Only Spain’s economy contracted more over the first half of 2020.The period encompassed the biggest chunk of the UK’s lockdown, with many restrictions remaining in place throughout.Louis Ashworth will be back bright and early in the morning. Please see our Britain has officially entered into the largest recession on record after figures showed the pandemic sent the economy plunging by 20.4 percent between April and June.
The headline unemployment rate, unmoved from its pre-pandemic positon, is not reflecting the full extent of the disruption in the jobs market, amidst a rise in inactivity.Furthermore, as we approach the end of the furlough scheme which concludes at the end of October, a rise in unemployment (and potentially more inactivity) appears likely.
"The figure for June is key, as we all knew that lockdown measures would have a big impact on the economy but what we still don't know is how quickly the UK will rebound," said AJ Bell analyst Laura Suter.London's benchmark indexc losed 2.2pc higher to 6,289.62 while the FTSE 250 rose 0.28pc to 18,047.78.The best performers today have been oil and gas stocks on the back of optimism over future demand while rising yields are feeding into a positive performance for banks and financials, with HSBC and Standard Chartered outperforming.Sales fell 4pc from a year earlier to £1.7bn after factoring in the £97m cost of offering a £25 “stay at home” rebate to UK motor insurance customers during lockdown.
The key question is whether households are now willing to lever this to drive stronger consumption over the coming quarters.Here we think the prospects appear weak. A clothing licensing firm, Authentic Brands, and shopping centre owner Simon Property Group together paid $325m (£249m) for the assets and vowed to keep 125 of its stores open. Find out more He writes:A major tourism sector, a labour market with high share of temporary contracts, and many small and micro-enterprises all explain why the economic hit has been so devastating.Francoise Brougher, who left her role as chief operating officer at Pinterest in April, accused the company of paying her less than her male colleagues when she joined the company and belittling her work as “championing diversity issues”, according to documents filed in San Francisco Superior Court on Tuesday. "The Office for National Statistics (ONS) confirmed the UK's nosedive into recession for the first time since the financial crisis after the record-breaking contraction in the second quarter, which follows a 2.2 percent fall in the previous three months.A recession is defined as two successive quarters of decline in gross domestic product (GDP).But monthly figures showed the economy bounced back by a slightly better-than-expected 8.7 percent in June, following upwardly revised growth of 2.4 percent in May, as lockdown restrictions eased.The ONS said the economy is still a long way off from recovering the record falls seen in March and April after tumbling into "the largest recession on record".Jonathan Athow, deputy national statistician at the ONS, said: "The recession brought on by the coronavirus pandemic has led to the biggest fall in quarterly GDP on record. Output in the manufacturing and construction sectors also likely has overshot its sustainable level, as firms have hurried to complete work backlogs.Meanwhile, the recovery in new Covid-19 infections – the seven-day average on August 11, 928, was 70% above its July 8 low – suggests that the reopening has gone as far as it can while keeping a lid on the virus through the winter. “Although Pinterest markets itself to women looking for inspiration, the company brazenly fired its top female executive for pointing out gender bias within Pinterest’s male dominated leadership team.”The company said on Tuesday that the share split would be made as a dividend distribution that would give four additional shares of “common stock” to stockholders recorded as of August 21.
Brooks Brothers has about 200 shops in North America. "And some of those losses will be permanent and some of those losses will reflect permanent changes to the economy that we live in. Europe is facinga deeper-than expected recession in 2020, while the UK economy is forecast to shrink by almost 10% this year, the European commissionhas said.
"The drop in GDP in the second quarter was bigger than reported to date by any EU member state, and double the fall recorded in the United States. High levels of income support also mean household balance sheets are likely emerging from the current crisis in a stronger position. His swashbuckling, billion-dollar takeover battles garnered headlines in the financial press.And his power struggles, love life and seemingly mercurial decisions, such as publicly firing action star Tom Cruise, made him the subject of endless industry gossip and tabloid stories.He leaves an empire that includes media giant ViacomCBS and its library of pop culture titles stretching from In May 2015, Redstone said that upon his death his ownership in that company will pass to a family trust, whose trustees include his daughter Shari Redstone and her son, Tyler Korff.Shari Redstone has been playing an increasingly active role for the past few years. One key challenge is keeping the economy from losing momentum in the later part of the year and in the early part of 2021. CLS has collected 99pc of rent for the first half and, so far, 95pc of rent due for the third quarter, backed by its government and large corporate tenants. No cause of death was provided.Even in a business known for larger-than-life personalities, the 6-foot-tall, redheaded Redstone stood out. Usually in recessions the fall in investment is significantly larger than that in consumption; this is not the case this time. order back issues and use the historic Daily Express
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