German economy in sharpest decline since 1970, as markets await US GDP – business live

Here in Britain, roughly one in three furloughed workers returned to work in the first two weeks of July, when pubs, bars, restaurants and hotels reopened, official data from the Office for National Statistics showed today.

Businesses surveyed between 29 June and 12 July said 7% of their staff had returned from furlough within the past fortnight, while 17% remained on leave. The government-funded job retention scheme pays 80% of their salaries and covers more than 9 million people at the moment, about a third of the private-sector workforce. But it will be scaled back from Saturday and come to an end on 31 October.

Here is our full story on Airbus. The Toulouse-based planemaker has been hit hard by the collapse in air travel, and received only eight new orders between April and June, compared with 290 in the first quarter.

Related: Airbus slows plane-making as Covid-19 leads to £1.7bn loss

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Chateau Marmont in Hollywood to become members-only hotel

Celebrity hangout will allow select group to own shares in ‘world’s best real estate’

The Chateau Marmont, a Hollywood hotspot and hangout for nearly a century, will be converted into a members-only hotel over the next year.

The owner, André Balazs, confirmed his plans to turn the 91-year-old building into a hotel at which a select group of members could buy into “a piece of a portfolio of the best real estate in the world”, the Los Angeles Times reported.

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Shell reports $18bn loss as global oil and gas prices collapse

Energy giant hit by massive change in fortunes as Covid-19 crisis forces writedown in asset values

Royal Dutch Shell has reported a deep financial loss after a record writedown on the value of its oil and gas assets due to the collapse in global market prices triggered by coronavirus.

The Anglo-Dutch oil giant revealed a net loss of $18.3bn (£14.1bn) for the second quarter 2020, down sharply from a net profit of $3bn over the same period last year and $2.7bn in the first three months of 2020.

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UK close to securing post-Brexit ‘continuity’ trade deal with Japan

Both sides seeking deal to secure continuous trade once Brexit implemented on 1 January

The UK is close to sealing a “continuity” trade deal with Japan that will mirror that of the EU pact that Britain will no longer be part of next January.

But in order to strike an agreement in time for it to be ratified by the Japanese parliament, the international trade secretary, Liz Truss, has had to drop her ambitions for preferential treatment for British food exports.

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Pandemic has exposed Britain’s vulnerabilities says food policy review

Henry Dimbleby’s national food strategy starts with review of ‘slow-motion disaster’ diet, poverty, and post-Brexit laws

It is a year since Michael Gove asked the businessman Henry Dimbleby to produce a national food strategy. In that time the coronavirus pandemic has brutally exposed the cracks in the British food system so the launch of part one of his review this Wednesday comes in a new and urgent context.

After only a few weeks of lockdown three million people in Britain were in households where someone was forced to skip meals and go hungry.

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Gold eases from new $1,980 record as dollar lifts ahead of Fed meeting – business live

Gold rally cools amid profit-taking

Julie Palmer, partner at business advisory and restructuring firm Begbies Traynor, says:

The success of Greggs has been the envy of the high street in recent years, however, even the bakery chain hasn’t been immune to the impact of Covid-19 which has forced its stores to close and eaten away at its top line.

For Greggs, achieving rent reductions from landlords will be first on the tick list, and indeed this has been a priority for many on the high street. But once these costs have been reduced its push to return to success will begin. And given its track record of marketing & PR success with its famous vegan sausage roll, I wouldn’t be surprised to see another high profile campaign on the horizon that captures the sentiment of a nation experiencing seismic change.

Let’s have a look at today’s corporate news. Greggs, Britain’s biggest bakery chain (known for its vegan sausage roll) has warned that sales won’t get back to pre-pandemic levels for as long as physical distancing continues.

But it’s fared better than other retailers: sales are now running at 72% of the 2019 level. All of its 2,050 stores reopened by July, after being forced to close during the Covid-19 lockdown imposed on 23 March. Greggs made a £65.2m loss before tax in the first half, compared with a £36.7m profit a year ago.

