Minggu, 31 Mei 2020

Carly Fiorina's journey from secretary to CEO - BBC News

The BBC's weekly The Boss series profiles different business leaders from around the world. This week we speak to Carly Fiorina, US business leader, political figure and philanthropist.

It should give hope to any young person striving to reach the top, knowing that Carly Fiorina started her business career as a humble secretary.

"I spent my time greeting visitors, answering phones, typing memos," she says. "But I was really committed to the job, arriving early, and leaving late."

Mrs Fiorina, 65, is looking back on her 21-year-old self, who in 1976 got her first full-time job at a small property company in Palo Alto, California.

From that modest start she went on to become the first female chief executive of a Fortune 50 company (the 50 largest firms in the US). This happened in 1999 when, aged 44, she was appointed to the top job at computer group Hewlett-Packard.

Fortune magazine subsequently named her the most powerful woman in US business five years in a row, with the publication declaring that "Carly Fiorina didn't just break the glass ceiling, she obliterated it".

However, her time at HP was not universally regarded as a success, with much criticism of her decision to merge the business with rival Compaq in 2001. And in 2005 she resigned after a disagreement with her fellow board members.

Mrs Fiorina subsequently entered the political arena, first as an adviser to the late John McCain's 2008 presidential campaign. McCain went on to lose the election to Barack Obama.

Eight years later, she herself ran to become the Republican Party candidate for the 2016 presidential election. She dropped out after nine months, due to low polling numbers, with Donald Trump going on to win both the candidacy and, of course, the presidency. She said at the time that she was "horrified" by Trump.

Born in 1954 in Austin, Texas, her family moved around a lot, due to her father's job. Her dad, Joseph Sneed, was a law professor who went on to become US deputy attorney general. Her mother was a painter.

She got a degree in philosophy and medieval history from Stanford University in California, before gaining a Master of Business Administration from the University of Maryland.

In 1980 she entered the technology sector when she joined US giant AT&T as a management trainee. Her rise at the company was meteoric. By 1990 she was the firm's first female vice president, and by 1995 she was a senior director at AT&T spinoff Lucent Technologies.

It was also while at AT&T that she met her husband Frank, and they were married in 1985.

Mrs Fiorina's success at the telecoms giant caught the attention of HP, who were looking for a fresh start after missing nine quarterly profit targets in a row. She was appointed to the top job at the company in July 1999.

"When I arrived at HP I purposely brought no-one new in at the beginning," she says. "I did that for a very explicit reason, which was to send a very clear message to the organisation that we could, and we would, figure out what the problem was, and we would fix it.

"[However], I was brought in by the board to transform the company. Those were the words they used."

Under Mrs Fiorina's leadership, costs were reduced, and eventually 30,000 jobs were removed from the combined 145,000 HP and Compaq workforce. A further 80,000 employees took pay cuts at a business which at its peak was worth $87bn (£71bn).

"Of course it is incredibly difficult to have to fire people, to have to lay people off," she says. "In that very difficult circumstance, the best I could do was to fully explain why.

"Why are we having to lay people off? Because if we don't, we will go out of business like many of our peers."

When the merger between HP and Compaq went ahead in 2002, it was the biggest ever in the technology sector at the time, and created the world's largest seller of personal computers.

Whether the merger was a success, however, is still hotly contested. Tech website ZDNet said in 2016 that HP and Compaq's coming together was "the worst merger ever". By contrast, the Huffington Post called it "the merger that worked".

What is certain is that the HP board were unhappy with the profits and share price of the combined business, and Mrs Fiorina was asked to resign in 2005. Her severance package was reportedly worth $21m.

"We did, in fact, restore a great company," she says. "[But] we had a dysfunctional board. It was dysfunctional when I arrived. It was dysfunctional when I left."

If leading HP wasn't enough of a battle, Mrs Fiorina jumped into politics for a decade from 2006. After working for John McCain, she went on to stand as the Republican candidate in the 2010 US Senate election in California, but lost out to the Democratic Party incumbent.

Mrs Fiorina then worked for the American Conservative Union, a right-wing lobbying organisation, before running to be the 2016 Republican presidential candidate. Looking back on this campaign, she says that "the process itself is insane".

She adds: "Meaning, when you think about the process the candidates go through, does it really help someone to be a better leader? Does it help us to decide a better leader? I don't think so.

"It is a really crazy process that goes on for far too long. It is far too driven by a media spectacle."

But with another US presidential election due to be held this autumn, what does she think of President Trump after his four years in office? She declines to comment.

More The Boss features:

While the worlds of politics and business can be tough, Mrs Fiorina's biggest fight came in 2009 when she was diagnosed with breast cancer, and subsequently required a double mastectomy.

She says the experience taught her a great deal. "While I hope to never go through cancer again, it was a very important part of my journey, and for that I'm grateful.

"I learned and grew so much during this time - learned about love and friendship, grew in my faith, and valued the kindness of strangers."

Technology firm boss Mihai Ivascu says that Mrs Fiorina is an "inspirational leader".

"She does not limit herself to what she is expected to do," says Mr Ivascu, who runs London-based M3 Holdings, and was included on a "Forbes 30 Under 30" list of leading young entrepreneurs. "And as she has said, leadership is about changing the status quo when it needs changing."

In recent years Mrs Fiorina, who lives with her husband in Washington DC, has dedicated most of her time to her charity work. This includes being the chair of Good360, which helps companies give their surplus merchandise to various charities, and running Unlocking Potential, which helps the bosses of charities improve their leadership skills.

Looking back on the start of her career, and her days as a secretary, she says: "I was going to be the best secretary out there. I had no idea where it would lead."

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2020-05-31 23:02:04Z
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Make Covid-19 recovery green, say business leaders - BBC News

More than 200 top UK firms and investors are calling on the government to deliver a Covid-19 recovery plan that prioritises the environment.

They say efforts to repair the economy should support the government's commitment to tackle the climate change crisis.

They believe ministers should use the Covid-19 lockdown as a springboard to propel a green economy.

The signatories to the letter include Lloyds Bank, Asda, Siemens and Sky.

The proposals outlined by firms such as Mitsubishi, Signify and Yorkshire Water in a letter to the prime minister include:

  • Driving investment in low carbon innovation, infrastructure and industries.
  • Focusing support on sectors that can best support the environment, increase job creation and foster the recovery - whilst also decarbonising the economy.
  • Putting strings on financial support to ensure firms getting bailout cash are well managed, and in step with climate goals.

