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United kingdom residence income in coronavirus summertime slump

Estate agentGraphic copyright
PA Media

Summer time residence income in the Uk ended up nearly a third lessen than very last year in spite of a pick up since the housing industry reopened.

A full of 68,670 household houses ended up marketed in June, information from HM Revenue and Customs (HMRC) displays.

This was down 31.5% on the exact same month a calendar year in the past, but up 50% on May possibly.

Demand for home has risen and, as housing is a critical element of the British isles economic climate, the govt has raised the incentives for prospective buyers.

Chancellor Rishi Sunak introduced a short-term holiday break on stamp obligation on the initially £500,000 of all residence sales in England and Northern Eire in his summer season assertion.

But that evaluate arrived into force in July – too late to be mirrored in the newest gross sales figures.

Home product sales from April to June were the least expensive for 3 months of any year considering that existing HMRC documents began in 2005.

The tax authority stated this mirrored the “influence” of coronavirus on the British isles house market.

The sector was effectively shut down for the duration of lockdown, with England the first element of the British isles to resume viewings and revenue in mid-Could, some months in advance of other nations of the Uk.

  • Stamp responsibility vacation: How will it function?
  • How the fiscal shockwave is influencing positions and dollars

Individuals reconsidering their domestic set-up during lockdown, the easing of constraints, and the stamp duty getaway are noted to have boosted demand from prospective buyers.

The market will be looking at intently to see if this feeds via to true product sales, with some commentators suggesting desire may perhaps be quick-lived as persons come to feel the monetary pressures of task losses and a fall in profits.

Paul Stockwell, main professional officer at Gatehouse Financial institution, explained: “Though the transactions figures have not enhanced noticeably considering that May possibly, the character of the property sector implies people today have not experienced more than enough time to get via the relocating approach.

“It will take a bit extended for us to see how much new activity there has been in the sector because it reopened in Might.”

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Holiday getaway agency Tui to shut 166 Superior Road stores

Tui shopImage copyright
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Travel organization Tui is set to shut 166 Large Road outlets in the Uk and Eire, affecting up to 900 jobs.

The UK’s premier tour operator stated it hoped to preserve on 630 staff in a combine of revenue and property-working roles and in remaining stores.

The final decision was produced immediately after changes in purchaser behaviour, including a shift to online, the firm stated in a assertion.

About 350 retail shops will keep on being adhering to the closures.

The retailers set to shut have been decided on centered on a range of components, together with neighborhood current market knowledge and “predictions on the long run of travel”, the agency reported.

Tui mentioned it will not release the record of shops at hazard during the session interval, but additional that none of all those that have reopened because lockdown will be shut.

“We want to be in the most effective position to offer superb shopper services, whether or not it truly is in a High Avenue retail outlet, around the phone or on the internet, and will go on to put the customer at the coronary heart of what we do,” said Andrew Flintham, controlling director of Tui United kingdom and Ireland.

“It is thus imperative that we make these difficult value choices, look immediately after our colleagues through this kind of unprecedented uncertainty and also offer you a modern buyer service.”

Tui also informed the BBC that it experienced shut abroad consumer providers centres in Mumbai and Johannesburg in a bid to defend Uk jobs.

Accelerated change

The business declared in Could that it prepared to cut all around 8,000 work opportunities globally as it sought to lower overhead expenses by 30% in a big restructuring.

But as the coronavirus pandemic has drawn on, the shift to on the internet has accelerated.

“Customer behaviours have currently adjusted in current decades, with 70% of all Tui United kingdom bookings using spot online,” Mr Flintham claimed.

  • Coronavirus: What are the Uk vacation quarantine rules?
  • Coronavirus: How to fly during a world pandemic

“We consider Covid-19 has only accelerated this alter in acquiring habits, with people today looking to obtain online or wishing to converse with journey gurus from the consolation of their very own property.

“We have world-course vacation advisers at Tui, so we hope many of them will develop into homeworkers and go on to give the personalised support we know our shoppers benefit.”

Derek Jones, Uk running director of travel company Kuoni, informed the BBC that he thinks the following 6 months will be “truly challenging for the travel sector”.

“Unfortunately, in my personal small business, we’re acquiring to make redundancies… but I believe travel businesses in the lengthy-time period have a vibrant future,” he explained.

“And although I’m exceptionally favourable and hopeful about the lengthy-time period, there is no doubt that the vacation market is heading for a pretty hard period of time and which is why we’re contacting on the govt for supplemental help.”

The United kingdom altered its assistance right after a spike in infections in some Spanish areas, which include Catalonia, the place Barcelona is located, and Aragon.

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Is Facebook favouring the ruling BJP in India?

Soutik Biswas
India correspondent

image copyrightGetty Images

image captionFacebook has more than 300 million users in India

Did Facebook go easy on hate speech by an Indian lawmaker belonging to the governing BJP to protect its interests in its biggest market? A Wall Street Journal report, based on interviews with current and former Facebook employees, suggests so, and it prompted immediate calls for an investigation. Soutik Biswas reports on the aftermath.

In its report, the WSJ said

Facebook deleted some hateful anti-Muslim posts by T Raja Singh, a lawmaker from India’s southern Telangana state only after the paper asked about them.

The paper reported that Facebook employees had decided in March that Mr Singh’s post violated the company’s hate speech rules and qualified as dangerous. But the firm’s top public policy executive in India, Ankhi Das, opposed applying “hate speech rules to Mr Singh and at least three other Hindu nationalist individuals and groups flagged internally for promoting or participating in the violence”.

