Covid-19: UK economy plunges into deepest recession since records began

GDP falls 20.4% – the worst of any G7 nation in the three months to June

Britain has entered the deepest recession since records began as official figures on Wednesday showed the economy shrank by more than any other major nation during the coronavirus outbreak in the three months to June.

The Office for National Statistics (ONS) said gross domestic product (GDP), the broadest measure of economic prosperity, fell in the second quarter by 20.4% compared with the previous three months – the biggest quarterly decline since comparable records began in 1955.

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Stock markets boom as hopes rise for US economic stimulus and Covid-19 vaccine

S&P edges towards all-time record with oil prices and hospitality stocks rising as investor optimism rebounds

US stock markets moved closer to record highs on Tuesday after investors bet on a fresh round of government spending to lift the economy and counter the effects of the Covid-19 pandemic.

The S&P 500, seen as the broadest measure of US investor sentiment, raced to a 10-point gain by mid afternoon to leave it just 16 points short of the all-time high reached in February.

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Microsoft’s TikTok deal: bargain of the decade or a $50bn blunder?

Jury is out on whether video-sharing site could make Microsoft a social media giant

As the clock ticks on Microsoft’s fast-track talks to buy TikTok the jury is out on whether it marks a unique opportunity to become a global social media giant overnight, or a $50bn (£38bn) geopolitically fuelled business blunder.

Donald Trump’s trade war with China has forced ByteDance, the privately owned Beijing-based parent of the video-sharing site TikTok, to pursue a sale of its US business after the president signed an executive order last week that could shut it down on 15 September.

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Fighting for breath: how the medical oxygen industry is failing African hospitals

Sub-Saharan hospitals are dependent on costly oxygen from multinational suppliers. As Covid-19 spreads, doctors are being forced to make terrible choices

As Covid-19 spreads throughout Africa, a potentially deadly lack of oxygen is leaving doctors unable to offer essential treatment.

Some experts put considerable blame on two multinational gas suppliers that dominate the market for oxygen cylinders across much of the continent, saying that their high prices and systems make the treatment unaffordable.

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House for sale in London, good location, overlooks park, a bargain at £185m

Developer seeks to cash out of investment in John Nash-designed terrace with views of Regent’s Park

Developers have stuck an asking price of £185m on a house overlooking Regent’s Park in central London in what would be the UK’s second most-expensive home purchase.

The property firm Zenprop is targeting foreign billionaires as potential buyers of 1-18 York Terrace East as it seeks to cash out of a 2016 investment.

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UK to plunge into deepest slump on record with worst GDP drop of G7

Official measure to be declared this week as coronavirus lockdown shrinks GDP by 21% in second quarter

Britain’s economy will be officially declared in recession this week for the first time since the 2008 financial crisis, as the coronavirus outbreak plunges the country into the deepest slump on record.

Figures from the Office for National Statistics on Wednesday are expected to show that gross domestic product (GDP), the broadest measure of economic prosperity, fell in the three months to June by 21%.

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Is this the end for ‘king coal’ in Britain?

As the black stuff burnt in the UK plummets to a level not seen since the early steam age, we trace its long, deep history and the problems left in its wake

Britain achieved an unlikely status as a power provider last year. Its annual consumption of coal plunged to the lowest level in 250 years. According to figures released last week, a mere 8 million tonnes were incinerated in UK factories and power plants. That is roughly the same amount that was burned nationally in 1769, when James Watt was patenting his modified steam engine.

That invention helped to spark the Industrial Revolution and triggered a massive rise in annual coal use in Britain, which soared to well over 200 million tonnes by the mid-20th century. Now levels have plummeted back to their original pre-revolution state. King coal – once the undisputed ruler of British industry – has finally been dethroned.

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Young people who withdraw super may be $100,000 worse off in retirement, Labor says

Opposition steps up attacks on coronavirus support measure that allows people in financial distress to withdraw up to $20,000

Young people will bear the brunt of the Covid-19 economic crisis, Labor has said, as it estimates a 25-year-old who withdraws $20,000 from superannuation may be left up to $100,000 worse off in retirement.

The opposition is stepping up its attack on the government’s handling of the early access to superannuation scheme, which allows people dealing with the adverse economic effects of Covid-19 to withdraw up to $10,000 this financial year. People were also able to access up to $10,000 last financial year.

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Indian food delivery company Zomato offers ‘period leave’ to women

Employer aims to remove stigma in a nation where menstruation is still taboo to some

Indian food delivery company Zomato has said it will give female employees up to 10 days of “period leave” a year, as part of an effort to combat what it said was stigma around the issue.

Zomato is the most high-profile organisation to institute the policy in India, a country where menstruation is still taboo to some.

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Covid led to ‘brutal crackdown’ on garment workers’ rights, says report

Brands including Primark, Zara and H&M accused of failing to protect workers at factories in Asia from ‘union busting’

Some of Europe’s biggest retailers, including Primark, Zara and H&M, are failing to stop Covid-19 being used as a pretext for union busting, human rights activists are warning.

Millions of garment workers in some of the poorest parts of Asia have lost their jobs since coronavirus shutdowns hit the retail industry worldwide.

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Coronavirus live update Australia: Victoria reports 11 deaths and 450 new Covid cases, with 11 in NSW – latest news

Australian Defence Force personnel to doorknock close contacts of confirmed cases in Victoria as Western Australia delays easing of restrictions. Follow live

McGowan describes the WA border case as “our war” with Clive Palmer.

