Increased lockdown measures in Germany, France and China dent prospects for rapid recovery in 2021
The FTSE 100 has recorded its worst week since late October as concerns increased about the economic fallout from tougher lockdown measures around the world.
The index of leading UK company shares ended the week down by 138 points compared with the previous week, a fall of about 2%, at 6,735, after official figures showed the British economy edged closer to a double-dip recession in November. After a strong start to the year, gaining by about 6% since the start of January, the performance was the worst weekly decline for the FTSE 100 since the last week of October as England headed for a second national lockdown.
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Germany’s economy shrank by 5% last year, according to official figures, among the smallest declines anticipated in Europe despite the coronavirus pandemic causing the deepest recession since the 2008 financial crisis.
The German recession is expected to be among the least severe in Europe, with analysts crediting a decisive fiscal response and the avoidance of overly optimistic forecasts. By comparison, national output is expected to drop by more than 9% in Italy and France, and by 11.3% in the UK – the worst performance for more than 300 years.
Insolvency Service says it is seeking to disqualify eight former directors ‘in the public interest’
The UK government has launched a legal bid to ban eight former Carillion directors from holding senior boardroom positions, almost three years on from the collapse of the outsourcing business.
The Insolvency Service, which handles corporate collapses, said it was seeking to disqualify the directors “in the public interest”, in a move that could result in them being banned from acting as UK company directors or in senior management for between two and 15 years each.