Author: LoveWorld UK

Sales at Greggs (GRG.L) have almost recovered to breakeven levels following the lifting of the coronavirus lockdown, the British snack foods retailer said on Tuesday after it reported a plunge to first-half losses. The company, known for its sausage rolls, bakes and sandwiches, said sales at company-managed stores stood at 72% of the 2019 level in the most recent week. It added it could breakeven when sales reach about 80% of last year’s level. CEO Roger Whiteside said Greggs had made a great start to 2020 before the pandemic hit, causing it to close its more than 2,000 stores for…

Peugeot maker PSA Group (PEUP.PA) delivered a profit in the first half of the year even as the COVID-19 pandemic hit revenue and said a strong sales rebound in June had extended into July. The French carmaker, which suffered like rivals as dealerships closed and which halted production as the outbreak spread from China to Europe and the United States, also said on Tuesday it was sticking with its mid-term profit margin target. “June has been a very strong rebound in sales and July is seeing a similar trend,” Financial Chief Philippe de Rovira told reporters. Chief Executive Carlos Tavares…

Former Manchester United manager Alex Ferguson said Liverpool’s Juergen Klopp thoroughly deserved his success this season and was even willing to forgive the German for waking him up in the early hours of the morning to announce his league triumph. Klopp was presented with the Alex Ferguson Trophy on Monday after being named League Managers’ Association (LMA) manager of the year for guiding the Merseyside club to their first top-flight title in 30 years. The title was sealed when Chelsea beat Manchester City 2-1 on a Thursday night in late June, but Klopp clearly waited a few hours before getting…

A Chinese government-backed website took aim at HSBC Holdings PLC (HSBA.L) on Tuesday, accusing the Asia-focussed lender of “maliciously” playing a role in the arrest of Huawei Technologies’ chief financial officer. Huawei CFO Meng Wanzhou’s is fighting against extradition from Canada to the United States, where she is accused of bank fraud for misleading HSBC about Huawei’s relationship with a company operating in Iran, putting HSBC at risk of fines and penalties for breaking U.S. sanctions on Tehran. Anger in China over the treatment of Meng and Huawei, the world’s biggest telecoms equipment maker, has led to criticism of London-headquartered…

China took over the premises of the U.S. consulate in the southwestern city of Chengdu on Monday, after ordering the facility to be vacated in retaliation for China’s ouster last week from its consulate in Houston, Texas. The seizure capped a dramatic escalation in tensions between the world’s two biggest economies that began when employees at China’s Houston consulate were seen burning documents in a courtyard last Tuesday, hours before Beijing announced that it had been ordered to leave the facility. The U.S. consulate in Chengdu, in Sichuan province, was closed as of 10 a.m (0200) on Monday, and Chinese…

Manchester United and Chelsea secured places in the Champions League with wins on the final day of the Premier League season while Watford and Bournemouth were relegated along with bottom club Norwich City. Aston Villa survived the drop thanks to a 1-1 draw at West Ham United which moved them to 35 points, one more than Bournemouth, who go down despite a 3-1 win at Everton, and Watford who lost 3-2 at Arsenal. A penalty from Bruno Fernandes and late goal from Jesse Lingard gave United a 2-0 win at Leicester City, who missed out on the Champions League by…

Ratings agency Moody’s on Monday downgraded the long-term senior unsecured bonds of Rolls-Royce (RR.L) to junk status, saying that the aviation market served by the British engineering firm has weakened and could fall further. Moody’s cut its ratings on the UK-based engine-maker’s bonds by two notches to Ba2 from Baa3, meaning its bonds are now regarded as non-investment grade, and also gave the company as a whole a Ba2 rating with a negative outlook. Shares in Rolls-Royce, which have already lost almost two-thirds of their value during the pandemic, dropped 5.7% to trade at 253 pence at 0827 GMT, after…

Returning to the office will bring new challenges for banks and brokerages seeking to enforce good conduct by staff, after the bulk of their employees worked from home during the coronavirus pandemic, a financial markets industry body said on Monday. During lockdowns to stem the outbreak in big financial centres like London, dealers have faced compliance challenges as they trade currencies, stocks, bonds and commodities from kitchens and bedrooms. Many firms did not allow working from home before the pandemic. Regulators have worried about financial firms’ ability to maintain good trading standards while compliance teams were out of sight, but…

Amazon on Monday announced it would create an additional 1,000 jobs in Ireland, bringing its workforce in the country to 5,000. Ireland has a decades-old policy of attracting multinational jobs with a low corporate tax rate, making it a hub for U.S. companies – including heavyweights such as Apple, Google and Facebook – which account for one in 10 local jobs. Many of the new jobs, which include software and network engineers, will be in Amazon Web Services, which has a large presence in Ireland, Amazon said in a statement. Amazon also plans to open a delivery station in Dublin…

Euro zone business activity bounced back to growth in July as more parts of the economy that were locked down to curtail the spread of the coronavirus reopened and consumers emerged from their homes to return to work and spend money, a survey showed. Over 15 million people across the world have been infected by the coronavirus but as the rate of infections has eased across much of Europe, governments have loosened restrictions. That unleashing of pent-up demand pushed IHS Markit’s flash Composite Purchasing Managers’ Index (PMI), seen as a good indicator of economic health, to 54.8 in July from…