In a speech on Thursday Boris Johnson briefly committed himself in principle to the so-called Green New Deal slogan "Building Back Better" for a more resilient society.

And there are rumours that the Treasury is planning cash for labour-intensive home insulation, and further investment in electric vehicles.

But the signatories to the letter urge ministers to publish detailed plans that will put the UK back on track to meet the medium-term climate goals, from which it's slipping.

They come from both multinational and national businesses across industry sectors including energy, finance, consumer goods, retail, construction, water and communication.

'Job creation'

Their letter says: “Measures that cut greenhouse gas emissions and stimulate the economy have the potential to be more effective in supporting jobs and economic growth.

"They'll also support our long-term climate goals and deliver better outcomes in other key areas of public interest, such as public health and wellbeing.

“Investments in projects such as building renovation, offshore wind, electric vehicles, environmental improvements and low carbon industrial clusters have the potential to bring investment and job creation across multiple regions of the UK."

The initiative has been co-ordinated by The Prince of Wales’s Corporate Leaders Group (CLG).

It told BBC News: “Clearly the immediate focus has been on keeping the economy going and, understandably, there will need to be some urgent support measures that have not had significant 'strings attached'.

“But as long-term support measures are introduced, there should be measures within them to ensure that the money is going to well-managed companies supportive of the UK's long term goals.

'Green strings attached'

Green groups have called for all bailout cash to go to firms that agree green objectives.

But the corporate leaders said: “While we can't say no exceptions ever, green strings should be the rule, not the exception.

“Airlines would be a very strong example of a sector that will likely need support but should also be doing its bit to adapt to the challenges of climate change and support the transition - as many senior leaders in the sector recognise.”

Liz Barber from Yorkshire Water said: “It doesn’t have to be a hard choice; I see lots of opportunities which would rebuild the economy at the same time as helping the vulnerable, securing the stable climate and protecting the natural environment.”

She gave the example of the Hull project Living With Water, which focuses many partners on making the city resilient to floods.

Meryam Omi from Legal & General warned: “The government is understandably focusing on the present crisis, but they must heed the dangers of reacting too late to threats and remember one of the gravest in the world - the climate emergency.

“Decisions policymakers take now will decide the success of the UK’s ambitious net-zero target. They’ll have implications for decades.

“Implementing an ambitious ‘green’ recovery package, with clear pathways for companies to build aligned strategies and for investors to direct capital into ‘green’ projects at scale is now matter of necessity, not choice."

The government was approached for comment.

Follow Roger on Twitter.

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2020-05-31 23:01:33Z
CBMiLGh0dHBzOi8vd3d3LmJiYy5jby51ay9uZXdzL2J1c2luZXNzLTUyODUxMTg10gEwaHR0cHM6Ly93d3cuYmJjLmNvLnVrL25ld3MvYW1wL2J1c2luZXNzLTUyODUxMTg1

World’s richest man Jeff Bezos offers Beacon to UK start-up - Sky News

Jeff Bezos, the Amazon founder who has amassed a fortune large enough to see him crowned the world's richest person, is to invest part of his wealth in a British technology start-up which wants to become a global logistics titan.

Sky News can reveal that Mr Bezos has agreed to back Beacon, a specialist in digital freight forwarding and supply chain finance.

Mr Bezos - who the Bloomberg Billionaires Index estimates is now worth $143bn (£116bn) - is understood to be participating in a $15m (£12.2m) Series A fundraising, to be announced by Beacon this week.

Luring the world's wealthiest man as a backer represents a huge coup for Beacon, particularly because as the founder and chief executive of Amazon, Mr Bezos is intimately acquainted with the complexities of supply chain management.

The tycoon, who owns the Washington Post, has a long track record of investing in start-ups, with Airbnb and Grail, a cancer detection company, among those he has backed.

He holds a roughly 12% stake in Amazon, which has vied with Apple, Google's parent Alphabet, and Microsoft for the status of the world's most valuable publicly-traded company.

At Friday's closing share price of $2442.37, Amazon was worth $1.22trn (£988bn).

More from Jeff Bezos

Launched in 2018, the UK-based company uses artificial intelligence, cloud and other technology to improve operational efficiency for customers organising international trade in their products.

Freight forwarders act as agents between exporters and importers, taking a fee for the service they provide in arranging transport for goods from factories prior to their shipment.

Image: Bezos holds a roughly 12% stake in Amazon

They also administer relevant paperwork required for exports.

The biggest players in the sector include DHL, the global logistics group, and Kuehne + Nagel, but the industry's is regarded as having been slow to embrace the digital age.

Beacon was set up to drive efficiencies in a historically fragmented industry, with industry sources saying this weekend that the timing of its latest fundraising was shrewd.

The coronavirus pandemic has elevated the issue of supply chain integrity onto multinationals' board agendas around the world.

Factories in parts of China - known as 'the workshop of the world', because of its manufacturing capacity - were closed for several weeks earlier this year because of the virus, leaving companies scrambling to find alternative production routes for their goods.

Beacon is understood to have seen strong demand during the crisis from companies in the e-commerce and homewares sector, in particular.

The company offers a range of services - including global ocean, air freight and truck - which can be accessed and managed on a single platform.

Its technology provides both a real-time view of the global delivery of cargo and data on global shipping costs and prices, with machine-learning tools allowing it to optimise shipping routes and processes for improved cost, speed and reliability.

Sources say it is markedly different to the likes of Uber Freight, a division of Uber Technologies, which offers point-to-point deliveries using trucks, with bookings made online.

One insider said the provision of supply chain finance was another key differentiator for Beacon.

The company helps importers to address cashflow needs by offering financing within 72 hours - a critical issue for importers who invariably have to pay suppliers before goods begin a shipment journey that can take several months.

By investing in Beacon, Mr Bezos joins one of the most prominent investor line-ups of any early-stage tech company in the world.

Its shareholders includes Eric Schmidt, the former Google chief executive, and Travis Kalanick, the Uber Technologies founder who was forced out of the ride-sharing start-up last year.

Beacon was founded by two former Uber executives, Fraser Robinson and Dmitri Izmailov.

Pierre Martin, the company's chief technology officer, previously worked at Amazon.

"It is a management team with deep expertise in logistics, technology, finance and hyper-growth," a source said.

According to sources close to Beacon, its new funding will be deployed to expand its workforce and invest in new technological capability.