Ms Das, the paper said, told employees that “punishing violations by politicians from Mr Modi’s party would damage the company’s business prospects in the country”.

The WSJ report has sparked calls by opposition MPs for investigations into Facebook’s conduct in India.

The leader of the main opposition Congress party, Rahul Gandhi, led the charge. He alleged that the BJP, and its ideological fountainhead, RSS, were “controlling” Facebook in India.

India’s information technology minister Ravi Shankar promptly responded. He alluded to his previous remarks in 2018 about “numerous reports” of Congress involvement with Cambridge Analytica and asking Mr Gandhi to “explain” the company’s role in his social media outreach. (That year India had taken down the local website of Cambridge Analytica following allegations the company used personal data of 50 million Facebook members to influence the US presidential elections.)
With more than 340 million users, India is Facebook’s biggest market. In April Facebook announced it was investing $5.7bn (£4.6bn) in cut-price Indian mobile internet company Reliance Jio, owned by the country’s richest person Mukesh Ambani. This would give Facebook a major foothold in India, where its WhatsApp chat service has 400m users and is about to launch a payments service.

I reached out to Facebook with a list of detailed questions. I asked why Facebook had not taken down Mr Singh’s posts earlier, what it did with the lawmaker’s account, and how many pages had been taken down and accounts suspended in India for hate speech.

“We prohibit hate speech and content that incites violence and we enforce these policies globally without regard to anyone’s political position or party affiliation. While we know there is more to do, we’re making progress on enforcement and conduct regular audits of our process to ensure fairness and accuracy,” a Facebook spokesperson replied in an email response. The firm did not provide any more details.

Separately, Andy Stone, a Facebook spokesman, acknowledged to WSJ that Ankhi Das had “raised concerns about the political fallout that would result from designating Mr Singh a dangerous individual, but said her opposition wasn’t the sole factor in the company’s decision to let Mr Singh on the platform”. Mr Stone told me he had nothing more to add.

The BJP lawmaker T Raja Singh said his official page on Facebook with 300,000 followers was “hacked and deleted” in 2018 and he had complained about it to the local cyber crime detectives. “I don’t know whether it was misused,” he told me.

He said Facebook might have recently taken down pages floated by his followers and containing inflammatory content. He said his followers might have “uploaded hate speech” on these pages.

image captionMr Singh says his Facebook page was ‘hacked into and deleted’ in 2018

“Sometimes I go to public meetings and talk in style. My followers might have uploaded those videos”, Mr Singh, the sole BJP legislator in the 119-member elected Telangana state assembly said. Mr Stone told WSJ that Facebook is still considering whether it will ban the legislator.

When I asked him why he would post such incendiary content Mr Singh said: “There are a lot of anti-socials in my area. I counter them in their language, sometimes it is communal”. He said his Instagram account, which was still active, was not being operated by him.

This is not the first time allegations have been raised that Facebook is favouring the governing party.

A series of articles by journalists Cyril Sam and Paranjoy Guha Thakurta in 2018, wrote about the social media platform’s “dominant position in India with more than a little help from friends of Prime Minister Narendra Modi and the BJP”, among other things. (The articles also looked at the Congress party’s own “relations with Facebook”.)

The Congress party’s chief of data analytics, Praveen Chakravarty, says he met senior Facebook officials in the US and India in 2018 and “discussed the issue of bias and partisanship of their India leadership team” and denying to accept party advertisements relating to a controversial fighter jet deal by the government. “I was told that it will be looked into but nothing happened,” he says.

Last year, Derek O’Brien, a lawmaker belonging to the opposition Trinamul Congress party, raised the issue in the parliament. “Facebook censors anti-BJP news. Its algorithm censors anti-BJP news,” Mr O’Brien said in a short speech. When I reached out to him at the weekend, Mr O’Brien said: “There are other important issues to raise in the parliament, but this will not go unnoticed.”

Shashi Tharoor, a prominent Congress MP who heads a parliamentary committee on information technology, says he believes the “recent revelations raise questions that require explanation”.

image copyrightAFP
image captionPrime Minister Modi and Facebook boss Mark Zuckerberg in 2015

“The subject is serious because of Facebook’s extensive reach in India and the potential for hate speech to incite violence and other unlawful behaviour. How worrying this is to be determined after a hearing process is concluded, not on the basis of media reports,” he told me.

Chinmayi Arun, a fellow at the Information Society Project at Yale Law School, says it is difficult to assess Facebook’s record without access to the company’s data in India.

“There are contexts in which they have reacted swiftly or improved their policies based on feedback. But the system for implementation is opaque and one is unlikely to hear about the sort of incident that the WSJ reported unless insiders share information only available to Facebook,” Ms Arun told me.

In its latest biannual Community Standards Enforcement Report, Facebook said it had taken action against more than 20 million pieces of hate speech content that had violated its community standards between January and March. But in its biggest market, many say the social media behemoth needs to do more.

Related Topics

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Newbie traders: ‘I didn’t know I might drop income so fast’

Kelly MillsImpression copyright
Kelly Mills

Graphic caption

Kelly Mills is a props assistant turned day trader

Caught at home devoid of a occupation for the duration of the pandemic, Kelly Mills in the beginning turned to movie online games for escape. Then she made a decision to try out her hand at a authentic environment video game: the inventory sector.

“I figured if I’m placing this considerably work into the investing of these fictitious turnips, then undoubtedly I can figure out how the true stock market operates,” she states.

