British Airways owner IAG is the biggest faller, down by 7.4%, after announcing £2.5bn in fundraising plans. European governments are countering the recession with massive stimulus measures. BT shares have lost 4.4%.Germany’s Dax has gained 1% while France’s Cac 40 has lost risen by 2%.Exxon on Friday said it had lost $1.1bn (£840m) in the second quarter, compared to $3.1bn in 2019.It cut $2bn of previously planned spending as it adjusted to lower oil prices and slumping demand as economies around the world locked down.However, the headlien Exxon figures were helped by a non-cash gain from inventory valuation adjustment, due to rising commodity prices over the quarter, of $1.9bn.The company’s retail sales of 74,067 vehicles were down 42.4% year-on-year, although it said that June’s performance was better, with sales only down 24.9% compared to 2019.JLR, which is owned by India’s Tata Motors, will also accelerate a cost-cutting programme, seeking another £1bn in savings by March 2021. There is no guarantee that the discussions will result in a sale, the people cautioned, adding there were a number of issues pertaining to a deal that would need to be resolved.Buying Arm would further consolidate Nvidia’s position at the centre of the semiconductor industry, at just the moment when the British chip designer’s technology is finding broader applications beyond mobile devices, in data centres and personal computers including Apple’s Macs.
Interest in joining the eurozone increased in Denmark, and initially in Poland, as a result of the 2008 financial crisis. For example, the The chart below provides a full summary of all applying The eurozone was born with its first 11 member states on 1 January 1999. That could eventually affect banks’ profits if they are unable to charge things like overdraft fees.Britain’s banks may need to consider introducing “sustainable forbearance” for customers who continue to face difficulties with loan repayments after Covid-19 relief measures end in the autumn, the Financial Conduct Authority (FCA) said on Friday.The watchdog launched a “call for input” to determine what further measures may be needed when repayment holidays introduced after the pandemic lockdown for home loans and credit cards come to an end on Oct. 31.Banks have provided more than 1.8 million mortgage payment deferrals and in excess of 1.6 million personal loan and credit card payment holidays, the FCA said.Though the FCA expects most borrowers to be able to resume payments, it said that a significant minority will need further support after many also borrowed from family and friends to keep up payments on other loans.“We consider that the appropriate time for firms to move beyond blanket deferrals is at the end of the customer’s second deferral,” the FCA said.The emergency deal between the government and the train companies Although it does not have any legal effects, it means the train companies’ borrowing and debts will be counted as public sector borrowing from now until they are given more control again. In the fourth quarter of 2019, GDP growth was negligible in the euro area and +0.1% in the EU-27.
In Italy's case, economists said it wiped out about 30 years of growth. The change, which affects statistics going back to 1 April, has been communicated to the Treasury and the Scottish government.Andrew Sentance, a former member of the Bank of England’s monetary policy committee and a senior adviser to Cambridge Econometrics, wonders if the Treasury’s independent forecaster, the Office for Budget Responsibility, may have been too pessimistic in its forecasts. This changed legal status of the eurozone could potentially cause them to conclude that the conditions for their promise to join were no longer valid, which "could force them to stage new referendums" on euro adoption.Eight countries (Bulgaria, Croatia, Czech Republic, Denmark, Hungary, Poland, Romania, and Sweden) are EU members but do not use the euro.
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