Category Archives: Sterling

Sterling reaches $1.39 in best performance for three years

Posted on by

FTSE 100 posts biggest daily gain for over a month as investors buoyed up by vaccine and US economy hopes

The pound has hit its highest level against the dollar for almost three years as global markets were buoyed up by hopes for a faster economic recovery from the coronavirus pandemic.

Sterling rose by 0.5% to hit a 33-month high against the dollar on Monday, trading above $1.39 on the global currency markets for the first time since 2018, while also rising to a nine-month high against the euro of almost €1.15.

Continue reading...

UK car sales slump as 2,000 workers lose their jobs in Covid-19 crisis – business live

Posted on by

Live coverage as Aston Martin and car dealer Lookers announce costs savings plans

Young’s pub chain intends to open all of its 276 sites by the 3 August, and is hopeful the business can “bounce back” once its pubs are allowed to reopen, but expects trading to be “materially below average” for the rest of the year.

Another interesting detail from the SMMT data: Tesla’s Model 3 was the most popular car during May.

Continue reading...

More than 10m workers paid £21.8bn in UK government coronavirus support – business live

Posted on by

Live coverage of business, economics and financial markets

In total the coronavirus government support for UK workers has come to £21.8bn, if you add together the money paid for furloughed employees and income support for self-employed workers.

More than 10m British workers have been given some form of income support, if furlough numbers are added to those who have claimed self-employed support*.

More struggles for the British property sector:


British Land, which owns shopping centres including Sheffield’s Meadowhall and Drake Circus in Plymouth, has written down the value of its retail portfolio by more than a quarter due to the impact of the coronavirus.

Related: Shopping centre owner British Land slashes value of retail portfolio

Continue reading...

Philip Pullman calls for boycott of Brexit 50p coin over ‘missing’ Oxford comma

Posted on by

Critics fume over the omission of Oxford comma from phrase ‘Peace, prosperity and friendship’ as new coin enters circulation

It is a debate that has torn the nation in two, ripped friends and family apart, and entrenched deep and uncrossable lines throughout the land. Should the Royal Mint have used an Oxford comma on its Brexit 50p piece?

Three million coins bearing the slogan “Peace, prosperity and friendship with all nations” are due to enter circulation from 31 January, with Sajid Javid, chancellor of the exchequer, expressing his hope that the commemorative coin will mark “the beginning of this new chapter” as the UK leaves the European Union.

Continue reading...

German recession fears rise as industrial output tumbles – business live

Posted on by

Rolling coverage of business, economics and markets as factories in Europe’s largest economy stutter

Eurozone growth came in unchanged on its third estimate: 0.2% growth in the second quarter of the year.

A minor beat on the headline year-on-year growth rate, remaining at 1.2% against 1.1% expectations, but otherwise no shocks.

Labour has confirmed that it will not vote for an election on Monday even if a bill intended to stop a no-deal Brexit passes before then.

If we vote to have a general election, then no matter what it is that Boris Johnson promises, it is up to him to advise the Queen when the general election should be. And given that he has shown himself to be a manifest liar, and someone who has said that he will die in a ditch rather than stop no deal, and indeed his adviser, [Dominic] Cummings, has been swearing and shouting at MPs saying they are leaving on 31 [October] no matter what, our first priority has to be that we must stop no deal and we must make sure that that is going to happen.

Related: Brexit: Labour confirms it will not vote on Monday for early election - live news

Continue reading...

Obscene texts and corruption: the downfall of Puerto Rico’s governor – podcast

Posted on by

Mass protests triggered by leaked text messages have led to the resignation of Ricardo Rosselló. Oliver Laughland discusses his time on the island. And: Larry Elliott on why sterling is at a 28-month low

Hundreds of thousands of people have lined the streets of Puerto Rico over the past couple of weeks in some of the largest demonstrations in the US territory’s history. They began in response to hundreds of pages of leaked text messages between the governor, Ricardo Rosselló, and 11 members of his inner circle, which made homophobic and sexist jokes and mocked the victims of Hurricane Maria.

However, the problems go further back than July. The Rosselló administration has been plagued by allegations of corruption and mismanagement during the response to Hurricane Maria. Shortly before the messages were leaked, the FBI arrested five former government officials and contractors accused of misappropriating millions of dollars in federal funds given to the island after the disaster.

Continue reading...

UK’s 12-sided pound coin goes global with rollout to overseas territories

Posted on by

Coins expected to bring increased security to economies of British territories and dependencies

The UK’s 12-sided one pound coin is “going global”, the Treasury has announced – as overseas territories and crown dependencies will be able to design and mint their own versions of it.

The coin, which was introduced in 2017 and boasts features designed to thwart criminals trying to produce copies, has been described by the government as “the most secure of its kind in the world”.

Continue reading...