Category: Business

From festivals in Florida to touring Dracula’s digs in Romania, we round up the best destinations to visit this October. As summer abandons Europe again this October, eke out the last of the rays and raves in Ibiza, where nightclubs will be going out with a bang for the winter break. When the party finally stops head to the island’s north.

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Business

Latest stock market: FTSE 100 closes flat again as virus worries rise, Asian stocks open mixed as Sensex posts moderate gains Business News

London’s FTSE 100 closed flat on Tuesday for the second day as concerns over rising Covid cases mounted and bank stocks fell after trading higher for most of the session.

The blue chip index closed 0.7 points lower at 7,124 with financial services firm Natwest Group the big loser, while energy major BP also trailed the index. Travel inventories fell 1%.

Bank stocks rose 2% before losing gains as the Bank of England removed pandemic restrictions on dividend payments to shareholders in commercial banking, following in the footsteps of the US Federal Reserve.

The domestically focused FTSE 250 also ended with moderate gains just 0.1% higher, with retailer Howden Joinery Group hitting record highs after a bullish earnings update.

Meanwhile, in the rest of Europe, the French CAC lost 0.4% while the German DAX was also stable.

US stocks also ended lower on Tuesday with the biggest rise in inflation in 13 years, but strong second-quarter results from major banks helped contain losses. At the close of the NYSE, the Dow Jones Industrial Average lost 0.3%, while the S&P 500 Index also lost 0.3% and the Nasdaq Composite Index fell 0.4%.

Asian stocks opened mixed follow-up from their global peers on Wednesday. Japan’s Nikkei is down 0.2% at noon, while Hong Kong’s Hang Seng is down 0.6%. The Shanghai Composite lost 0.8% at mid-session.

Indian indices also had a lower start reflecting global sentiment as Sensex lost 73 points to 52,696 and Nity fell below 15,800. All eyes are on the IPO of the Indian delivery company. Zomato Food Market, India’s biggest this year, set to open on Wednesday.

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Source: www.independent.co.uk
This notice was published: 2021-07-14 04:54:01

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U.S. inflation shock reinforces rate hike fears Business

A surge in US inflation to its highest level in 13 years fueled fears of escalating price pressures, putting pressure on Federal Reserve rate regulators.

Fears of the world’s largest economy overheating were fueled by the Consumer Price Index (CPI) which unexpectedly jumped from 5% to 5.4% in June – the biggest increase since 2008.

Forecasters expected the cost of living indicator to cool slightly to 4.9%, but price pressures continued to intensify, casting more doubts on the Fed’s opinion according to which high inflation will be temporary.

Prices were up 0.9% from May, while the core CPI – which excludes the more volatile food and energy costs – jumped to 4.5% year-on-year, the highest since 1991.

Strong increases in the prices of travel, including air fares, and used cars have all boosted inflation.

The numbers will add to the fierce debate dividing economists over whether post-Covid inflation will be temporary or become more entrenched and dangerous.

Ambrose Crofton, Global Markets Strategist at JP Morgan Asset Management, said: “Many price increases in areas most affected by the reopening are expected to moderate in the coming months. But some evidence in today’s report suggests that underlying inflationary pressures are likely to persist longer than expected. “

Inflation is fueled by supply chain constraints and a demand shake caused by the reopening of the economy and government stimulus measures. The Fed cut interest rates to near zero in response to the pandemic last year, but some fear policymakers may need to raise borrowing costs early to keep inflation under control.

James Knightley, an ING economist, said the latest surge in inflation “puts more pressure on the Fed” and argued more for a rate hike in 2022.

“Yet another exploding inflation reading makes it increasingly difficult for the Fed to stick to its position that high inflation readings are just ‘transient’,” he said. “Pipeline cost pressures continue to mount and companies are looking to pass them on to their customers in such a robust demand environment. “

Alexander Lin, an economist at Bank of America, said “transient price pressures remain rampant,” but argued the numbers did not yet signal problems.

Market worries about inflation have eased in recent weeks, but the dollar and Treasury yields have risen following the startling numbers as bets on rate hikes have risen. The pound fell 0.6 bp against the dollar to $ 1.38, while the benchmark 10-year Treasury yield peaked at 1.38 bp before falling again.

Larry Summers, the former US Treasury Secretary, warned earlier this week that the markets may underestimate the risk of inflation: “At times when inflation has accelerated dramatically in the past, as in the past. 1960s, the markets lagged behind rather than expected developments.

