Davos postponed until summer 2021 because of pandemic – as it happened
Rolling live coverage of business, economics and financial markets as investors look ahead to virtual Jackson Hole central bank summit
- Investors fish for central bank hints on more coronavirus stimulus
- Provident Financial cuts 300 jobs after losing millions
- Bank regulator ends new mortgage payment holidays from 31 October
- Oil prices sustained by shutdowns in storm-hit Gulf of Mexico
3.15pm BST
First a virtual Jackson Hole, and now a summer Davos: central bank bosses' holiday schedules for the next 12 months are going to look very different.
Tomorrow's speech by Federal Reserve governor Jerome Powell will take place over a video call, but it will still be a key focus for investors who are hoping for signs of how the central bank thinks monetary policy will evolve as the pandemic continues.
Related: Central bankers to fish for compliments at virtual Jackson Hole summit
Related: Coronavirus live news: Iran's death toll exceeds 21,000; India passes 3.2m cases
2.23pm BST
The World Economic Forum, the annual gathering of the global business and economic elite, has pushed back its 2021 meeting in Davos from January to early next summer.
Adrian Monck, the forum's managing director for public engagement, said it was not possible to convene the meeting safely in January at its usual ski resort location.
The decision was not taken easily, since the need for global leaders to come together to design a common recovery path and shape the Great Reset" in the post-Covid-19 era is so urgent. However, the advice from experts is that we cannot do so safely in January.
1.45pm BST
US secretary of state Mike Pompeo has criticised British bank HSBC for allegedly shutting down accounts belonging to activists in Hong Kong.
The United States is dismayed to learn the Chinese Communist Party continues to bully our British friends and their corporate leaders. HSBC maintains accounts for individuals sanctioned for denying Hong Kongers' freedom, while shutting accounts for those seeking freedom.
1.26pm BST
The economies of the wealthiest nations contracted by an unprecedented" 9.8% in the second quarter of 2020, according to the OECD, the club for richer countries.
The OECD (Organisation for Economic Co-operation and Development) figures confirm that the UK suffered the worst contraction - 20.7% - among the G7 major economies.
12.42pm BST
British online consumer brands retailer The Hut Group is planning a 4.5bn stock market flotation, according to Sky News.
The company, which employs 7,000 people, is reportedly planning for shares to start trading on 16 September, with an announcement possible as soon as Thursday.
Sky News can reveal details of a long-standing share plan that could hand more than 700m-worth of shares to Matthew Moulding, the company's executive chairman, if it achieves a market capitalisation of 7.25bn by December 2022.
11.47am BST
Central bankers would, at this point in the year, usually be getting out their fishing rods in preparation for an annual conference at Jackson Hole, a resort in the wilds of Wyoming.
Related: Central bankers to fish for compliments at virtual Jackson Hole summit
11.28am BST
New Look is seeking a three-year rent holiday on 68 of its stores and big rent reductions on hundreds of others as it battles to stay afloat and save the jobs of its 11,200 employees.
11.23am BST
The FTSE 100 has now lost 0.3% this morning, although Germany's Dax and France's Cac 40 are up by 0.5% and 0.2% respectively on a mixed day on financial markets.
Currency markets are also fairly quiet, with the pound nudging up by barely 0.1% against the US dollar at $1.3160. The euro has dipped slightly against the dollar, down by 0.1% at 1.1818.
11.17am BST
The Financial Conduct Authority (FCA) has confirmed that the option of three-month mortgage payment holidays for people hit by the pandemic will end on 31 October, but called on banks to continue to offer support to people struggling with debt.
Borrowers will be able to take a first or second three-month payment deferral on their mortgage up until 31 October, when the guidance is expected to expire.
Where consumers need further short-term support, firms should offer arrangements for no or reduced payments for a specified period to give customers time to get back on track.
The majority of customers who have had a payment holiday are expected to resume full repayment. However, many will remain in financial difficulty.
It is important that consumers who can afford to resume mortgage payments should do so. However, we understand that borrowers facing payment difficulties because of the pandemic will continue to face uncertainty and may also experience temporary interruptions in income.
We are proposing that firms contact their borrowers in good time before the end of a payment holiday, and work with them to come up with a tailored plan to help get them back on track. Firms should not take a one size fits all' approach.
10.44am BST
Screwfix is to open 30 stores in the UK and 10 in the Republic of Ireland creating more than 400 new jobs.
9.37am BST
Despite the (buried) job losses, investors in Provident Financial are clearly happy with the results, and particularly with chief executive Malcolm Le May's statement of confidence in its balance sheet: shares are up by 12.7%, making them the biggest riser on the FTSE 350 this morning.
Provident has helped the mid-cap FTSE 250 index to a 0.4% gain this morning, outdoing the 0.2% decline on the large-cap FTSE 100.
9.20am BST
Provident Financial, a lender to less wealthy borrowers, has revealed 300 job losses at the same time as reporting a 28m loss for the first six months of 2020.
The owner of Vanquis Bank and Moneybarn said it would slash its customer service operations, combining two jobs into one with a lower base salary.
At the end of July, home credit launched a consultation period with a view to removing around 300 CEMs [customer experience managers] and customer service managers (CSMs). The proposal is to replace the CEMs/CSMs role with a new customer representative (CR') role, reporting to business managers. The proposed CR role will also see the introduction of a higher level of variable remuneration.
8.52am BST
The UK is forecast to lose 22bn in spending as international tourism plummets, putting almost 3m jobs at risk, according to a report.
Related: Drop in tourism could wipe 22bn from UK economy, says WTTC
8.42am BST
West Texas Intermediate futures prices have just nudged into positive territory for today, and are only a few cents shy of the five-month high.
The picture over the last five months is of a vertiginous fall in prices as traders adjusted to lower demand for fuel during the pandemic, to a bounceback that has seen prices revert to levels that can be profitable for many traditional producers.
8.21am BST
Good morning, and welcome to our live coverage of business, economics and financial markets.
North American oil prices have sustained five-month-high levels as producers brace for hurricanes that could prompt the biggest weather-related shutdown for 15 years - as well as fears for the potential human costs.
The incoming arrival of Hurricane Laura to the United States [has] led to worries over potential fuel shortages.
The National Hurricane Center warned that Laura would reach the northwestern Gulf Coast tonight, with the danger of life-threatening storm surges. Much of the oil production in the area has already been shut down, and there are obvious concerns of further damage to come.
The US Gulf Coast energy industry was preparing Aug. 25 as the second of two storms this week was approaching the Texas/Louisiana coast | #crudeoil #natgas #Laura #hurricane#FACTBOX: https://t.co/dmJd3MIZYu pic.twitter.com/b5ChRd55U4
Laura swirls toward U.S. Gulf Coast as category 2 hurricane https://t.co/hfgbNWz1qZ pic.twitter.com/Pva0MVG5jT
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