As part of the latest fundraising, 8VC, a Silicon Valley-based investor, is also acquiring a stake in the company.

Beacon is said to be on course to grow its revenues fivefold this year, with the COVID-19 pandemic expected to fuel demand for its services as clients seek to make their supply chains work more smoothly.

The company is also likely to benefit from supply chain complexities exacerbated by continuing Brexit-related uncertainty, investors believe.

A Beacon spokesman declined to comment on Sunday.

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2020-05-31 11:03:36Z
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Amazon UK website defaced with racist abuse - BBC News

Amazon has blamed a "bad actor" for racist abuse that appeared on multiple listings on its UK website.

The abuse, now removed, appeared when users searched the online shop for Apple AirPods and similar products.

It was unclear how long the racist language remained on the site, but it sparked outrage on Twitter and the sharing of screenshots and video grabs.

"We are removing the images in question and have taken action on the bad actor," Amazon told the BBC.

The company did not elaborate on the "bad actor", nor give details of how many products were defaced and how long the abuse was visible on the listings.

Nadine White, a journalist for the Huffington Post, tweeted that the abuse "needs to be acknowledged, removed, explained, apologised for asap. Being Black right now is hard enough; we don't need to be called the N- word while shopping online, to boot".

Another Twitter user said Amazon should have been able to remove the offending messages in minutes. "They're still on Amazon UK. Extraordinarily poor site administration," he said during early hours of Sunday.

Amazon also allows third-party retailers to sell goods through its website, with the company making about half its retail revenues from this.

But the Amazon Marketplace platform has come under scrutiny.

There has been concern about counterfeit goods appearing in the listings, and during the coronavirus pandemic Amazon was criticised for not doing enough to stop sellers inflating prices.

In April, five Amazon e-commerce websites, including the UK, were added to the US trade regulator's "notorious markets" report on marketplaces known for counterfeiting and piracy concerns.

Amazon disagreed strongly with the move, saying in a statement that "this purely political act is another example of the administration using the US government to advance a personal vendetta against Amazon".

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2020-05-31 10:26:22Z
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Sainsbury's, Tesco, Asda, Morrisons and Lidl urgently recall ice cream, lollies, cake, biscuits and more - Kent Live

Cake, ice cream, pesto and biscuits are just some of the latest items to have been recalled by supermarkets.

Items from stores such as Asda, Tesco, Lidl, Co-op, Sainsbury's and Morrisons are all included in the latest round of recalls, issued by the Food Standards Agency.

The recalls have been issued after concerns there is a problem with a food product which means it should not be sold as it could cause problems for those who consume it, our sister site PlymouthLive reports.

For example the label did not state it contained nuts - then it might be 'withdrawn' and taken off the shelves or 'recalled', when customers are asked to return the product.

Take part in The Great Big Business Survey

Calling all business owners and business leaders - we want to hear from you.

The coronavirus pandemic has been the most turbulent time in business for generations.

And, now we want you to tell us exactly what it has meant for you and your business in our Great Big Business Survey.

The coronavirus outbreak and the lockdown that followed almost overnight transformed the way we do business.

Offices, cafes, restaurants, shops and factories have been forced to close.

Business owners have had to furlough staff or cut jobs with redundancies.

The Government has been forced to launch an unprecedented programme of support for businesses, worth hundreds of billions of pounds. But other businesses have found new opportunities, from supporting the NHS with equipment supplies to switching to home delivery services.

It’s a bewildering time for traders - and we want to hear from businesses of all shapes and sizes to find the true picture of the health of the British business community during coronavirus.

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The Food Standards Agency issues 'Product Withdrawal Information Notices' and 'Product Recall Information Notices' to let consumers and local authorities know about problems associated with food.

Shoppers who have purchased the items are urged to return products to the store they bought them from and will then receive a full refund.

Here are some of the latest recalls.

Asda, Tesco, Waitrose and Sainsbury's

Bahlsen is recalling Bahlsen Ohne Gleichen Vollmilch because it contains egg, hazelnuts, milk, soya, wheat (gluten) and whey (a product derived from milk) which is not mentioned on the label.

This means the product is a possible health risk for anyone with an allergy or intolerance to egg and/or wheat (gluten), an allergy to nuts (hazelnut) and/or soya and/or an allergy or intolerance to milk or milk constituents.

Bahlsen Ohne Gleichen Vollmilch

  • Pack size - 125g
  • Batch code - 0165
  • Best before- 1 February 2021

Allergens-Egg, Gluten (wheat), Milk, Nuts (hazelnut), Soya

If you have bought the above product and have an allergy or intolerance to egg and/or wheat (gluten), an allergy to nuts (hazelnut) and/or soya and/or an allergy or intolerance to milk or milk constituents, do not it eat.

If you are making an essential journey to the store where you bought it, return it for a full refund.

Or you could contact Bahlsen at www.bahlsen.co.uk or on their phone number 01923728500.

Various selected supermarkets

Lo-Dough Limited is recalling Lo-Dough Gluten Free Miracle Cake Bars because they contain gluten which is not mentioned on the label. This means the products are a possible health risk for anyone with an allergy or intolerance to gluten.

Pack size 60g bars, purchased as a box of 10 units or in single/multiple units

Batch code - 20132

Best before - 11 September 2020

Batch code - 20133

Best before - 12 September 2020

Allergens - Gluten

Lay’s Maxx Oriental Salsa Flavoured Crisps

Gima UK Ltd is recalling Lay’s Maxx Deep Ridged Oriental Salsa flavoured crisps because they contain barley (gluten) which is not written in English on the label.

This means the product is a possible health risk for anyone with an allergy or intolerance to barley (gluten).

Pack size- 130g

Best before- 26 June 2020

Allergens- Gluten (barley)

If you have bought the above product and have an allergy or intolerance to barley (gluten), do not eat it. Instead, contact Gima UK Ltd at: aylinkeles@gimauk.com

Magnum ice cream

Unilever UK Ltd is recalling two batches of Magnum White Chocolate ice cream tubs because they contain milk, which is not written in English on the label. This means the product is a possible health risk for anyone with an allergy or intolerance to milk or milk constituents.

If you have bought the above product and have an allergy or intolerance to milk or milk constituents, do not eat it. Instead, contact the Unilever Careline on 0800 146252 or email ukicare@unilever.com.