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Source: www.telegraph.co.uk
This notice was published: 2021-07-13 15:08:14

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Are you a business owner? Tell us how vaccine passports could impact your business Business

Boris Johnson announced Monday evening that Covid vaccine passports are expected to be introduced for the first time in England, while urging people to make a cautious and gradual return to normalcy when Covid restrictions are lifted on July 19.

The prime minister said nightclubs and other high-traffic venues would be urged to adopt Covid certification “as part of social responsibility”. He also said the companies concerned should “use” the NHS Covid app, which shows proof of double vaccination, a recent negative test or natural immunity, as “a means of entry”.

We want to hear from business owners about their plans to use Covid vaccine passports. Do you plan to require clients to prove their immunization status? Do you support the use of vaccine passports and how will their use affect your business? Complete the form below and your answer can be used in an online article.

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Source: www.telegraph.co.uk
This notice was published: 2021-07-13 11:49:15

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FTSE 100 Close Near Flat As Energy Stocks Fall, Insurers Advance Business News

London’s FTSE 100 managed to close slightly above the flat line after trailing for most of the session as energy and mining stocks fell, amid concerns over rising coronavirus cases investors were also worried.

The blue chip index finished just 3 points or just 0.1% above, helped by gains in insurance stocks, primarily Admiral Group, which jumped nearly 4%.

AstraZeneca also gave the FTSE 100 a boost after broker Jefferies raised its share price target, while Thailand said it would use the drugmaker’s vaccine as a second dose for those who have. received Sinovac vaccine as the first dose to increase protection.

The national mid-cap FTSE 250 index edged down 0.1%, with travel and leisure stocks falling the most.

Meanwhile, US stocks also rose slightly as investors envision a week of second-quarter earnings, with the S&P hitting a new high and all three major indices closing in the green.

The Dow Jones Industrial Average rose 126 points, or 0.4% to 34,996. The S&P 500 added 0.3% to 4,385, also a record close. The Nasdaq Composite traded 0.2% to hit a new closing high of 14,733.

Asian stocks also followed Wall Street on Tuesday and posted gains, with China, Japan and other leading markets trading in the green. The Shanghai Composite Index rose 0.1% and the Nikkei 225 in Tokyo rose 0.5%. The Hang Seng in Hong Kong added 1.5%.

Indian indices opened higher with Sensex up 200 points and Nifty nearly 15,800 as heavyweights Reliance and ICICI take the lead.

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Source: www.independent.co.uk
This notice was published: 2021-07-13 05:44:10

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Retail sales rise at record pace as restrictions ease and shoppers flock to stores Business News

Retail sales have grown at a record pace in the past three months as foreclosure restrictions eased and shoppers returned to main streets, according to the latest industry data.

Total sales rose 10.4% in the three months to June, according to the latest monitor from the British Retail Consortium (BRC).

Research also indicated that the recovery accelerated in June, with spending increasing 13.1%.

Restrictions on overseas travel mean many people have spent more on “stays” at home or used the money they would have spent on vacations for other purchases, the BRC said.

BRC chief executive, Helen Dickinson, said sales were driven by growing confidence and the “continued rampage” in consumer demand.

“The second quarter of 2021 has seen exceptional growth, as the gradual unlocking of the UK economy has encouraged a release of pent-up demand accumulated during previous lockdowns,” Ms Dickinson said.

Fashion and shoes worked well as the sun shone in the first half of June, while the start of Euro 2020 gave TVs, snacks and beer a boost. “

Non-food stores, such as fashion and housewares stores, saw their comparable sales increase by 47% in the last quarter, while food sales increased by 7.9%.

The data came as Boris Johnson confirmed the lockdown measures will end on July 19, but warned that “we cannot just come back to life as it was before Covid”.

While retailers are expected to see a new boost in the coming months as households spend the savings they have accumulated during the pandemic, analysts have warned the industry still faces major problems.

Paul Martin, UK Retail Manager at KPMG, said: “Retailers face challenges on a number of fronts, especially in convincing consumers that it is safe to shop in-store when restrictions on wearing masks and social distancing end.

“With travel now looking to be back on the agenda for the summer and the Covid-19 government support packages slowly taking the summer boost it needs.”

Separate figures from Barclaycard showed credit card spending jumped 11.1% last month, providing further evidence of a consumer-led recovery.

Spending at pubs was particularly strong, increasing 38.1 percent.

Raheel Ahmed, Head of Consumer Products at Barclaycard, said: “In June, Britons flocked to pubs, bars and beer gardens to watch football and tennis on the big screen as the heatwave of the start of the months has encouraged many of us to get out in the sun and socialize.

“The start of the Olympics and the expected easing of restrictions later this month should continue to boost morale and provide more opportunities to get together, whether it’s a weekend, dining out or celebrating sporting victories.