Quickly the 34-yr-outdated from Louisiana, who worked in the movie market, was subsequent enterprise rumours on Reddit, dialling into executive convention calls and tracking share rates as obsessively as posts on Instagram.

“I’m cooped up, I’m bored, I’ve received absolutely nothing much better to do,” she claims. “This is just not me trying to make income. I am just trying to move the time.”

Like Ms Mills, tens of millions of new investors in the US have piled into shares in recent months, enabled by a remarkable crash in share charges in March, on the internet brokerages giving low or no charges, and pandemic payments from the govt.

Online brokers – Charles Schwab, TD Ameritrade, Etrade and Robinhood – collectively saw much more than 4.5 million new accounts in the initial three months of the 12 months, with lots of opened at the peak of industry fears in March.

Eric Sutherland, who will work in income and life in Colorado, made an account on Robinhood soon after hearing about the app from a friend. He has purchased about $1,300 (£1,040) value of shares since March.

“You see the sector crash and it truly is like, ‘Oh wow.’ It’s not like these usually are not heading to appear back again at some position, so why would you not?” he says.

Wall Street problems

Desire from the rookies has been one of the variables driving the swift market place rally, despite warnings from economists that restoration is probably to be sluggish and uneven.

Picture copyright
Eric Sutherland

Image caption

Eric Sutherland has bought shares in the very last number of months. “Why would you not?” he states

In the US, the Nasdaq index hit new highs in June and has ongoing to climb. The S&P 500 is down just 5% from its pre-pandemic record, though the Dow is off 10%.

When some investors are dabbling in penny shares, numerous are investing in properly-regarded shopper names these types of as Amazon and airways, which are likely to rise as the economic restoration gains traction, claims Nick Colas, co-founder of DataTrek Investigation.

“Their timing, by luck or by skill, was impeccable. They acquired the complete base, when items seemed pretty, quite terrible and have been riding the wave all the way back up,” he claims.

But the speedy rebound – speedier than the rally that followed the money crisis – has elevated fears about the dangers currently being taken by the amateurs.

Impression copyright
Getty Photographs

In the money media, their presence has drawn comparisons to the late 1990s surge in so-referred to as day buying and selling that is now witnessed as a warning indicator of the dotcom bust.

“They are just executing stupid factors and, in my opinion, this will end in tears,” billionaire hedge-funder Leon Cooperman told broadcaster CNBC in June.

The get worried is just not so a great deal for people like Ms Mills, who are looking for a pandemic pastime. It is for the men and women who might make investments so considerably that they finish up getting rid of every thing.

Past thirty day period, one 20-year-previous Robinhood trader was evidently so distraught around how significantly he believed he experienced lost that he killed himself.

Amid the outcry, Robinhood this week explained it was suspending its launch in the Uk indefinitely.

‘I had no idea’

The phenomenon of newbie investing is not confined to the US. Tom Priscott, 28, is from the British isles but at the moment working for a US computer software enterprise in the Spanish cash, Madrid, in which he life with his girlfriend.

“We were confined to our flat and I was pondering about supplementing my earnings,” he instructed the BBC. “Some of my friends ended up conversing about stock rates currently being as small as they’ve ever been.”

Picture copyright
Tom Priscott

Impression caption

Tom Priscott did not past extensive as a working day trader

He spent hours viewing on the internet tutorials and finding out how to trade, but when he opened an account, he burned via his stake in a subject of minutes.

“I commenced off with €100. I felt tremendous-assured seeing the ticker as stocks and shares had been going up and down,” he said.

He piled into oil at $16 a barrel, imagining the rate was absolutely sure to go up, but it fell practically straight away to $14.

“I did not have more than enough income to cover the decline, so it crashed out my posture and I acquired an electronic mail. I experienced no concept what had took place.

“I thought I was possessing barrels, but I was not, I was borrowing. It was the speediest €100 I might ever put in.”

‘Not stupid’

Ms Mills states she is well knowledgeable some of the existing buying and selling action is very little additional than speculation.

A single drone stock she adopted, for instance, climbed quickly as investors caught wind of a video by the founder’s daughter that seemed to tie the organization to Amazon, only to tumble yet again when no partnership was declared.

Impression copyright
Kelly Mills

Picture caption

Kelly Mills initially played online video online games ahead of choosing to play the stock sector

But Ms Mills – who offered her holdings ahead of the decrease, turning her $5 investment into about $100 – bristles at the tone of some of the remarks.

“I’m not silly,” she suggests. “I am assuming I’m never ever likely to see this revenue yet again and if I get some funds back or I crack even, which is really amazing.”

As the novelty of stockpicking wears off, and extra people today return to perform, desire could tumble off – but not automatically for everybody.

Mr Sutherland suggests he’s bought stocks with income he would have put in likely out with mates if lockdowns hadn’t been in put. But as limitations loosen, he claims, “We’ll see. I may well have to create a new line on the funds.”

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China’s Star industry aims to get on the Nasdaq

The launch of the SSE STAR Market in the hall of Shanghai Securities Exchange in Shanghai, China Monday, 22 July, 2019.Impression copyright
Getty Pictures

Impression caption

China’s Star industry released a year in the past this week in Shanghai

The Star marketplace, China’s remedy to the Nasdaq, celebrates its 1st anniversary this 7 days.

The tech-weighty inventory sector was set up at the request of President Xi Jinping as relations with the US began to sour.