Pack size - 440ml

Batch code - L9255AT138 and L9255BT138

Best before - September 2021

Allergens - Milk

Young’s Seafood Simply Breaded Fish Fillets

Pack size - 300g

Batch code - ACL0097, ABL0114, ABL0116

Best before - October 2021

Young’s Seafood is recalling Young’s Simply Breaded 2 Extra Large Fish Fillets because they contain milk which is not mentioned on the label. This means the product is a possible health risk for anyone with an allergy or intolerance to milk or milk constituents.

If you have bought the above product and have an allergy or intolerance to milk or milk constituents, do not eat it. Instead contact Young’s Seafood care line on 0800 496 8647 or email consumer_care@youngsseafood.co.uk to arrange a refund.

Lidl

Lidl is recalling Baresa Pesto alla Genovese (Green) and Baresa Red Pesto because they may contain peanuts, which are not mentioned on the label.

This means the products are a possible health risk for anyone with an allergy to peanuts.

Product details
Baresa Pesto alla Genovese (Green)
Pack size: 190 g
Best-before dates: up to and including October 2022

Baresa Red Pesto
Pack size: 190 g
Best-before dates: up to and including October 2022

Lidl GB has issued point-of-sale notice to their customers. This notice explains to customers why the products are being recalled and tell them what to do if they have bought the products. Please see the attached notice.

If you have bought any of the above products and have an allergy to peanuts, do not eat them.

Instead please dispose of the product and email customer.services@lidl.co.uk including a photo of the affected product and best-before date.

Alternatively, if you are making an essential trip to a Lidl GB store, you can return the item in-store for a full refund, with or without a receipt.

Co-op

Co-op is recalling Co-op In-store Bakery 4 Glazed Ring Doughnuts because the product contains milk and soya which are not mentioned on some of the labels as incorrect labels were applied to some products.

This means the product is a possible health risk for anyone with an allergy or intolerance to milk or milk constituents and/or an allergy to soya.

Product details

Co-op In-Store Bakery 4 Glazed Ring Doughnuts

  • Best before: Up to and including 13 May 2020
  • Allergens: Milk, Soya

If you have bought the above product and have an allergy or intolerance to milk or milk constituents and/or an allergy to soya, do not eat it.

Instead customers should call 0800 0686 727, email customer.careline@coop.co.uk or if customers are making an essential trip to the nearest Co-op store, they can return the item in-store for a full refund.

Tesco, Morrisons, Sainsbury's

Unilever is recalling Wall’s Mini Calippo (Orange and Lemon-Lime) multi-packs because they may contain small pieces of metal.

The presence of metal makes this product unsafe to eat.

Product details

Wall’s Mini Calippo (Orange and Lemon-Lime)

  • Pack size: 6 x 80ml (480ml) multi-pack
  • Batch code: L0121, L0122, L0123, L0124, L0125 and L0126
  • Best before: April 2022 and May 2022

If you have bought the above product do not eat it. Instead, contact Unilever on their Careline Freephone: 0800 731 1507.

Morrisons

Morrisons has taken the precautionary step of recalling Market Street Living Herbs because the products might contain Listeria monocytogenes.

Product details

Morrisons Market Street Living Basil
Batch description: all products purchased between 03 May and 09 May 2020

Morrisons Market Street Large Living Basil
Batch description: all products purchased between 03 May and 09 May 2020

Morrisons Market Street Living Chives
Batch description: all products purchased between 03 May and 09 May 2020

Morrisons Market Street Living Coriander
Batch description: all products purchased between 03 May and 09 May 2020

Morrisons Market Street Large Living Coriander
Batch description: all products purchased between 03 May and 09 May 2020

Morrisons Market Street Living Dill
Batch description: all products purchased between 03 May and 09 May 2020

Morrisons Market Street Living Flat Parsley
Batch description: all products purchased between 03 May and 09 May 2020

Morrisons Market Street Living Mint
Batch description: all products purchased between 03 May and 09 May 2020

Morrisons Market Street Living Parsley
Batch description: all products purchased between 03 May and 09 May 2020

Morrisons Market Street Living Thyme
Batch description: all products purchased between 03 May and 09 May 2020

If you have bought the above products, do not eat them. If customers are making an essential trip to any Morrisons store, they can return the item in-store for a full refund.

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GoGo Pan Masala

Top Star Marketing UK Ltd. is recalling Shahzada Industries GoGo Fresh & Sweet Pan Masala because it contains flour from an unknown source, which is not mentioned on the label.

This means the product is a possible health risk for anyone with allergies or intolerances. Investigations into the type of allergen are ongoing.

This product is also subject to a Product Recall Information Notice because it contains the illegal dye Rhodamine B, which may pose a health risk.

Product details

Shahzada Industries GoGo Fresh & Sweet Pan Masala

  • Pack size: 150g
  • Batch description: all dates

If you have bought the above product do not eat it.

Instead, contact Top Star Marketing UK Ltd. at info@topstarmarketinguk.com or on 07912 030 129 to arrange a refund.

If customers are making an essential trip to the store from where it was bought, they can return the item in-store for a full refund.

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2020-05-31 09:52:00Z
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Is the second stock market crash of 2020 about to hit? - Motley Fool UK

Last week was another good one in the markets. And on the surface, the prospect of a second stock market crash seems remote. Many shares went up, buoyed by the news that lockdowns are gradually lifting around the world.

On top of that, companies have been updating investors about their trading and financial performances. In many cases, underlying businesses have been coping through the crisis better than investors feared.

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Will there be a second stock market crash?

However, it’s natural to feel nervous about the stock market when it’s going up. Often, shares seem at odds with what’s happening on the ground. Indeed, many businesses have been crushed by the crisis and haven’t seen revenues for weeks.

As human beings, we are all still suffering. We haven’t been able to visit our loved-ones for what seems like an eternity. The ongoing threat of the virus remains very real. So why are stocks behaving with such exuberance?

There isn’t a cast-iron explanation for the rises in the stock market. It’s true that the stock market tends to look forward. What we see now is perhaps the market trying to predict where we’ll be in the real world three, six or even nine months ahead.

But we all know it isn’t going to be an easy journey. Lockdowns are lifting, but only for companies in England, for example, that make sure their operations follow government guidelines for working safely in a world with coronavirus.

Costs set to rise

And following the guidelines aimed at reducing the transmission of the virus will add to costs for many firms. On top of that, measures such as enforcing social-distancing will reduce the throughput of customers in many businesses such as shops and others.

