Michael Gove is to be warned by union bosses today of the "calamitous" impact of a no-deal Brexit on UK jobs.
A delegation of long-serving manufacturing workers organised by the Unite union will urge the cabinet minister to consider the enormity of leaving the EU without a deal.
Steve Turner, assistant general secretary of Unite said a no-deal exit would be a "death sentence" for many UK manufacturing jobs.
Links is latest victim of 'difficult trading conditions'
Jewellery chain Links of London is the latest casualty of the dire set of circumstances facing British retailers: large rent bills, stiff competition from online retailers, less people visiting high streets and more.
Links administrator, Matt Smith, of Deloitte puts it mildly: "The company has had to contend with difficult trading conditions that have impacted the whole retail sector.
"The directors have been seeking alternative solutions, including consideration of a CVA, refinancing or sale, but have unfortunately been unable to conclude such a transaction."
Links' parent company has had its own fraud problems to add to this toxic mix.
Just a couple of days ago Links was touting its bold new 'Brutalist' campaign:
Environmentally responsible consumer choices are about to wildly transform the world’s largest industries
Something big is going on, writes Hamish McRae.
""Ignore, if you can, the protests by Extinction Rebellion. Push aside the hypocrisy of actors who fly first class across the Atlantic to protest about carbon emissions.
Forget about the billionaires who preach sustainability but are quite happy to keep their yachts. Focus instead on the way in which the great mass of ordinary people are gradually changing their habits in response to rising concerns about the environment."
Hamish Mcrae: How environmentally responsible consumer choices are wildly transforming our biggest industries
The way we engage with society is changing. These are the next areas of economic activity that could be unrecognisable in the coming yearsLinks of London goes into administration
High street jewellery retailer Links of London has slid into administration, putting 350 jobs at risk.
The retailer has appointed Deloitte as administrators in an attempt to secure a rescue sale, while the business continues to trade.
The British brand, which has 28 stores and seven concessions in the UK and Ireland, is owned by troubled Greek company Folli Follie, which was plunged into crisis over a fraud related to overstating sales.
Press Association
The FT has corrected its story form earlier stating that China is willing to buy an extra $10bn of US goods each year in order to make progress on trade talks.
The amount's been revised to 20 million to 30 million tonnes of soybeans, which would be worth closer to $3bn
BT pledges faster broadband for 700,000 homes
BT has pledged to upgrade 700,000 homes and businesses to faster broadband by summer 2020.
The telecoms provider said it plans to boost customer's average speeds from around 10Mbps to 50Mbps, with improved Wi-Fi to be delivered through upgraded smart hubs, at no extra cost.
BT intends to stop selling standard broadband connections on the legacy BT copper network to 90% of the UK and promised to use all available technologies to provide the fastest connections possible for the 10% unable to get superfast connections.
The company has already said it is aiming to reach four million homes and businesses with its next generation full fibre offering by the end of March 2021.
Press Association
Stock markets jump on renewed hopes of trade deal
The FTSE 100 has been given a boost by reports that China is open to a trade deal with the US.
The blue-chip index of leading shares is up 0.4 per cent today to 7,173.86.
China offers to buy extra $10bn of US goods - FT
The Financial Times is reporting that Chinese officials are offering to buy an extra $10bn of US agricultural produce every year in an attempt to placate Washington.
Trump administration officials are due to meet with Chinese counterparts tomorrow with the president set to fly in if progress is made.
Beijing's lead negotiator is "coming with real offers, it's not an empty visit" a source briefed on the matter told the newspaper.
The US announced sanctions this week on Chinese firms alleged to be involved in the mass detention of Muslims in western China.
Up to 2,000 Thomas Cook staff may return to former stores
The latest on Thomas Cook, from Simon Calder:
All Thomas Cook stores in the UK will be acquired by a rival travel firm.
The 555 high street stores have been bought by Hays Travel, an independent travel agent, which will also safeguard a “significant number” of jobs for former employees. Hays has already recruited 421 former Thomas Cook staff. It is believed up to 2,000 staff may return to their former stores.
All 555 Thomas Cook stores bought by rival travel firm
The move will safeguard jobs for former Thomas Cook employees
Barclays protects 100 rural branches from closure – but there’s a catch
Barclays' plans to halt branch closures is not all that it seems, writes The Independent's Chief business commentator James Moore.
"Does this mean banking with hugs is becoming a reality?
"Well, not quite. And there is a sting in the tail. This is, after all, banking we’re talking about. There’s always a catch."
Barclays protects 100 rural branches from closure – but there’s a catch
The bank is pulling out of a scheme that allows its customers to make withdrawals with their debit cards from post offices, writes James MooreBank of England takes aim at Facebook over digital currency plans
Facebook's proposed Libra digital currency has attracted further attention today from the Bank of England.
Concerns have already been raised that the cryptocurrency could be misused by criminals. And Facebook's record on privacy is hardly unblemished.
The BoE said:
Libra has the potential to become a systemically important payment system. The FPC judges that such a system would need to meet the highest standards of resilience and be subject to appropriate supervisory oversight, consistent with the principles set out above.
The terms of engagement for innovations such as Libra must be adopted in advance of any launch. UK authorities should use their powers accordingly.
Trade war is biggest threat to global economy, says BoE
More from those Bnak of England FPC minutes:
The intensified trade war between the United States and China has weighed on global growth and poses the biggest near-term risk to the global economy.