Formally named the Shanghai Stock Exchange Science and Technologies Innovation Board, it now consists of additional than 120 firms.

It is now Asia’s most worthwhile inventory sector, valued at extra than $400bn (£314bn).

This month it strike a record amount in phrases of new listings as it raised additional than $7bn, a 46% maximize on July 2019 in accordance to figures from data organization Refinitiv.

This was boosted by previous week’s listing of semiconductor maker SMIC, China’s largest share sale in a decade.

Authorities think the Star marketplace is in a powerful posture to bring in listings from both Hong Kong, presented the political tensions there, and the US which is clamping down on the listing of Chinese companies.

  • Nasdaq to tighten principles amid fears above Chinese corporations
  • The gentleman making an attempt to end the virus (and fix China’s impression)

But can it rival the Nasdaq 100 which is far more than 20 periods larger?

The Nasdaq (Nationwide Affiliation of Securities Dealers Automated Quotations) inventory marketplace features its largest tech companies inside of an index named the Nasdaq 100.

This index attributes some of the world’s most valuable know-how businesses such as Apple, Microsoft and Amazon. It was well worth nearly $10tn at the end of 2019.

To mark its to start with yr anniversary, the Star current market declared on Thursday that it was also splitting off its major listings, to be involved in the Star Sector 50 Index.

“The move to thoroughly open up the Chinese cash markets is naturally a extensive time period truth – so the good results of a mainland-style Nasdaq is constantly going to come about in the long term,” said Andy Maynard, running director at China Renaissance expenditure bank.

“The fact of the size and complexity of China’s new economy participate in will usually make China appealing globally – just as Nasdaq has done considering that the ‘dot.com’ times.”

“The circumstances are incredibly eye-catching and would undoubtedly make the Star Market a deserving rival of the Nasdaq,” added Jacob Doo, main expense officer at Envysion Prosperity Administration.

A important variable is that the Star market’s listing needs “are significantly less stringent as in comparison to the Nasdaq, which has imposed limitations on IPOs for Chinese organizations”, Mr Doo stated.

Ant Team – which is section-owned by Alibaba – has announced options to listing on equally the Star sector and the Hong Kong stock exchange, in a move that could entice additional tech companies to observe suit.

Chinese carmaker Geely, which tends to make London black cabs, also has options to checklist on the Star market place.

On the other hand, industry experts say the Star industry desires to be far more obtainable to overseas buyers to proceed to appeal to far more listings.

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The two learners who took on Coke and Pepsi

The different versions of Fritz-KolaImage copyright
Fritz-Kola

Picture caption

Fritz-Kola was launched in 2003

The BBC’s weekly The Manager sequence profiles different enterprise leaders from all-around the environment. This 7 days we speak to Mirco Wiegert, co-founder and boss of delicate beverages company Fritz-Kola.

Learners Mirco Wiegert and Lorenz Hampl experienced resolved to established up their personal cola business, but there was a capture – they had no concept how to make the fizzy consume.

With the self-assurance of youth not letting that inconvenient point place them off, they decided to do some exploration.

“We Googled for cola recipes and components,” suggests Mirco, who was 28 at the time, in 2003.

Unfortunately, the online was not especially beneficial in answering that concern, so the two childhood friends from Hamburg, in northern Germany, experienced to imagine of a program B.

They started out phoning breweries throughout the state to see if just one could possibly be in a position to help them establish a cola recipe, and then bottle the consume for them.

Image copyright
Valeska Achenbach

Impression caption

Mirco Wiegert, pictured, and his friend Lorenz Hampl were being not heading to enable owning no practical experience of earning smooth beverages maintain them again

But with all the brewers active making Germany’s celebrated pilsners and other beers, Mirco suggests they strike “hundreds” of useless ends. Lots of that they identified as have been relatively perplexed as to why two younger gentlemen had been asking if they could make a gentle consume. Nevertheless, inevitably one reported certainly.

“In the stop we identified a modest brewery in western Germany,” states Mirco. “The brew grasp explained to us, ‘Come on men, check out me, and we will get some thing completed.'”

Afterwards that year Mirco and Lorenz experienced their first 170 crates of Fritz-Kola to sell, some 4,080 bottles. They made the decision to target impartial bars to get started with, relatively than solution supermarkets and other vendors.

So driving a van each and every, they went from bar to bar in Hamburg to try to provide them immediately.

Now their model is a family name in Germany, and past year it was the 2nd-largest seller of 330ml glass cola bottles in German shops, at the rear of only Coca-Cola. The figures from investigation team Nielsen confirmed that Fritz-Kola sold 71 million glass bottles of that dimension in 2019, when compared with 74 million at Coke, and just 337,000 at Pepsi.

While Coke and Pepsi sold lots of far more models in other formats, this sort of as plastic bottles of several sizes and cans, it is very an accomplishment for a enterprise released only 17 many years in the past from a pupil condominium.

Impression copyright
Florent Jalon

Impression caption

Production is outsourced to 5 crops

In 2003, Mirco and Lorenz determined to adapt a picture of their faces for their brand. Mirco claims this was due to the fact it was the most inexpensive alternative, alternatively than mainly because they were vain.

With just €7,000 (£6,300 $8,300) in blended financial savings to get the small business up and functioning, he states it would have been substantially additional pricey to get the rights to a distinct impression, or get a bespoke graphic intended.

“We paid out €100 to make our faces look pleasant,” states Mirco, now 44. “We requested our neighbour to use Photoshop to produce it, and we compensated €70 for the model registration, and we created our Fritz-Kola font.”