It seems clear that lower footfall will lead to reduced revenues in many cases. Indeed, a squeeze on revenues married to a boost to costs can only put profit margins under pressure. And it makes sense that share prices are lower if profits will be smaller.

But the forward-looking visibility is so bad that many companies have withdrawn guidance on earnings and trading. On top of that, many have cancelled or postponed shareholder dividend payments.

With so many uncertainties still in the air, we might think that shares should stay down where they’ve been until the coronavirus passes. Indeed, even Warren Buffett has been uncharacteristically reticent about buying ‘cheap’ shares. And he’s on record as admitting he has no idea what will happen next. In fairness though, Buffett has made few macro calls. And his decision to sell out of the airline stocks he held is understandable given that the entire industry may never again be what it once was.

Is the second stock market crash of 2020 about to hit? Maybe. But stock markets have always climbed a wall of worry. And I’m handling the situation by buying selective stocks and holding them with a long investment horizon in mind. Ten years from now, even if there’s another crash, I may be glad I bought shares now.

Kevin Godbold has no position in any share mentioned. The Motley Fool UK has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.

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2020-05-31 07:09:29Z
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Sabtu, 30 Mei 2020

Up to two million Brits could lose their jobs as firms cut costs to survive coronavirus pandemic - The Sun


CHANCELLOR Rishi Sunak is bracing for up to two million job losses as firms cut costs to survive the pandemic.

The Treasury forecasts ten per cent unemployment and company closures when his furlough scheme finally comes to and end in the autumn.

⚠️ Read our coronavirus live blog for the latest news & updates

 The Treasury forecasts two million job losses after the furloughing stops
The Treasury forecasts two million job losses after the furloughing stopsCredit: Getty - Contributor

Officials say the Chancellor faces a “terrible set of choices” to spread the risk the crisis poses to public health, finances and jobs.

Many firms which survive the lockdown will be forced to slash their workforces to remain viable.

An insider said: “Our current thinking is that about two million jobs will go to the wall in October when the furloughing stops.

“It’s like a giant tidal wave ­— we can see it but there’s little we can do to stop it. He can go on spending billions but it will only put off the inevitable.”

Employers must start paying towards the cost of furloughed workers from August.

A source close to the Chancellor said: “We can’t protect every job during these tough times.”

 The Chancellor, Rishi Sunak, faces a 'terrible set of choices'
The Chancellor, Rishi Sunak, faces a 'terrible set of choices'Credit: Crown Copyright

Former Tory chancellor Lord Lamont says the furlough scheme – which has already cost £100billion - cannot go on indefinitely.

He said: “The real risk is we are just disguising what is going to happen. We could see unemployment go past ten per cent.”

Greater Manchester Mayor Andy Burnham said: “The 2020s in the North West could be worse than the 1980s.”

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2020-05-30 22:20:38Z
52780810801144

FTSE 100 faces big reshuffle as pandemic takes its toll - Financial Times

The FTSE 100 is set for its biggest shake-up in more than four years after the impact of coronavirus wiped out revenues for companies in travel and aviation but boosted others in emergency services and technology.

EasyJet and Carnival, the cruise ship operator, are expected to fall into the FTSE 250, according to share prices on Friday that have more than halved since the onset of the pandemic.

Dropping out of the FTSE 100 is significant for companies given the access to tracker or exchange traded funds that only follow the index of the UK’s top companies. 

“The world has changed since the last FTSE review at the beginning of March,” said Nicholas Hyett, equity analyst at Hargreaves Lansdown. “The UK stock market was some 13.5 per cent higher back then and Royal Dutch Shell topped the list of the UK’s largest companies rather than AstraZeneca. With all the upheaval there looks set to be more movers than usual in this quarter’s reshuffle.”

He added that widespread global travel restrictions meant that “revenues have sunk to practically zero” for easyJet and Carnival, but “because cruise liners and planes are expensive and often funded by large quantities of debt, costs remain stubbornly high”. 

Centrica and Meggitt, whose shares have fallen sharply after coronavirus hit its civil aerospace division, are likely to join them in dropping out of the FTSE 100 based on their market capitalisation at the end of Friday.

Technology groups Avast and Homeserve, alongside gaming group GVC and ConvaTec, which makes medical equipment, are set to replace them in the FTSE 100. 

These companies — largely immune or with divisions that have fared better in the pandemic — are trading near to where they were before the crisis after falling with much of the rest of the market during the first weeks of the spread of coronavirus across the UK.

Homeserve and Avast, which floated about two years ago, would be making their first appearance in the UK’s top stock index. 

The reshuffle will be decided by the London Stock Exchange based on data at the end of Tuesday.

Russ Mould, investment director at stockbroker AJ Bell, said that any spike in the share prices of Kingfisher, Foreign & Colonial Investment Trust, B&M European Value Retail and Direct Line could also propel them into the FTSE 100, with ITV and Pearson then among those most likely to fall. 

Mr Mould said that eight changes were likely “but that number could go higher”. The last time six were promoted, and six relegated, was in September 1992, while the last time four pairs changed places was in March 2016. He added that Centrica has been in the FTSE 100 since its demerger from British Gas in February 1997 while Carnival has been in the index since 2002 when it merged with P&O Princess Cruises.

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2020-05-30 17:31:36Z
52780819013501

Another coronavirus vaccine candidate might be ready sooner than expected - BGR

  • Another potential coronavirus vaccine might be available this fall.
  • Pfizer said the candidate it’s developing with BioNTech could be ready by October if everything goes well.
  • There’s no guarantee that any of these vaccines will work, and several logistic challenges have to be addressed before mass immunization campaigns can be conducted.

The development of vaccines for the novel coronavirus has been rather promising so far, with more than 100 teams moving forward with drugs for neutralizing the virus and preventing infection. Separately, research has shown that COVID-19 survivors will be immune, and that vaccine candidates can induce the same kind of immunity in subjects. While it’s still unclear how long COVID-19 protection lasts, vaccines would make the disease a lot easier to control.

Around 10 groups are already testing their drugs on human volunteers, and some of them might be ready as soon as this fall if all goes well. Companies like Moderna and researchers from Oxford said their vaccines might be delivered in the coming months, with the Oxford team saying its drug could be ready by September. Separately, China has at least four candidates in testing. Officials said they’re already devising plans for emergency use of these drugs, with some immunizations to take place as soon as this year, regardless of whether the clinical trials are completed or not. Pfizer now joins the list of entities that might have a vaccine candidate ready in 2020, with a tentative availability window set for October.

