavirus lockdown. He told a news conference that from June 1, outdoor markets and car showrooms could be reopened as soon as they are able to meet the COVID-19 secure guidelines, and all other non-essential retail from June 15 if the government’s tests are met. Johnson is keen to restart an economy which has been all but shut down since Britain entered a lockdown to…

London-listed shares jumped on Tuesday as Prime Minister Boris Johnson set out plans to reopen thousands of high street shops next month from a coronavirus-induced lockdown, while Aston Martin soared after naming a new chief executive officer. The luxury carmaker (AML.L) surged 24.8% and was on course for its best day in nearly two months as it said Tobias Moers, CEO of Mercedes-AMG, would become its CEO on Aug. 1, replacing Andy Palmer who stepped down on Monday. The blue-chip FTSE 100 was up 1.9% and the mid-cap FTSE 250 2.4%, joining in a global rally as hopes of more…

Oil prices rose on Tuesday, supported by growing confidence in the market that producers will come good on commitments to cut crude supply while demand picks up with more cars back on the road as coronavirus lockdowns eased around the world. U.S. West Texas Intermediate (WTI) crude futures gained 3.4%, or $1.12, to $34.37 a barrel as of 0652 GMT, just off an intra-day high of $34.54. There was no WTI settlement on Monday because of the U.S. Memorial Day holiday. Brent crude futures were up nearly 1.7%, or 61 cents to $36.14, adding to a 1.1% gain on Monday…

AXA (AXAF.PA) said on Tuesday it would meet the bulk of claims from some restaurant owners after a Paris court ruled last week the French insurer should pay one owner two-months’ worth of coronavirus-related revenue losses. The ruling on a disputed contract was seen as opening the door to a wave of similar litigation. AXA also said it would provide a further 500 million euros (446.84 million pounds) in aid for small companies. Chief executive Thomas Buberl said AXA planned to compensate business interruption losses to the majority of restaurant owners whose contracts were similar to the one studied by…

Eurowings, the low-cost airline owned by Lufthansa (LHAG.DE), said it would cut a third of the jobs at its headquarters as part of wider efforts to return the German airline group to profitability after a major state bailout. “We have around 1,000 staff at head office and of those we will reduce 300,” Eurowings Chief Executive Jens Bischof told a briefing in Duesseldorf. Germany threw Lufthansa a 9 billion euro (8.04 billion pounds) lifeline on Monday, agreeing a bailout which gives Berlin a veto in the event of a hostile bid for the airline. Bischof, in remarks embargoed for publication…

A slump in capital investments, private consumption and exports pushed the German economy into a recession in the first quarter, detailed data showed on Monday, giving a glimpse of the damage caused by the coronavirus pandemic. The Federal Statistics Office said capital investments fell by 6.9%, private consumption by 3.2% and exports by 3.1% between January and March compared with the last three months of 2019. This meant that private consumption took off 1.7 percentage points of overall economic activity and net trade shaved off 0.8 percentage points, translating into a first-quarter contraction of 2.2%, the steepest rate since 2009.…

Oil prices rose on Monday, erasing earlier losses, as countries around the world continued to ease lockdown measures imposed to combat the coronavirus pandemic, boosting hopes for a recovery in fuel demand. Amid quiet trading, with financial centres Singapore, London and New York all closed for holidays, Brent was up 6 cents, or 0.2%, at $35.19 a barrel by 0636 GMT. U.S. oil CLc1 had gained 27 cents, or 0.82%, at $33.52 a barrel. Both contracts have risen for the past four weeks, although prices are still down around 45% so far this year. “Oil markets are focused on the…

Hong Kong’s security and police chiefs said “terrorism” was growing in the city, as government departments rallied on Monday behind Beijing’s plans to introduce national security laws after thousands took to the streets to protest against the move. The security legislation, which could see Chinese intelligence agencies set up bases in Hong Kong and aims to tackle secession, subversion and terrorist activities, has sent shockwaves through the business and diplomatic communities. “Terrorism is growing in the city and activities which harm national security, such as ‘Hong Kong independence’, become more rampant,” Secretary for Security John Lee said in a statement.…

British Finance Minister Rishi Sunak has authorised a bailout plan to rescue companies that are seen as strategically important, with the Treasury saying it may step in to support crucial businesses on a “last resort” basis after other options run out. The Treasury told Reuters late on Sunday it may try to save those companies whose failure will “disproportionately harm the economy”. “In exceptional circumstances, where a viable company has exhausted all options and its failure would disproportionately harm the economy, we may consider support on a ‘last resort’ basis,” a spokeswoman from the Treasury said in an emailed statement.…

European shares rose in thin trading on Monday, as optimism over reopening of countries and signs of more stimulus for the battered euro zone economy helped sentiment. The euro zone stock index .STOXXE rose 0.8% in early deals, with the pan-European STOXX 600 up 0.6% and Germany’s DAX .GDAXI up 0.9%. Trading volumes were lower across the board with the U.S., UK and some countries in Asia closed for holidays. Germany’s Bayer AG (BAYGn.DE) jumped 4.3% after saying it had made progress in seeking a settlement over claims its Roundup weedkiller causes cancer. Lagardere Capital & Management (LAGA.PA) jumped 7.5% after Bernard…