The close friends also selected a black and white label mainly because printing in colour was more costly.

To appear up with the title of the model, Mirco states they enable the standard general public pick out. They wrote 40 possibilities on a record, and questioned individuals outdoors a searching centre. Fritz, a normal German identify, won the poll.

When it arrived to the genuine liquid, they needed their cola to style unique to Coke and Pepsi, so they used fewer sugar, and included lemon juice. They also made a decision to increase a great deal extra caffeine.

“When you drink our cola, the taste ought to be a little bit a lot less sweet, but with much more thrust, like a caffeine rush,” suggests Mirco. “So we resolved we will place three moments extra caffeine in our cola [than the market leaders].

Fritz-Kola has 25mg of caffeine for each 100ml, in accordance to US news web page Ozy, which says this compares with 10mg in Coke, and 32mg in Purple Bull.

Much more The Boss functions:

Mirco admits that to begin with quite a few bars were being only not fascinated in stocking their item. “A ton of individuals couldn’t picture to consume or to try yet another cola than the mainstream cola at the time,” he states.

To assist persuade bars to say of course, the pair informed owners and professionals that if they have been not content with the sales, they could return any unsold stock for a whole refund.

“We worked 24/7 practically, and we experienced a great deal of enjoyment,” states Mirco. “We had been fortunate due to the fact men and women favored our cola brand name. They were being curious – they noticed these two learners with a peculiar cola, and they claimed, ‘Let’s give it a test.’ And they liked it.

“But it nevertheless took us about 3 decades to hire the very first staff members, to look a lot more like a company. Until eventually then we did not even have an office environment.”

By then profits had started out to develop speedier by way of phrase-of-mouth and the company’s use of irreverent advertisements, which carries on to this day. In 2017 its billboard adverts criticised Donald Trump, Vladimir Putin and Turkish President Recep Erdogan, showing paintings of the three leaders, together with the terms “Mensch, wach auf!” (Gentleman, wake up!).

Picture copyright
Fritz-Kola

Graphic caption

In 2017 Fritz-Kola created billboard adverts attacking Presidents Trump, Putin and Erdogan

Their cola is these days bought in bars and shops all spherical Europe. Following Germany the primary marketplaces are the Netherlands, Poland, Belgium and Austria.

Comfortable drinks analyst Linda Lichtmess from current market study company Euromonitor suggests Fritz-Cola is well-liked because consumers see it as currently being reliable.

“Its authenticity derives from its graphic of a company that was started by pupils who required to offer you a products with a greater style and larger caffeine articles than common cola,” she suggests.

Currently Fritz-Kola outsources generation to 5 bottling crops. And in addition to its standard cola, it now sells a sugar-totally free version and a selection of fruit beverages. Whilst the organization does not launch its monetary information, Forbes journal mentioned in 2018 that the firm’s income had been €7.4m in 2015.

Impression copyright
Getty Images

Picture caption

Mirco says individuals informed him and Lorenz that they have been mad to consider to acquire on Coca-Cola and Pepsi

Considering that 2016 Mirco has operate the Hamburg-based mostly company by himself, as Lorenz resolved to depart that calendar year to pursue other interests. Mirco now owns two-thirds of the shares, with the other third getting held by a range of traders.

Looking back on the earlier 17 decades, Mirco states that at the commencing nobody considered in them.

“They said, ‘You are stupid! You are competing with the largest models on earth.’ But for us it just meant even far more enjoyable, even additional of a challenge.

“These days I am responsible for 280 men and women. I have plenty of journey in my company, so I do not have to do just about anything else, I really like what I do.”

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Mini residence-getting growth qualified prospects to maximum at any time every month rate

houses for saleGraphic copyright
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Home costs hit a new all time higher in July as the assets sector slowly reopened, right after currently being place on pause in the course of the coronavirus lockdown.

In accordance to the latest Halifax Residence Rate Index the average value of a household was £241,604 final month, 1.7% larger than June’s £237,834.

Costs are 3.8% better than July 2019.

Halifax running director Russell Galley stated pent-up need and a deficiency of available residences had mixed to thrust up rates.

The government’s slice in stamp obligation experienced also boosted buyers’ enthusiasm, he claimed.

Previous month Chancellor Rishi Sunak declared a short term suspension of stamp duty on assets income up to £500,000 in England and Northern Ireland.

  • Dwelling charges ‘bounced back in July’
  • How will the stamp duty vacation get the job done?

These hottest figures mirror modern figures from the Nationwide Making Culture, which confirmed home charges bounced again in July, climbing 1.7% throughout the month.

“The most current information adds to the emerging see that the sector is dealing with a shocking spike publish lockdown,” mentioned Mr Galley.

But he warned that although the prospects for the housing current market had been brighter than might have been envisioned a few months in the past, the effects of the pandemic had been even now building a terrific deal of extensive-time period uncertainty.

“As authorities support steps occur to an end, the ensuing affect on the macroeconomic natural environment, and in change the housing sector, will start out to turn out to be far more apparent,” he included.

This perspective was echoed by Anna Clare Harper, creator of Strategic Assets Review, who mentioned that the Halifax results reflected present self confidence in the financial state:

“What we are not able to forecast is what occurs up coming: economically, and in plan.

“What we can forecast correctly is that these two aspects will demonstrate basic to the potential of the United kingdom housing industry.”, she said.

