Author: LoveWorld UK

Prime Minister Scott Morrison said on Thursday he would not be intimidated by “coercion” after China restricted some Australian exports and urged Chinese tourists and students to avoid Australia. Diplomatic tensions between Beijing and Canberra have worsened since Australia called for an international inquiry into the source and spread of the new coronavirus, which first emerged in the Chinese city of Wuhan. Lobbying by Australia and the European Union prompted the World Health Assembly last month to back an independent review into the coronavirus pandemic. On Tuesday, China’s Ministry of Education said students should reconsider choosing to study in Australia.…

Unilever proposed combining its Dutch and British legal entities in a single holding company based in Britain on Thursday, after shareholders sank an earlier plan to move the global consumer goods group’s headquarters to the Netherlands. The proposed unification, which would unwind a structure that has been in place since 1930, would give Dove soap maker Unilever more flexibility for mergers and acquisitions and reduce complexity, the Anglo-Dutch company said in a statement. The proposal, which resulted from an 18-month review, was accelerated in part by Unilever’s decision to demerge its tea business this year. Unilever said achieving that demerger…

A local authority in southern England said it would remove a statue of Robert Baden-Powell, founder of the worldwide scouting movement, the latest memorial to be taken down in the wake of anti-racism protests sparked by the death of George Floyd. The demonstrations sweeping across the United States and Europe following the death of Floyd in Minneapolis have reignited a debate about monuments to those involved in Britain’s imperialist past. Poole council said on Thursday the statue of Baden-Powell, a British Boer War hero, would now be moved from its location on the quayside of the seaside town where it…

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France will end special government powers brought in to deal with the coronavirus pandemic on July 10 though it will retain the ability to curb gatherings and freedom of movement for four months, the prime minister’s office said. As coronavirus infections spiralled out of control in March, France passed “state of health emergency” legislation which gave the government the power to restrict civil liberties by decree without parliamentary approval. With data showing the virus may be fading and the number of people in intensive care continuing to steadily decline since the government lifted its lockdown on May 11, France is…

U.S. Secretary of State Mike Pompeo on Tuesday chided British bank HSBC (HSBA.L) for backing moves by China to end Hong Kong’s autonomy, saying such “corporate kowtows” got little in return from Beijing. Pompeo said the United States stood ready to help Britain with alternatives after Beijing reportedly threatened to punish HSBC and break commitments to build nuclear power plants in the country unless the British government allowed China’s Huawei Technologies to participate in building a 5G network. “The United States stands with our allies and partners against the Chinese Communist Party’s coercive bullying tactics,” Pompeo said in a statement,…

European Central Bank officials are drawing up a scheme to cope with potentially hundreds of billions of euros of unpaid loans in the wake of the coronavirus outbreak, two people familiar with the matter told Reuters. The project, which comes as Europe mobilises trillions of euros to bolster the region’s economy, is aimed at shielding commercial banks from any second fallout from the crisis, if rising unemployment chokes off the income needed to repay loans. One of the people familiar with the plan said the ECB had set up a task force to look at the idea of a “bad…

Any inquiry into the French response to the coronavirus pandemic should be handled by parliament rather than a judicial panel, the justice minister said on Wednesday, amid growing scrutiny of the government’s COVID-19 measures. “The government is accountable to parliament. If parliament thinks (the outbreak) has been handled badly, then it must challenge the government’s response,” Justice Minister Nicole Belloubet told RTL radio. Belloubet was speaking after Paris prosecutors opened a preliminary inquiry into government actions to determine whether any criminal offences may have been committed. The prosecutors’ office said there had been 62 complaints by public bodies, including government…

Business conditions are improving after a tough start to the year, Credit Suisse (CSGN.S) Chief Executive Thomas Gottstein said in a presentation released on Wednesday. “Those early indications that we have seen now in the last couple of weeks have been actually quite promising and going in the right direction. We clearly had a lot of stress in the system in the second half of March but things really calmed down in April and they continue to be quite robust in May and June,” he said in an audiocast for a Goldman Sachs conference. “So far, so good. Clearly we…

British government borrowing is soaring to levels not seen since World War Two, something Prime Minister Boris Johnson and his finance minister Rishi Sunak will try to fix once the worst of the coronavirus crisis has passed. Government forecasters think the budget deficit could jump five-fold to 300 billion pounds this year or around 15% of annual economic output. By comparison, after the global financial crisis the deficit peaked at 10% and it took almost a decade of spending cuts to bring it down to around 2% last year. (Graphic: here) UK borrowing forecast to jump due to COVID Britain’s budget…