“It’s great to see the British make up for lost time over the past year.”

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Source: www.independent.co.uk
This notice was published: 2021-07-13 05:45:34

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FTSE 100 higher with weaker pound, Asian stocks rise as Sensex bounces above 200 points Business News

London’s FTSE 100 edged up on Friday, helped by a weaker pound as export-oriented businesses rose, while slower than expected UK GDP growth also capped gains.

The blue chip index rose 5% in the last trading session of the week, however, it was unable to end the week on a higher note with concerns over rising Covid-19 cases surrounding the last trading sessions. Glencore, Rio Tinto, Uniliver and GlaxoSmithKline were among the best performing stocks in the index.

Travel stocks rose 0.9% after three consecutive sessions of decline, as the UK plans to lift the quarantine for fully vaccinated arrivals in the coming weeks. The domestically-focused mid-cap FTSE 250 index rose 0.4 percent.

Britain’s post-lockdown economic rebound slowed sharply in May despite the relaxation of social distancing rules. The country’s gross domestic product grew 0.8% per month, much faster than its typical pre-pandemic rate, but down from April’s 2% rise, estimates missing. A Reuters poll of economists had predicted monthly growth of 1.5% in gross domestic product.

“With the government’s overwhelming desire to get back to normal and completely relax all restrictions in the face of rapidly accelerating virus cases, there is a growing risk that the economy will continue to print weaker growth figures in the coming months, “Charles Hepworth, investment manager of GAM Investments, was quoted by Reuters.

Meanwhile, US stocks hit an all-time high after a day of decline as investors restore confidence in big tech. The S&P 500 rose 0.3%, to an all-time high of 4,358. The Dow Jones Industrial Average rose 104 points to 34,682. The tech-rich Nasdaq Composite closed at 14,665 despite a new intraday record shortly after opening.

Asia-Pacific stocks also opened higher with Japan and China leading the gains on Monday, helped by record highs on Wall Street and policy easing in China. Japan’s Nikkei continued to trade at a higher level throughout the first half of the session with gains of over 2%, while the Shanghai Composite opened higher and advanced further to s’ trade almost one percent at midday.

Indian indices opened higher on positive global indices, as Sensex advanced over 200 points and Nifty remained above 15,750.

Additional Reuters Reports

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Source: www.independent.co.uk
This notice was published: 2021-07-12 06:00:55

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Lord Rothermere considering £ 810million offer to privatize Daily Mail press group Business News

Lord Rothermere is considering a £ 810million deal to make the Daily Mail news group private.

Daily Mail and General Trust (DMGT) owns the Mail on Sunday, Subway and I newspapers, as well as several other data and media companies. DMGT has been a listed company since 1932.

DMGT said in a statement it was “willing” to accept the offer. Lord Rothermere, whose family founded the Daily mail, currently owns 28 percent of the group.

The offer depends on the sale by DMGT of its insurance branch and Cazoo, a used car platform.

Cazoo is expected to be listed on the New York Stock Exchange in a blank check deal valuing the company at $ 7 billion (£ 5 billion).

DMGT has a stake of around 20% in Cazoo, which means the sale of shares is expected to bring in £ 1 billion for the group.

If the Cazoo float and the sale of the RMS insurance division are both completed, Lord Rothermere is considering privatizing DMGT. Delisting the company would mean it is subject to less stringent rules regarding its corporate governance and the information it must publicly disclose.

the Daily mail last year exceeded The sun as the UK’s most widely read printed newspaper. The influential newspaper generates only a small fraction of DMGT’s overall revenue.

DMGT said: “The possible offer involves an enterprise value of £ 810million (with DMGT assuming debt with a fair value of around £ 230million) for all trading activities and investment of DMGT, excluding RMS (the insurance business), Cazoo shares and cash subject to the special dividend.

He added: “The independent directors of DMGT have indicated (…) that they would be prepared to recommend the eventual offer to the shareholders of DMGT.”

Lord Rothermere now has until August 9 to make a formal offer or confirm that no deal will go through, in accordance with stock market rules.

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Source: www.independent.co.uk
This notice was published: 2021-07-12 10:38:12

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Heathrow woes continue with 90% of passengers staying away Business News

Britain’s busiest airport only handled a tenth of passengers ahead of the pandemic in the first half of 2021.

The latest figures from Heathrow show just 3.8 million travelers passed through what was Europe’s busiest airport between January and June 2021, up from 39 million during the same period in 2019.

Figures are expected to rise from next week, with UK travelers fully vaccinated by the NHS being allowed to return from ‘Orange List’ countries without quarantine.