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‘Egregious’ distancing violations at Hamptons charity concert – Cuomo

New York governor says event featuring Goldman Sachs CEO and Chainsmokers breached Covid-19 rules

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  • New York health authorities are to investigate a charity concert in the Hamptons, which included performances by the Goldman Sachs chief David Solomon and DJ duo the Chainsmokers, over “egregious” social distancing violations.

    The drive-in event, Safe & Sound, had space for about 600 cars and was held in Southampton village on Saturday. It was the first in a series of such concerts planned for the US, according to the organisers’ website.

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    Investors drop Brazil meat giant JBS

    Top investment house delists world biggest meat producer over lack of commitment to sustainability issues

    The investment arm of northern Europe’s largest financial services group has dropped JBS, the world’s biggest meat processer, from its portfolio. The Brazilian company is now excluded from assets sold by Nordea Asset Management, which controls a €230bn (£210bn) fund, according to Eric Pedersen, its head of responsible investments.

    The decision was taken about a month ago, over the meat giant’s links to farms involved in Amazon deforestation, its response to the Covid-19 outbreak, past corruption scandals, and frustrations over engagement with the company on such issues. “The exclusion of JBS is quite dramatic for us because it is from all of our funds, not just the ones labelled ESG,” Pedersen said.

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    ‘I have to work’: arrivals from Spain vent anger at quarantine decision

    People arriving in Stansted tell of their surprise at having to now self-isolate for two weeks

    People flying into Britain from Spain have attacked the government’s decision to impose a 14-day quarantine on people returning from the country, saying they were given no warning and that they felt safer in Spain.

    As flights from Jerez, Alicante, Valencia and Palma landed in quick succession on Sunday afternoon at Stansted airport, passengers found themselves faced with the realisation that they were about to enter into an unexpected period of self-isolation.

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    Australia’s childcare centres struggle to pay up to $9,000 for Covid-19 cleaning

    One-size-fits-all approach for sector puts not-for-profits in jeopardy, union warns

    The not-for-profit early childcare education sector is struggling to pay up to $9,000 for deep cleaning each time a Covid-19 case is identified, while federal government transition payments may not be enough to keep the sector afloat as parents pull their children out of the system.

    The United Workers Union’s director for early childhood education, Helen Gibbons, said the one-size-fits-all approach towards the early childcare sector needed a rethink or the community risked losing not-for-profit childcare centres, which comprise just under half of the sector.

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    ‘Major’ breakthrough in Covid-19 drug makes UK professors millionaires

    Synairgen’s share price rises 540% on morning of news of successful drugs trial

    Three professors at the University of Southampton school of medicine have this week made a “major breakthrough” in the treatment of coronavirus patients and become paper millionaires at the same time.

    Almost two decades ago professors Ratko Djukanovic, Stephen Holgate and Donna Davies discovered that people with asthma and chronic lung disease lacked a protein called interferon beta, which helps fight off the common cold. They worked out that patients’ defences against viral infection could be boosted if the missing protein were replaced.

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    Australian retailers urge government to broaden employers’ power to cut workers’ hours

    The National Retail Association wants all businesses to have greater flexibility, not just those receiving jobkeeper

    Australia’s retailers are calling on the Morrison government to broaden the power of employers to cut workers’ hours and change duties, as Labor signalled it will oppose the move to extend flexibility linked to the jobkeeper wage subsidy.

    The National Retail Association chief executive, Dominique Lamb, told Guardian Australia the government should consider granting all businesses the flexibility to vary work hours – not just the firms in receipt of the jobkeeper wage subsidy.

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    Smartwatch maker Garmin hit by outages after ransomware attack

    US company forced to shut down call centres, website and some other online services

    Garmin has been forced to shut down its call centres, website and some other online services after a ransomware attack encrypted the smartwatch maker’s internal network and some production systems.

    The US company shut down services including the official Garmin website and all customer services, including phone lines, online chat and email.

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    Australia’s Coon cheese to change name in effort to help ‘eliminate racism’

    Company has previously resisted calls to change branding, saying it was named after American cheesemaker Edward William Coon

    The Australian cheese brand Coon will change its name to help “eliminate racism” following a campaign stating the product name was offensive to Indigenous Australians.