Pfizer partnered with German biopharmaceutical company BioNTech and started tests in Germany and the USA a few weeks ago. Neither company published data about the early-stage trials. In fact, only China’s CanSino released official findings for Phase 1, with Moderna highlighting partial conclusions from its own experiments and Oxford releasing data for the preclinical phase. But Pfizer CEO Albert Bourla said his company believes a vaccine candidate could be ready before the end of the year, AFP reports, via Times of Israel.

Bourla and other execs from the industry attended a virtual briefing that the International Federation of Pharmaceutical Manufacturers and Associations (IFPMA) hosted on Thursday.

“If things go well, and the stars are aligned, we will have enough evidence of safety and efficacy so that we can… have a vaccine around the end of October,” he said during the event.

AstraZeneca’s CEO Pascal Soriot, who also addressed the possibility of using challenge trials to speed up development, said the “hope of many people is that we will have a vaccine, hopefully several, by the end of this year.” AstraZeneca partnered with Oxford to manufacture the vaccine.

Pfizer, AstraZeneca, CanSino, and other companies working on vaccines face an unexpected issue. The COVID-19 transmission rate has dropped in Europe, China, and other regions where candidates might be tested. Without enough sick people around, vaccine research could be delayed, as the volunteers might not be exposed to the virus.

Even if things go well, it’s not all good news when it comes to COVID-19 immunization campaigns. IFPMA director Thomas Cueni estimates that the world will need 15 billion doses to stop the vaccine, making it clear that the world won’t “have sufficient quantities as from day one, even with the best efforts.”

Soriot pointed out there aren’t enough vials in the world, adding that his firm was looking into the possibility of putting multiple doses in each vial.

Johnson and Johnson CSO Paul Stoffels said that the world might need between 5 and 10 different working vaccines to satisfy the global demand. That’s because some of the vaccine technologies require certain logistics, like storage in very low temperatures, and some places might lack the infrastructure for that. Bill Gates already explained some of these vaccine challenges when speaking about coronavirus vaccine progress in previous weeks.

The officials also “flatly rejected” any suggestion that intellectual property rights should be waived for COVID-19 vaccine research. “IP is absolutely fundamental to our industry,” GSK chief Emma Walmsley said. Soriot said that pharmaceutical companies are investing billions of dollars into this endeavor, and the costs won’t be recouped. “If you don’t protect IP, then essentially there is no incentive for anybody to innovate,” he said.

With all that in mind, even if Pfizer’s vaccine is ready as soon as October, it will take a lot longer for mass inoculations to take place. And the same goes for all the other promising candidates that are in Phase 2 or 3 of testing.


Man wearing a face mask on the street. Image Source: Radowitz/Shutterstock

Chris Smith started writing about gadgets as a hobby, and before he knew it he was sharing his views on tech stuff with readers around the world. Whenever he's not writing about gadgets he miserably fails to stay away from them, although he desperately tries. But that's not necessarily a bad thing.

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2020-05-30 16:22:11Z
CAIiEBXn0eKqmtINtz7-DbIlk-wqFwgEKg4IACoGCAowl7gmMPL_BTCWh8wG

Pret brings in consultants to advise on business overhaul - Financial Times

Pret A Manger has called in consultants to help overhaul its fast food business model as its core customer base of commuters remains working from home.

Pret, owned by JAB Holdings, said it had asked Alvarez & Marsal and CWM to advise on a comprehensive transformation plan that would prepare it for the “new retail environment".

The government last weekend said non-essential retail would be allowed to open in mid-June, adding to outlets already trading such as supermarkets and bike shops, but continued social distancing is expected to have a continuing impact on business.

In April, Pret began urgent talks with banks for an €100m loan in order to allow the business to develop new products and systems for life after the pandemic, according to Pret's chief executive Pano Christou.

The chain has already started selling groceries alongside its sandwiches and drinks, and launched a range of coffee on Amazon this month.

JAB also owns the US food chain Panera Bread, which has similarly shifted its business model toward groceries and online food sales.

“Reduced footfall, combined with high rental costs, have placed substantial pressure on our business,” said Mr Christou. “We are putting together a clear plan to address these issues and are already making good progress, with more than 300 shops up and running again as of next week.”

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2020-05-30 13:58:01Z
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Coronavirus: Pret a Manger plots crunch rent talks with landlords - Sky News

Pret a Manger, one of Britain's biggest fast-food chains, is to hold crunch talks with landlords as it prepares for a permanent shift in footfall in the city centre locations where its brand has become a ubiquitous presence over the last 25 years.

Sky News has learnt that Pret's management, led by chief executive Pano Christou, has appointed the professional services firm Alvarez & Marsal and CWM, a property agent, to propose new rent arrangements across its UK operations.

The development comes as the coronavirus pandemic paves the way for what most leisure and hospitality operators believe will be long-term changes to the economic model of their industry.

Pret, which employs roughly 8,000 people, trades from approximately 430 sites in the UK, and has become of the food-to-go industry's biggest players.

The chain was sold to JAB, a global consumer goods investor, for a reported £1.5bn two years ago, with its new owner charting a rapid course to domestic and international expansion.

People close to the company say that Pret now wants to switch to a 'turnover rent' model, which links a tenant's payments to landlords to the turnover of an individual site.

The likely long-term implementation of social distancing measures is likely to have a grave impact on sales figures at many of Pret's outlets, which thrive because of the dense footfall they attract from office-workers in busy urban locations.

More from Business

With many employers contemplating shifts to permanent home-based working for parts of their workforces, commuter volumes could be sharply reduced for a potentially lengthy period.

Sources said that A&M and CWM would jointly work on a "comprehensive transformation plan" for the business, which could include a limited number of permanent closures.

On Monday, Pret will reopen another 200 of its UK stores, bringing the total which have resumed trading since the partial relaxation of lockdown measures to 300.

That will leave about 130 more which remain temporarily closed, and subject to the progress of discussions with landlords.

An insider said that while some closures were possible, it would not be a substantial number in the context of the overall estate.

In a statement this weekend, a spokesman told Sky News: "A&M and CWM will advise Pret on aspects our plan to transform our business model to adjust to the new retail environment.

"The massive reduction in footfall and how people may behave means we have to adapt quickly.

"We have already started to reach people in different ways be carefully re-opening shops, increasing our digital offering and through delivery.