But no such concession applies to passengers who have received their jabs abroad.

Heathrow chief executive John Holland-Kaye said: “While it is fantastic news that some double-vaccinated passengers will no longer need to be quarantined in Amber countries, ministers must expand this policy to American and European nationals if they want to launch the economic recovery.

“These changes will be critical for exporters who lose out to EU rivals and families who have been separated from loved ones.”

Heathrow was previously the first link from Europe to the United States, but the number of transatlantic passengers has fallen by 80% due to Joe Biden’s presidential proclamation against British visitors and the requirement for American arrivals to United Kingdom to isolate itself.

The airport estimates that the continued closure of most transatlantic routes is costing the UK economy at least £ 23million a day.

Heathrow’s freight tonnage is down a sixth, compared to increases of 14% and 9% respectively in Amsterdam and Frankfurt.

Currently, Heathrow is operating with only two of its four terminals open, but from this week Terminal 3 will resume operations.

In addition, Manchester Airport has announced that an extension of its existing Terminal 2 will open its doors to passengers on Wednesday, July 14. Jet2, Tui and Singapore Airlines will be the first users.

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Source: www.independent.co.uk
This notice was published: 2021-07-12 08:08:40

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Watch Richard Branson’s launch into space live Business

Sir Richard Branson plans to make astronautics history Sunday afternoon by becoming the first billionaire in space.

At around 3:30 p.m., the 70-year-old Virgin Galactic founder is expected to take off from a runway near the small town of Truth and Consequences in New Mexico during the first passenger flight of his company’s SpaceShipTwo space plane.

Nicknamed the VSS Unit, it will be brought to approximately 50,000 feet by a specially designed aircraft, WhiteKnightTwo, before detaching from the mothership, firing its hybrid rocket engine and climbing beyond Earth’s atmosphere into space.

Sir Richard will then enjoy a few minutes of weightlessness and stunning views across Unit12 windows, before re-entering the atmosphere and descending to a conventional landing between one and two hours after launch.

“By then we will have become astronauts,” Sir Richard told a US television crew last week.

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Source: www.telegraph.co.uk
This notice was published: 2021-07-11 13:14:13

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Companies should retain access to free Covid tests for workers, unions say as program deadline looms Business News

Employers should be able to continue ordering free coronavirus tests for workers beyond the impending July 19 deadline, unions said.

Companies can currently order Lateral Flow Testing (LFD) for asymptomatic testing of employees through a government program.

These devices can either be used in the workplace or given to employees to take home to check for asymptomatic Covid-19 infection.

As long as they are already registered with the device, employers have until July 19 to order rapid tests for this purpose.

Now, a major hospitality union has said removing the program “would have a huge negative impact” on the industry.

“The industry is already suffering financially from months of restrictive business conditions, forced closures and investments to make sites safe from Covid,” said Kate Nicholls, general manager of UKHospitality. The independent.

“The additional cost of testing would have a crippling effect on many businesses, pushing hard for closure and risking further job losses.”

She added: “Instead of increasing the financial burden, the government needs to revise its testing and traceability system to enable people to break out of self-isolation through testing, a decision we have already requested. “

Amid concerns about the numbers being “pinged” by the NHS Covid app or its removal to avoid the risk, the government plans to change its sensitivity to avoid seeing millions of people being asked to self-isolate this summer.

The number of people in England who are asked to stay at home by the app has increased by tens of thousands per week in the space of a month.

It comes amid the spread of the highly contagious Delta variant of Covid-19, whose cases in England have increased by 34% in just one week in early July.

The store, distribution and related workers union (Usdaw) chief said test kits should remain free amid rising infections.

“Many traders are at greater risk of catching the virus and bringing it home to their families. Their job means they have no choice but to interact with hundreds of people every shift, ”said Paddy Lillis, general secretary of the union. The independent.

“Testing is an important part of our fight against the virus, which is still very much present with an increasing number of infections, so it is crucial that the test kits remain available free of charge, especially for key low-paid workers. “

The government says companies that can’t set up testing for employees can ask workers to check if they can get a rapid lateral flow test at home or at a UK test site.

The government confirmed this week that members of the public could order lateral flow tests online or pick them up from pharmacies for free asymptomatic testing until at least the end of August.

It is estimated that about a third of people with coronavirus do not have any symptoms.

A spokesperson for the Department of Health and Social Affairs said: “Anyone in England can continue to order free LFDs online until September 2021 with a policy review slated for that date.”

They added: “The details of any program expansion will be worked out in due course.”

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Source: www.independent.co.uk
This notice was published: 2021-07-09 16:32:27