    Friday’s announcement by Saputo, the dairy company that owns Coon, “to retire the Coon brand name”, comes after a decades-long effort to rename the cheese, including an unsuccessful 1999 complaint to the Australian Human Rights Commission from Indigenous activist Dr Stephen Hagan.

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    Morgan Stanley: ex-employees seek contract release to allege racial discrimination

    Former workers have ‘important’ stories to tell and ‘feel a heightened sense of obligation to come forward’, lawyer says

    At least six former employees are asking Morgan Stanley to release them from confidentiality agreements so they can tell their stories of alleged racial discrimination at the investment bank.

    Related: Mike Pompeo attacks WHO in private meeting during UK visit

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    UK will ‘bear the consequences’ for Hong Kong decision, China warns

    Ambassador to London calls extradition treaty suspension ‘blatant’ interference in Chinese affairs and a contravention of international law

    China’s ambassador has accused the UK government of blatantly interfering in China’s internal affairs by suspending extradition with Hong Kong, and led a cavalcade of Beijing voices warning of consequences.

    On Monday the UK foreign secretary, Dominic Raab, announced his government would follow moves by Australia, Canada, and the US, and formally suspend its extradition agreement with Hong Kong in response to Beijing’s unilateral imposition of national security laws.

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    Coalition to overhaul jobkeeper and jobseeker Covid-19 subsidies by cutting support rates

    Reductions to the coronavirus supplements will start from 28 September and include tighter eligibility requirements

    The Morrison government will reduce the level of income support paid out under the jobkeeper and jobseeker payments from 28 September, and create two payment tiers for the wage subsidy to ensure the rate aligns more closely with people’s pre-Covid income, rather than giving part-timers and casuals a pay rise.

    The overhaul will be unveiled by Scott Morrison and Josh Frydenberg on Tuesday ahead of an economic statement the government will deliver on Thursday. As well as lowering the rate of both the jobkeeper wage subsidy and the $550 coronavirus supplement in jobseeker after September, the government will tighten the eligibility requirements for both payments – including retesting businesses in October.

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    Revealed: NHS denied PPE at height of Covid-19 as supplier prioritised China

    Disclosures call into question UK’s reliance on ‘just in time’ logistics during pandemic

    The NHS was deprived of large amounts of protective gear at the height of the coronavirus outbreak after a French company contracted to supply millions of masks allegedly prioritised more lucrative deals with deep-pocketed clients including a Chinese state-owned energy company.

    A joint investigation by the Guardian and the French news website Mediapart has uncovered evidence suggesting the mask manufacturer Valmy failed to fulfil the terms of a £1.2m contract with the NHS to supply about 7m masks in the event of a pandemic.

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    Africa can become a renewable energy superpower – if climate deniers are kept at bay

    Nigel Lawson’s thinktank is pushing dirty energy on the continent with the greatest capacity for creating clean fuel

    The power of climate science denial in the UK, thankfully, has been in retreat over the past decade. Nigel Lawson’s Global Warming Policy Foundation (GWPF) may still boast a prime Westminster address, but its influence has waned. In fact, its decline aptly mirrors the fortunes of the coal industry, including US titans such as Peabody Energy, which saw its share price plunge 99% between 2008 and 2016 before filing for chapter 11 bankruptcy.

    With countries rightly phasing coal out of their energy mix, the GWPF has turned its sights on Africa to peddle its misinformation about the merits of burning fossil fuels. It has published a new report, derisively titled Heart of Darkness: Why Electricity for Africa is a Security Issue, and launched a glossy website for “energy justice”, which uses the language of climate justice campaigners to try to undermine renewable energy.

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    BA begins to carry out its ‘fire and rehire’ threat to jobs

    As airline moves to cut 12,000 jobs, senior crew told they will get 80% of current basic pay

    British Airways has started carrying out its threat to fire and rehire thousands of workers – days after unions joined talks with a plan to save jobs.

    Long-serving cabin crew were served notice this week to either accept an enhanced redundancy package within three weeks, or risk losing it by reapplying for a similar job at much lower pay.

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