"These advisers will help us explore all our options to ensure we find a way for Pret to thrive in the future."

It was unclear this weekend what Pret's stance would be on the June rent quarter payment date, with many retailers and restaurant chains expected to withhold payments, as they did in March.

Last month, Pret began talks aimed at securing an additional €100m loan from its banking syndicate to help it weather the impact of COVID-19.

As well as its UK presence, Pret trades in the US, France and Hong Kong, among other overseas markets.

It has about 550 stores around the world.

The coronavirus crisis has prompted the company to pursue a series of new partnerships, including a retail coffee offering sold by Amazon and extending its delivery footprint with Deliveroo, Just Eat and Uber Eats.

It has also launched branded food products designed to be heated by consumers at home.

Like many of its rivals, Pret has also been forced to spend substantial sums on making its outlets compliant with the requirements of a food industry that may have to contend with the consequences of COVID-19 for some time.

Mr Christou said this week: "The changes we've been making include new ways to serve customers and bring Pret's products to our customers' homes safely.

"It's going to continue to be tough for Pret in the months ahead, and I'd like to thank our team members who are returning to work and making reopening possible."

Other chains which have started reopening their doors include Burger King, KFC and McDonald's.

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2020-05-30 12:15:31Z
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Microsoft 'to replace journalists with robots' - BBC News

Microsoft is to replace dozens of contract journalists on its MSN website and use automated systems to select news stories, US and UK media report.

The curating of stories from news organisations and selection of headlines and pictures for the MSN site is currently done by journalists.

Artificial intelligence will perform these news production tasks, sources told the Seattle Times.

Microsoft said it was part of an evaluation of its business.

The US tech giant said in a statement: "Like all companies, we evaluate our business on a regular basis. This can result in increased investment in some places and, from time to time, redeployment in others. These decisions are not the result of the current pandemic."

Microsoft, like some other tech companies, pays news organisations to use their content on its website.

But it employs journalists to decide which stories to display and how they are presented.

Around 50 contract news producers will lose their jobs at the end of June, the Seattle Times reports, but a team of full-time journalists will remain.

"It's demoralising to think machines can replace us but there you go," one of those facing redundancy told the paper.

Some sacked journalists warned that artificial intelligence may not be fully familiar with strict editorial guidelines, and could end up letting through inappropriate stories.

Twenty-seven of those losing their jobs are employed by the UK's PA Media, the Guardian reports.

One journalist quoted in the paper said: "I spend all my time reading about how automation and AI is going to take all our jobs - now it's taken mine."

Microsoft is one of many tech companies experimenting with forms of so-called robot journalism to cut costs. Google is also investing in projects to understand how it might work.

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2020-05-30 10:07:11Z
CBMiM2h0dHBzOi8vd3d3LmJiYy5jby51ay9uZXdzL3dvcmxkLXVzLWNhbmFkYS01Mjg2MDI0N9IBN2h0dHBzOi8vd3d3LmJiYy5jby51ay9uZXdzL2FtcC93b3JsZC11cy1jYW5hZGEtNTI4NjAyNDc

Microsoft 'to replace journalists with robots' - BBC News

Microsoft 'to replace journalists with robots' - BBC News
Microsoft logo Image copyright PA Media

Microsoft is to replace dozens of contract journalists on its MSN website and use automated systems to select news stories, US and UK media report.

The curating of stories from news organisations and selection of headlines and pictures for the MSN site is currently done by journalists.

Artificial intelligence will perform these news production tasks, sources told the Seattle Times .

Microsoft said it was part of an evaluation of its business.

The US tech giant said in a statement: "Like all companies, we evaluate our business on a regular basis. This can result in increased investment in some places and, from time to time, redeployment in others. These decisions are not the result of the current pandemic."

Microsoft, like some other tech companies, pays news organisations to use their content on its website.

But it employs journalists to decide which stories to display and how they are presented.

Around 50 contract news producers will lose their jobs at the end of June, the Seattle Times reports, but a team of full-time journalists will remain.

"It's demoralising to think machines can replace us but there you go," one of those facing redundancy told the paper.

Some sacked journalists warned that artificial intelligence may not be fully familiar with strict editorial guidelines, and could end up letting through inappropriate stories.

Twenty-seven of those losing their jobs are employed by the UK's PA Media, the Guardian reports .

One journalist quoted in the paper said: "I spend all my time reading about how automation and AI is going to take all our jobs - now it's taken mine."

Microsoft is one of many tech companies experimenting with forms of so-called robot journalism to cut costs. Google is also investing in projects to understand how it might work.


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2020-05-30 10:07:00Z
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Jumat, 29 Mei 2020

Rishi Sunak races to build 100bn job creation scheme amid fears 2MILLION will lose their jobs - Daily Mail

Rishi Sunak races to build £100bn job creation scheme amid fears 2MILLION people will lose their jobs when £10bn-a-month furlough scheme ends in October

  • Rishi Sunak today announced details of furlough scheme changes after August 
  • Chancellor said support will taper off to October when firms pay 20 per cent  
  • Companies have warned of a wave of redundancies as the support is scaled back
  • Mr Sunak said employees can return part-time from July - earlier than planned 
  • Here’s how to help people impacted by Covid-19

Rishi Sunak is racing to build a £100bn job creation scheme amid fears two million Britons will lose their jobs when the furlough scheme ends.  

During the Downing St press conference the Chancellor promised to address the looming employment crisis with a scheme to create additional jobs.  

Mr Sunak announced that the furlough scheme, which some predict will cost £100bn, would be revamped into 'flexible furlough'. 

This will enable employees to return as long as companies pick up a percentage of their salary equivalent to the hours they work. 

Ministers told the Financial Times that Mr Sunak and Boris Johnson were working to hatch a plan to prop-up the plummeting employment rate with a stimulus package. 

The furlough scheme currently covers 80 per cent of pay for employees, up to a ceiling of £2,500 a month. Some 8.4million jobs are currently being propped up, to a total value so far of £15billion. 

A handout photo made available by n10 Downing street shows Britain's Chancellor of the Exchequer Rishi Sunak holding a digital Covid-19 press conference in n10 Downing street in London, Britain, 29 May 2020

A handout photo made available by n10 Downing street shows Britain's Chancellor of the Exchequer Rishi Sunak holding a digital Covid-19 press conference in n10 Downing street in London, Britain, 29 May 2020

What changes has Rishi Sunak announced to the Government's furlough scheme?