Another assets professional, Tomer Aboody, director of MT Finance, termed on the federal government to consider even more stamp duty reduction on properties selling for more than £500,000 as he stressed the importance of the sector to the United kingdom economic system.

“Now a lot more than at any time the housing marketplace need to be looked upon as the foundation on which to continue to keep the British isles functioning.”

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Boris Johnson warns ‘long, long way to go’ for UK economy

Boris Johnson wearing hi-vis and hard hat flanked by two others wearing the same.Image copyright
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Boris Johnson has warned the UK has a “long, long way to go” before the economy improves, after official figures showed the largest drop in employment in over a decade.

“Clearly there are going to be bumpy months ahead and a long, long way to go,” the Prime Minister said.

However, he said parts of the economy were “showing great resilience”.

Between April and June, the number of people in work fell by 220,000, the Office for National Statistics said.

The drop in the number of people employed was the largest quarterly decrease since May to July 2009, the depths of the financial crisis.

Mr Johnson said he had “absolutely no doubt” that government schemes would “help this country get through it”, adding: “it will get through it stronger than ever before”.

The youngest workers, oldest workers and those in manual occupations were the worst hit during the pandemic, the ONS added.

The figures do not include the millions of people who are furloughed, those on zero-hours contracts but not getting shifts, or people on temporary unpaid leave from a job, as they still count as employed.

As such, they do not capture the full impact of the pandemic. Similarly, the UK unemployment rate was estimated at 3.9%, largely unchanged on the year and the previous quarter.

Jonathan Athow, deputy national statistician at the ONS, said: “The groups of people most affected are younger workers, 24 and under, or older workers and those in more routine or less skilled jobs.

“This is concerning, as it’s harder for these groups to find a new job or get into a job as easily as other workers.”

How bad is this likely to get?

The UK economy has been battered by the coronavirus pandemic, but unemployment has not surged as much as feared because large numbers of firms have furloughed staff.

However, analysts said unemployment was set to worsen in coming months as the scheme wound down, warning of a looming “cliff-edge” and a “lull before the storm”.

From restaurants to retailers, many UK businesses are already planning job cuts with 140,000 redundancies announced in June alone.

According to the ONS, the number of average hours worked continued to fall in April-June, reaching record lows both on the year and on the quarter.

The number of people claiming universal credit – a benefit for those on low pay as well as unemployed people – rose to 2.7 million in July, up by 117% since March.

How does redundancy work?


Redundancy is a way for an employer to reduce their workforce.


Workers who have been continuously employed for two years can be offered a payment to compensate them for losing the job, or an alternative role within the same organisation.


Most workers are entitled to a notice period, and for redundancies of 20 or more people, the employer has to run a consultation with employees to discuss the best way forward.


There are rules to cover how redundancies are undertaken, to make sure that people being made redundant are selected fairly.

What happens after furlough?


The furlough scheme ends on 31 October. After this point, employers will have to decide if they can afford to retain all their existing staff.


If they cannot, they could consider extending the furlough period at the employer’s own expense, without government grants.


Companies sometimes ask staff to agree a temporary pay cut, or reduced hours, as a way to get through difficult trading periods.


However, it is likely that many companies will not be able to retain all their staff when they come back from furlough, and may have to consider making some staff redundant.

Can I get universal credit?


Universal credit is a payment from the government to help people who are on low, or no income.


It includes payments to help with childcare, caring responsibilities, or who can’t work because of sickness or disability.


To claim, you must be under state pension age, living in the UK, and have less than £16,000 in savings.


Some 16- and 17-year-olds can claim, though in most cases claimants have to be 18 or over.

How are ordinary people coping?

Theatre technician Charlotte Baker, 29, is out of work as a result of the coronavirus crisis.

She started a new job at the Fairfield Halls in Croydon in September last year and was furloughed in March.

In June, she was made redundant, even though she could have been kept on furlough.

Now management at the Fairfield Halls has said the venue will not reopen until April next year, forcing her to contemplate a possible career change.

“It’s definitely an uphill struggle and it’s proving harder than previous ones,” she told the BBC. “It’s hard to have a positive outlook.”

Charlotte has been looking into doing a carpentry course, but to obtain the necessary City and Guilds qualification would require her to spend £5,000 on training.

“It’s a mountain to climb. I wouldn’t mind climbing that mountain if it’s something that I’m passionate about, but I’m not sure,” she says.

“I’m hoping to make a decision by the end of August.”

  • Jobless in the pandemic: ‘It’s hard to stay positive’

Media playback is unsupported on your device

Media captionJulie Morris explains what it is like to be job hunting in your late 50s during coronavirus

How is this affecting people who still have jobs?

Between April and June there were falls in pay for those still working, with regular pay levels down 0.2% compared with a year earlier – the first negative pay growth since records began in 2001.

The number of people on zero-hours contracts also increased to more than one million.

“Early indicators for July 2020 suggest that the number of employees in the UK on payrolls is down around 730,000 compared with March 2020,” said the ONS.

It believes the main reason this is more extreme than the fall in employment is because of workers who have a job but are not doing any paid work at the moment.

  • Redundancy: ‘It’s been stressful and upsetting’
  • Which sectors are hiring and which are cutting back?

It added that a large number of people were estimated to be temporarily away from work, including furloughed workers – approximately 7.5 million in June 2020, with more than three million of these being away for three months or more.

The number of workers covered by the furlough scheme has since risen to 9.6 million by 9 August, and has yet to record a fall in any week since it began, separate statistics published on Tuesday by HM Revenue and Customs show.