He says that WA is disappointed that the Commonwealth did not support their submission to have a fresh trial.

McGowan also announces that the national cabinet today agreed on “a code of practice for the regular testing of interstate freight drivers”.

He says that new arrangements will come into place next week which means “any truck driver entering WA will have to show evidence of having received a negative Covid-19 test result in the past seven days”.

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News Corp posts US$1.5bn loss driven by sharp declines in newspaper revenue

Revenue collapses by 16% in Australia and 13% in the UK, while Foxtel loses 12% of its subscribers in Australia

News Corp has posted a US$1.5bn loss, with its Australian and United Kingdom newspaper businesses suffering sharp declines in revenue and its Foxtel pay-TV business in Australia bleeding subscribers, new financial results for 2019-20 show.

The global media giant released its financial results for 2019/20 on Thursday in the US. The reports paint a grim picture across the last quarter and year, with the exception of its Dow Jones business.

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Italy threatens to ban Ryanair over alleged Covid-19 guideline violations

Dublin-based airline, previously criticised by German health authorities, denies accusations of non-compliance

Italy’s aviation regulator has threatened to ban Ryanair from its skies, alleging that the airline has not complied with rules brought in to tackle the coronavirus pandemic.

The Italian civil aviation authority Enac accused the Dublin-based airline of “repeated violation of anti-Covid-19 health measures drafted by the Italian government and in force to protect passengers’ health”.

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Coalition tweaks jobkeeper scheme again amid Covid second wave in Victoria

Ahead of Friday’s national cabinet meeting, the expenditure review committee signs off on changes that will cost $15.6bn

The Morrison government has tweaked the eligibility requirements for the jobkeeper wage subsidy only three weeks after cutting the payment in an attempt to save businesses and jobs at risk because of the deteriorating outlook in Victoria.

Ahead of Friday’s national cabinet meeting, and after new Treasury analysis underscored the hit to the national economy from the second wave of coronavirus infections in Victoria, the expenditure review committee of cabinet signed off on the jobkeeper overhaul late on Thursday.

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Belgium set to be added to England’s coronavirus quarantine list

Department for Transport officials said to be finalising announcement of the move

Belgium is set to be added to England’s quarantine list after a rise in Covid-19 cases, meaning arrivals from the country will have to isolate for 14 days.

The Guardian understands that officials at the Department for Transport (DfT) are finalising the announcement of the move and the current plan is that the measures are not due to come into effect until the weekend.

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Disney opts for digital-first release of Mulan, shocking cinema owners

Mulan is first blockbuster to go straight to streaming in response to Covid-19 shuttering cinemas

Disney’s decision to bypass cinemas and offer its latest big budget film Mulan directly to streaming subscribers for $29.99 could signal the beginning of the end for the traditional movie-going experience – and forever change the long-established business model underpinning the Hollywood blockbuster.

The surprise move has stunned cinema owners, who had been banking on the film, along with Christopher Nolan’s sci-fi thriller Tenet, to jump-start box office takings as theatre chains struggle to recover from the coronavirus pandemic.

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New York unveils landmark antitrust bill that makes it easier to sue tech giants

The legislation comes as a federal panel is investigating the market power of Facebook, Amazon, Apple and Google

New York state is introducing a bill that would make it easier to sue big tech companies for alleged abuses of their monopoly powers.

New York is America’s financial center and one of its most important tech hubs. If successfully passed, the law could serve as a model for future legislation across the country. It also comes as a federal committee is conducting an anti-trust investigation into tech giants amid concerns that their unmatched market power is suppressing competition.

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Tesco urged to ditch meat company over alleged links to Amazon deforestation

Responding to Greenpeace campaign to cut links to Brazilian meat giant JBS, supermarket calls on government to ensure all UK food is deforestation-free

Tesco has called on the UK government to order food companies to ensure all food sold in the UK is deforestation-free. The move comes in response to a new Greenpeace campaign calling on the supermarket to cut links to JBS, the world’s biggest meat company, over its alleged links to farms involved in Amazon deforestation.

The supermarket says the UK should introduce due diligence across supply chains to monitor for deforestation. Germany is also weighing up a due diligence law on supply chains, reportedly supported by Angela Merkel. And more than half of Britons would consider rejecting meat products linked to deforestation, a YouGov poll for Greenpeace has found.

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Victorian builders could lose $450m daily under Melbourne stage 4 Covid-19 lockdown

Work levels from big construction sites to trade businesses set to be pummelled amid predictions new curbs will ‘knock wind out of’ state

Victorian builders say they will take a hit to revenue totalling up to $456m a day from sweeping new restrictions on construction in the state, forcing some companies to close their doors entirely.

Under tough restrictions announced on Monday that are designed to slow the spread of the state’s coronavirus outbreak, the number of workers on large building sites such as apartment complexes and office towers is to be reduced to a quarter of the normal number.

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EasyJet expands flight schedule as holiday demand grows

Popular destinations include Nice and Faro despite coronavirus travel concerns

EasyJet has expanded its summer schedule after better-than-expected demand and says it expects to operate about 1,000 flights a day in August.

The budget carrier said popular destinations included Faro and Nice, along with city breaks such as Amsterdam and Paris. EasyJet will have 210 planes flying this month and expects to operate 40% of its capacity between July and September, higher than the 30% predicted at its first-half results.

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