Author: LoveWorld UK

U.S. President Donald Trump suspended the entry into the United States of certain foreign workers on Monday, a move the White House said would help the coronavirus-battered economy, but which business groups strongly oppose. Trump issued a presidential proclamation that temporarily blocks foreign workers entering on H-1B here visas for skilled employees, and L visas, for managers and specialized workers being transferred within a company. He also blocked those entering on H-2B seasonal worker visas, used by landscapers and other industries. The visa suspension, which takes effect on Wednesday until the end of the year, will open up 525,000 jobs for U.S.…

Cinemas, museums and galleries in England can reopen from July 4, Prime Minister Boris Johnson will say on Tuesday as he sets out which sectors of the economy can resume trading and announces the findings of a review into social distancing. Britain has been incrementally reopening its shuttered economy as the number of COVID-19 deaths and cases declines, having been one of the worst-hit countries during the pandemic. The latest stage is scheduled for July 4, and will see some higher-risk venues like those in the arts and cultural sector allowed to open their doors, albeit with rules to maintain…

British home prices will fall this year and won’t recover those losses until the end of 2022, a Reuters poll of property market analysts found, as high unemployment following the coronavirus pandemic saps demand. Britain’s economy shrank by a quarter over March and April as entire sectors were shuttered by a government-imposed lockdown, leading firms to shed jobs and vacancies to plunge by a record amount. Concerned about their personal financial health, buyers are likely to be nervous about big purchases and house prices, the bedrock of consumer wealth in Britain, will drop 5.0% this year, the June 9-22 poll…

Britain’s car industry called on the government to introduce additional measures such as a sales tax cut to boost the sector as a third of automotive workers remain furloughed due to the coronavirus outbreak. Factories closed in March as a lockdown was enforced to contain the spread of the pandemic with some still shut and many operating at a much reduced output, setting the industry up for the lowest level of production in decades. Car and van volumes are expected to fall by a third to 920,000 units this year and up to one in six jobs are at risk,…

Manchester United goalkeeper David de Gea must go back to basics to boost his confidence and reverse his disappointing run of form, former captain Gary Neville has said. De Gea deflected Steven Bergwijn’s shot into his own net in a 1-1 Premier League draw with Tottenham Hotspur on Friday and the Spaniard was lambasted by another United captain, Roy Keane, who said he was “sick to death” of the goalkeeper. United manager Solskjaer Ole Gunnar Solskjaer defended De Gea after Keane’s comments, though he has also recently tipped academy product Dean Henderson to become first choice for club and country.…

UK shares retreated on Monday as a surge in global coronavirus cases sparked fears of another lockdown and further economic damage from the COVID-19 pandemic, while Glencore slipped after disclosing a criminal investigation into the company. London-listed shares of Swiss commodity miner (GLEN.L) fell as much as 5.8% to a three-week low after it said the Office of the Attorney General of Switzerland was investigating it for failure to have measures in place to prevent alleged corruption in the Democratic Republic of Congo. The blue-chip FTSE 100 .FTSE was down 0.2% and the mid-cap FTSE 250 .FTMC 0.1%, led by declines in battered energy…

Bank of England Governor Andrew Bailey said on Monday that the central bank should start to reverse its quantitative easing asset purchases before raising interest rates on a sustained basis, a reversal of long-standing BoE policy. The BoE increased its bond purchase target to 745 billion pounds ($922 billion) last week, and in March it cut its main interest rate to a record low 0.1%. But Bailey said this level of central bank asset purchases “shouldn’t always be taken for granted”. “When the time comes to withdraw monetary stimulus, in my opinion it may be better to consider adjusting the…

British households remain downbeat about their financial prospects due to the damage caused by COVID-19, but are less pessimistic than in May and April when sentiment sank to its lowest in more than eight years, a survey showed on Monday. IHS Markit’s monthly Household Finance Index for June was in line with other data which has suggested a moderate recovery since economic output collapsed by a historic 20% in April when swathes of businesses were shuttered. The index rose to 40.7 in June from 37.8 in May, but remained below its pre-COVID average of just under 45. “It is reassuring…

British industrial output recorded its biggest quarterly fall on record during the three months to June as COVID-19 heavily disrupted operations, and a further decline is likely in the months to come, a survey showed on Monday. The Confederation of British Industry’s headline industrial orders measure inched up to -58 in June from May’s 38-year low of -62, but remained far below its pre-COVID level, while export orders fell by the most since records began in 1977 at -79. The CBI’s measure of industrial output over the past three months fell to its lowest since that measure started in July…

British shoppers bought much more than expected in May as the country gradually relaxed its coronavirus lockdown and online retailers boomed, adding to signs that the economy is moving away from its historic crash in March and April. But official data also showed public borrowing hit a record high as the government opened the spending taps and public debt passed 100% of economic output. Sales volumes in May jumped by a record 12.0% after an unprecedented 18.0% slump in April. The rise was at the top end of economists’ forecasts in a Reuters poll but still left sales 13.1% down…