The ONS said there had also been a sharp fall in the number of self-employed people between April and June.

It said there were 4.76 million self-employed people, 14.5% of all people in employment, a record 238,000 fewer than the previous quarter.

Is it all bad news?

If you’re a glass-half-full sort of person, there is some less than awful news in the latest labour market figures.

The number of vacancies, for example, rose from its record low by 10% in May to July as lockdown restrictions were eased. The number of hours worked saw a record drop in the second quarter from April to June, but in July it was down by only 3%, less than half the fall in May and June.

However, there are some less jolly signs. The number on employer payrolls had only dropped marginally in the previous two months, but saw a much bigger drop in July, down 114,000, in spite of the reopening of many shops, restaurants and pubs.

And employers are increasingly making employees bear the risk that there isn’t enough work for them to do, with the number of zero-hours contracts rising above one million for the first time.

And then there’s the record drop in self-employment. And all this in spite of the government spending more than £40bn trying to protect employment through furlough and self-employed income support.

Unemployment tends to peak well after economic shocks have been and gone: this time will be no different.

What are economists saying?

Ruth Gregory, senior UK economist at Capital Economics, said the latest employment figures were “the lull before the storm”.

She added: “The cracks evident in the latest batch of labour market data are likely to soon turn into a chasm, with the unemployment rate rising from 3.9% to around 7% by mid-2021.”

She said further rises in unemployment in the coming months were “all but inevitable as the furlough scheme unwinds”.

Capital Economics forecasts that the unemployment rate will peak at 7% in mid-2021 and remain above its pre-pandemic level of 4% until the end of 2022.

Ms Gregory said this suggested that the economic recovery would be “slow going”.

UK employment falls by biggest amount in a decade

Jeremy Thomson-Cook, chief economist at Equals Money, said the figures showed the true level of those out of work had been “very effectively lowered by the government’s furlough scheme” and that the worst lay ahead.

“Unfortunately, the end of the furlough scheme will present a cliff-edge, statistically and economically, for those currently relying on government support to make up their wages.”

What’s the political reaction?

Chancellor Rishi Sunak said the figures showed that the government’s “unprecedented support measures” were working to “safeguard millions of jobs and livelihoods that could otherwise have been lost”.

Shadow work and pensions secretary Jonathan Reynolds said it was “extremely worrying” that older workers, the self-employed and part-time workers had been hit hardest.

“Labour has repeatedly warned the government their one-size-fits-all approach will lead to job losses. These figures confirm what we feared – Britain is in the midst of a jobs crisis.”


Have you lost your job because of the pandemic? Please share your experiences by emailing

Please include a contact number if you are willing to speak to a BBC journalist.

  • WhatsApp: +44 7756 165803
  • Tweet: @BBC_HaveYourSay
  • Please read our terms & conditions and privacy policy

Categories
Uncategorized

Boris Johnson warns ‘long, long way to go’ for UK economy

Boris Johnson wearing hi-vis and hard hat flanked by two others wearing the same.Image copyright
Getty Images

Boris Johnson has warned the UK has a “long, long way to go” before the economy improves, after official figures showed the largest drop in employment in over a decade.

“Clearly there are going to be bumpy months ahead and a long, long way to go,” the Prime Minister said.

However, he said parts of the economy were “showing great resilience”.

Between April and June, the number of people in work fell by 220,000, the Office for National Statistics said.

The drop in the number of people employed was the largest quarterly decrease since May to July 2009, the depths of the financial crisis.

Mr Johnson said he had “absolutely no doubt” that government schemes would “help this country get through it”, adding: “it will get through it stronger than ever before”.

The youngest workers, oldest workers and those in manual occupations were the worst hit during the pandemic, the ONS added.

The figures do not include the millions of people who are furloughed, those on zero-hours contracts but not getting shifts, or people on temporary unpaid leave from a job, as they still count as employed.

As such, they do not capture the full impact of the pandemic. Similarly, the UK unemployment rate was estimated at 3.9%, largely unchanged on the year and the previous quarter.

Jonathan Athow, deputy national statistician at the ONS, said: “The groups of people most affected are younger workers, 24 and under, or older workers and those in more routine or less skilled jobs.

“This is concerning, as it’s harder for these groups to find a new job or get into a job as easily as other workers.”

How bad is this likely to get?

The UK economy has been battered by the coronavirus pandemic, but unemployment has not surged as much as feared because large numbers of firms have furloughed staff.

However, analysts said unemployment was set to worsen in coming months as the scheme wound down, warning of a looming “cliff-edge” and a “lull before the storm”.

From restaurants to retailers, many UK businesses are already planning job cuts with 140,000 redundancies announced in June alone.

According to the ONS, the number of average hours worked continued to fall in April-June, reaching record lows both on the year and on the quarter.

The number of people claiming universal credit – a benefit for those on low pay as well as unemployed people – rose to 2.7 million in July, up by 117% since March.

How does redundancy work?


Redundancy is a way for an employer to reduce their workforce.


Workers who have been continuously employed for two years can be offered a payment to compensate them for losing the job, or an alternative role within the same organisation.


Most workers are entitled to a notice period, and for redundancies of 20 or more people, the employer has to run a consultation with employees to discuss the best way forward.


There are rules to cover how redundancies are undertaken, to make sure that people being made redundant are selected fairly.

What happens after furlough?


The furlough scheme ends on 31 October. After this point, employers will have to decide if they can afford to retain all their existing staff.