…
A broadening of the trade war beyond tariff measures to restrictions on technology and capital, and to other jurisdictions, would magnify global risks and fragment the global economy.
Even if a protectionist-driven global slowdown were to spill over to the UK at the same time as a worst-case disorderly Brexit, the FPC judges that the core UK banking system would be strong enough to absorb, rather than amplify, the resulting economic shocks.
Johnson & Johnson to pay $8bn to man over breast growth linked to drug
Johnson & Johnson and a subsidiary have been ordered to pay $8bn (£6.5bn) in punitive damages to a man who claimed the company failed to warn that young men using its antipsychotic drug Risperdal could grow breasts.
Lawyers for the plaintiff, Nicholas Murray, said the company “valued profits over safety and profits over patients”.
J&J said the award is “grossly disproportionate with the initial compensatory award in this case, and the company is confident it will be overturned”. It added that the jury in the case had not been allowed to hear evidence of Risperdal’s benefits.
Johnson & Johnson must pay $8bn to man over breast growth linked to antipsychotic drug
Nicholas Murray, like other male plaintiffs in mass litigation over Risperdal, alleges he developed breasts after being prescribed drug when he was a minorThe Bank of England has issued a new warning on Brexit.
Minutes from its latest Financial Policy Committee state:
"Although actions by businesses and authorities have resulted in some improvement in the preparedness of the UK economy for a no-deal Brexit, material risks of economic disruption remain."
...
"The core of the UK financial system including banks, broker dealers and insurance companies is resilient to and prepared for the wide range of risks it could face, including a worst-case disorderly Brexit.
"The FPC continues to judge that its 2018 stress test of major UK banks was sufficiently severe to encompass a worst-case disorderly Brexit. The core UK banking system demonstrated its resilience to – and capacity to keep lending in – that stress scenario."
Quiet trading of the pound in currency markets today, with no big new developments on Brexit this morning, so far at least.
Sterling is basically flat against the euro at €1.116 and up 0.24 per cent against the dollar, $1.225.
'A much-loved brand employing talented people'
John and Irene Hays, managing director and group chair of Hays Travel, have commented on their purchase of Thomas Cook's entire UK estate:
Thomas Cook was a much-loved brand employing talented people. We look forward to working with many of them.
Exactly how many that could be is not yet clear but it is thought a maximum of 2,500 jobs might be saved by this deal.
Thomas Cook retail estate sold, saving hundreds of jobs
Hays Travel, Britain's largest independent travel agent, is buying all of Thomas Cook's UK 555 stores.
Hays Travel has already recruited 421 former Thomas Cook personnel and has further offers outstanding to former employees.
Jim Tucker, partner at KPMG and joint special Manager of Thomas Cook’s Retail division, said:
This is an extremely positive outcome, and we are delighted to have secured this agreement. It provides re-employment opportunities for a significant number of former Thomas Cook employees, and secures the future of retail sites up and down the UK high street.We are pleased to have achieved this in a short time frame and in the context of a complex liquidation process, which is testament to a lot of hard work from a number of parties.Over the weeks ahead, we will work closely with Hays Travel and landlords to ensure a smooth transition of the store estate.
'Biggest outsourced workers strike in history'
Hundreds of outsourced cleaners are voting on strike action demanding workers' rights.
Twitter 'mistakenly' used personal details to customise adverts
Twitter has claimed it mistakenly misused phone numbers and emails provided by users for security purposes to target adverts at them.
In the latest example of tech companies misusing people's data to make a profit, Twitter said security details "may have inadvertently been used for advertising purposes".
Users provide their details for additional security and protection such as two-factor authentication. But instead, it turns out, the data was also used to make more money for Twitter and its shareholders.
The company won't say how many people have been affected.
"When an advertiser uploaded their marketing list, we may have matched people on Twitter to their list based on the email or phone number the Twitter account holder provided for safety and security purposes," Twitter said in a statement.
"This was an error and we apologise."
Zantac recalled urgently across world over cancer-linked chemical fears
Zantac, a popular medicine for heartburn and stomach ulcer, has been urgently recalled in all markets over fears it is contaminated with a chemical linked to cancer.
The Medicines and Healthcare products Regulatory Agency (MHRA) at the UK’s Department of Health sent an alert to healthcare professionals calling for all unexpired stocks of four types of Zantac, made by GlaxoSmithKline, to be returned.
The recall is due to possible contamination of ranitidine – the active substance in the medication that reduces stomach acid levels – with an impurity linked to the development of certain cancers.
Heartburn medicine urgently recalled over cancer-causing chemical fears
Four prescription-only types of Zantac made by GlaxoSmithKline are taken off market, while over-the-counter products are unaffectedEnglish house builders report weakest demand since 2013
Demand for newly built houses in England has fallen to a six-year low as home buyers await more certainty over Brexit before going ahead with a major purchase, according to an annual survey of small construction companies.
The Federation of Master Builders (FMB), a trade body, said its members considered land, finance and skilled workers easier to find than a year ago, but that demand from home buyers had slowed further to its lowest since 2013.
“Small house builders are starting to see the effects of Brexit uncertainty taking its toll on consumer confidence. Many prospective homeowners are clearly holding off buying until there is more political and economic certainty,” FMB chief executive Brian Berry said.
Reuters