Chancellor Rishi Sunak today announced a major overhaul of the furlough scheme ahead of its planned closure at the end of October. 

Here is how it will work: 

Furloughed workers will continue to receive 80 per cent of their pay up to £2,500 a month until the end of October.

But they will be able to return part-time from July without losing out financially, with businesses told to pay the percentage of wages for the hours worked. 

The Government will pick up the full bill for the furlough scheme until the end of July.  

From August, companies will then have to pay employer national insurance and pensions contributions for those on furlough.

In September, bosses will also have to pay 10 per cent of a furloughed employee's wages, with the Government covering 70 per cent up to £2,190 per worker. 

The burden on firms will then increase to 20 per cent in October, with the Treasury picking up the remaining 60 per cent up to £1,875.

The Government is adamant the scheme will close at the end of October. 

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'Now our thoughts, our energy and resources must turn to looking forward to planning for the recovery,' Mr Sunak said yesterday. 

'We will develop new ways to grow the economy, to back business, boost skills and help people thrive in the new post-Covid world.' 

The FT reported that the prime minister had already been mulling over an infrastructure-focussed job creation programme with the cabinet, including ideas on green energy.        

Mr Sunak used the daily Downing Street press conference to set out a major shake up of the furlough scheme as he said businesses must start to share the wage burden from August before the initiative is finally brought to an end in October. 

However, the proportion they will be asked to contribute will be tapered up to a maximum of 20 per cent over the three month period.

The Chancellor stressed the UK scheme would remain 'among the most generous in the world', but said businesses should start helping to pay the wage bill of furloughed works despite fears of a wave of redundancies.

After an outcry from Tory MPs, he also announced an extension to separate support for the self-employed - with grants continuing until August, but slightly scaled back. 

As the cost of the bailouts soar, Mr Sunak is desperately trying to balance the need to wean companies off government money with keeping the economy on life support during lockdown.    

Under the new framework staff will have the same safety net until October, but firms will have to pick up some of the tab from August.

That month they will need to pay national insurance and pension contributions for their staff on furlough. 

In September that will be expanded to 10 per cent of wages, and then in October it will be 20 per cent before the scheme then closes. 

The Institute for Fiscal Studies think tank said the combined cost of the furlough and self-employment support schemes could now 'easily breach' £100 billion.  

Mr Sunak said: 'Our top priority has always been to support people, protect jobs and businesses through this crisis. The furlough and self-employment schemes have been a lifeline for millions of people and businesses.

'We stood behind Britain's businesses and workers as we came into this crisis and we stand behind them as we come through the other side.

'Now, as we begin to re-open our country and kickstart our economy, these schemes will adjust to ensure those who are able to work can do so, while remaining amongst the most generous in the world.' 

The maximum 20 per cent - 60 per cent split between the employer and state that Mr Sunak has settled on is lower than the 50 per cent share for businesses that had been previously mooted.   

The Treasury said individual firms will decide the hours and shift patterns for their part-time employees, and be responsible for paying their wages while in work. 

Mr Sunak will hope that the 'flexible furlough' scheme and the delayed request for businesses to start sharing the wage burden will help to reduce the number of people who are made redundant, potentially spreading job losses over a longer and more manageable period.

Currently, some 2.3million self-employed people are receiving grants equivalent to 80 per cent of their usual monthly profits, to a ceiling of £2,500. 

Ministers had been indicating until recently that the current round, up to next month, was likely to be the last.   

But Mr Sunak revealed there will be a 'second and final grant' in August. 

It will be worth 70 per cent of average monthly trading profits, paid out in a single installment covering three months' worth of profits, and capped at £6,570 in total. 

Business and union leaders welcomed the Chancellor's announcements, especially the gradual reduction in furlough contributions from the Treasury. 

British Chambers of Commerce director general Adam Marshall said: 'The Chancellor has listened to business communities and struck a careful balance that will help many firms bring furloughed staff back to work flexibly over the coming months.' 

TUC general secretary Frances O'Grady said: 'We're glad the Chancellor has listened to unions and allowed employers to start using short-time furlough from July. This will help employers gradually and safely bring people back to work, protect jobs and support the economy to recover.' 

Dame Carolyn Fairbairn, the CBI's director general, said: 'The Government's support throughout the lockdown so far has been a lifeline for businesses, employees and the self-employed. The changes announced will help ensure the schemes stay effective as we begin a cautious recovery.

UK plc is heading for the worst recession in 300 years, with millions of jobs expected to be lost and the prospects for a quick bounce back unclear. 

Bank of England Governor Andrew Bailey underlined the perilous state of the economy yesterday by raising doubts about the speed of any recovery and making clear a fresh wave of quantitative easing - effectively printing money - will be needed.

The intervention came as new economic indicators showed that just 14 per cent of stalled businesses are expecting to restart their operations over the next fortnight, and they are likely to bring back only 31 per cent of furloughed staff. 

Online job ads have halved between March and May, according to the Office for National Statistics. 

Figures released on Wednesday showed another 400,000 have been furloughed over the past week, with a million employers now putting in for a total of £15billion

Figures released on Wednesday showed another 400,000 have been furloughed over the past week, with a million employers now putting in for a total of £15billion

Since the crisis began in March, the Bank has cut official interest rates to an historic low of 0.1 per cent, announced a £200billion expansion of QE, made moves to ease the financial pressure on large companies and made it easier for banks to lend.

George Eustice, the Environment Secretary, refused to be drawn this morning on what Mr Sunak would announce, but said: 'Clearly as we start to emerge from the lockdown and start to get our economy back to work we cannot keep people on the furlough scheme indefinitely.

'We need to identify ways of moving them off the furlough scheme and back to work.' 

Asked on Sky News whether there will be continued support for the self-employed, Mr Eustice said: 'Well obviously it is nearly a month ago now that we said we wanted to reopen those bits of the economy that couldn't work from home, so we've been encouraging the construction industry for instance to get back to work.

'A lot of those self-employed professions such as plumbers, electricians and so on, those people are able to return to work now, albeit observing social distancing, but we need to try to start to get bits of the economy back to work.

'Now I don't know what Rishi Sunak, the Chancellor, will say later in terms of self-employed and the furlough scheme for them, but I think there is a general overarching message here that we've had a very generous furlough scheme in place to help people through these extraordinary times and to ensure that businesses' overheads could be covered.'

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2020-05-30 03:47:50Z
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