If they cannot, they could consider extending the furlough period at the employer’s own expense, without government grants.


Companies sometimes ask staff to agree a temporary pay cut, or reduced hours, as a way to get through difficult trading periods.


However, it is likely that many companies will not be able to retain all their staff when they come back from furlough, and may have to consider making some staff redundant.

Can I get universal credit?


Universal credit is a payment from the government to help people who are on low, or no income.


It includes payments to help with childcare, caring responsibilities, or who can’t work because of sickness or disability.


To claim, you must be under state pension age, living in the UK, and have less than £16,000 in savings.


Some 16- and 17-year-olds can claim, though in most cases claimants have to be 18 or over.

How are ordinary people coping?

Theatre technician Charlotte Baker, 29, is out of work as a result of the coronavirus crisis.

She started a new job at the Fairfield Halls in Croydon in September last year and was furloughed in March.

In June, she was made redundant, even though she could have been kept on furlough.

Now management at the Fairfield Halls has said the venue will not reopen until April next year, forcing her to contemplate a possible career change.

“It’s definitely an uphill struggle and it’s proving harder than previous ones,” she told the BBC. “It’s hard to have a positive outlook.”

Charlotte has been looking into doing a carpentry course, but to obtain the necessary City and Guilds qualification would require her to spend £5,000 on training.

“It’s a mountain to climb. I wouldn’t mind climbing that mountain if it’s something that I’m passionate about, but I’m not sure,” she says.

“I’m hoping to make a decision by the end of August.”

  • Jobless in the pandemic: ‘It’s hard to stay positive’

Media playback is unsupported on your device

Media captionJulie Morris explains what it is like to be job hunting in your late 50s during coronavirus

How is this affecting people who still have jobs?

Between April and June there were falls in pay for those still working, with regular pay levels down 0.2% compared with a year earlier – the first negative pay growth since records began in 2001.

The number of people on zero-hours contracts also increased to more than one million.

“Early indicators for July 2020 suggest that the number of employees in the UK on payrolls is down around 730,000 compared with March 2020,” said the ONS.

It believes the main reason this is more extreme than the fall in employment is because of workers who have a job but are not doing any paid work at the moment.

  • Redundancy: ‘It’s been stressful and upsetting’
  • Which sectors are hiring and which are cutting back?

It added that a large number of people were estimated to be temporarily away from work, including furloughed workers – approximately 7.5 million in June 2020, with more than three million of these being away for three months or more.

The number of workers covered by the furlough scheme has since risen to 9.6 million by 9 August, and has yet to record a fall in any week since it began, separate statistics published on Tuesday by HM Revenue and Customs show.

The ONS said there had also been a sharp fall in the number of self-employed people between April and June.

It said there were 4.76 million self-employed people, 14.5% of all people in employment, a record 238,000 fewer than the previous quarter.

Is it all bad news?

If you’re a glass-half-full sort of person, there is some less than awful news in the latest labour market figures.

The number of vacancies, for example, rose from its record low by 10% in May to July as lockdown restrictions were eased. The number of hours worked saw a record drop in the second quarter from April to June, but in July it was down by only 3%, less than half the fall in May and June.

However, there are some less jolly signs. The number on employer payrolls had only dropped marginally in the previous two months, but saw a much bigger drop in July, down 114,000, in spite of the reopening of many shops, restaurants and pubs.

And employers are increasingly making employees bear the risk that there isn’t enough work for them to do, with the number of zero-hours contracts rising above one million for the first time.

And then there’s the record drop in self-employment. And all this in spite of the government spending more than £40bn trying to protect employment through furlough and self-employed income support.

Unemployment tends to peak well after economic shocks have been and gone: this time will be no different.

What are economists saying?

Ruth Gregory, senior UK economist at Capital Economics, said the latest employment figures were “the lull before the storm”.

She added: “The cracks evident in the latest batch of labour market data are likely to soon turn into a chasm, with the unemployment rate rising from 3.9% to around 7% by mid-2021.”

She said further rises in unemployment in the coming months were “all but inevitable as the furlough scheme unwinds”.

Capital Economics forecasts that the unemployment rate will peak at 7% in mid-2021 and remain above its pre-pandemic level of 4% until the end of 2022.

Ms Gregory said this suggested that the economic recovery would be “slow going”.

UK employment falls by biggest amount in a decade

Jeremy Thomson-Cook, chief economist at Equals Money, said the figures showed the true level of those out of work had been “very effectively lowered by the government’s furlough scheme” and that the worst lay ahead.

“Unfortunately, the end of the furlough scheme will present a cliff-edge, statistically and economically, for those currently relying on government support to make up their wages.”

What’s the political reaction?

Chancellor Rishi Sunak said the figures showed that the government’s “unprecedented support measures” were working to “safeguard millions of jobs and livelihoods that could otherwise have been lost”.

Shadow work and pensions secretary Jonathan Reynolds said it was “extremely worrying” that older workers, the self-employed and part-time workers had been hit hardest.

“Labour has repeatedly warned the government their one-size-fits-all approach will lead to job losses. These figures confirm what we feared – Britain is in the midst of a jobs crisis.”


Have you lost your job because of the pandemic? Please share your experiences by emailing

Please include a contact number if you are willing to speak to a BBC journalist.

  • WhatsApp: +44 7756 165803
  • Tweet: @BBC_HaveYourSay
  • Please read our terms & conditions and privacy policy

Categories
Uncategorized

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