The International Monetary Fund has warned that a prolonged lockdown could generate another financial crisis despite emergency action taken by central banks. The longer the lockdown, the greater the damage and the more losses the financial system will have to bear (The Times £). The world is heading for the deepest economic slump since the Great Depression, while the UK is set to experience the biggest recession in a century, the IMF predicted (Sky News).
Meanwhile, figures from the the Office for Budget Responsibility (OBR) predicted the UK’s economy could shrink by 35% in the second quarter and see unemployment jump by two million (Sky News).
Small firms are still struggling with accessing state support, as the government continues to be urged to bring in reforms to its coronavirus loan scheme to stop small businesses going bust (BBC). Only 2% of businesses surveyed by the British Chamber of Commerce said they had successfully accessed the government’s scheme while one in three businesses had furloughed at least 75% of their staff in the coronavirus crisis (Sky News).
Meanwhile, the Federation of Small Businesses has warned that support schemes are failing hundreds of businesses which have fallen through the gaps of the available emergency measures (The Times £).
Coffee beans sales rose in March due to the coronavirus pandemic as customers rushed to stockpile their caffeine fix. Prices for the higher quality arabica trading in New York, have been rising 20% since the beginning of February to $1.20 a pound, making it one of the best-performing commodities (The Financial Times £).
A French court has ordered Amazon to limit shipments to customers in France to essential items like food and medicine, until it conducts a systematic assessment of workers’ safety in its warehouses. The court gave Amazon 24 hours to comply with the ruling or face fines of €1m a day (The Financial Times £).
An ad campaign by Burger King has been banned by the ASA for implying it is suitable for vegans and vegetarians, when it is not as it is cooked on the same grill as meat burgers (The Guardian, BBC). The advertising watchdog said customers could be misled into thinking the burger was suitable for plant-based diets (Sky News).
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