5 things to start your day
1) Eliminate air passenger taxes or risk 8,000 jobs, MPs tell Sunak. MPs are putting pressure on the Chancellor after a report found that a 12-month rights ban could prevent an entire industry collapse.
2) Mike Ashley complains that he was “kicked out” of the rival brand’s auctions. The Sports Direct mogul accuses the insolvency consultants of withholding key data from the auction of three Edinburgh Woolen Mill brands.
3) Banks are seeking assurances from the government that they will not become Covid villains. As lenders start to crack under the weight of demand for Covid loans, they have expressed concerns to the Treasury about potential damage to reputation when it comes to demanding repayments.
4) Power source engineers hope to power the future. Politicians and industry are throwing their weight behind the hydrogen, but there are still plenty of obstacles before they can power Britain.
5) The steel industry is calling for a “Buy British” task force. Manufacturers want UK contracts to remain ‘internal’ after major work on the HS2 project is outsourced to overseas firms.
What happened during the night
Asian stocks and US futures rose on Monday upon learning that Joe Biden had crossed the threshold of 270 constituency votes required to secure the title of US president. In hopes that Biden will be less confrontational in his approach to China, the Chinese yuan edged up to a 28-month high. A strong trade date with China also emerged over the weekend.
Japan’s Nikkei 225 jumped 1.9 pc to 24,794.44. Australia’s S & P / ASX 200 added 1.6 pc to 6,291.10. South Korea’s Kospi added 1.1 pc to 2,444.13. The Hong Kong Hang Seng rose 1.3% to 26,037.96, while the Shanghai Composite gained 1.2% to 3,350.34.
Bank of England chief economist Andy Haldane is expected to deliver a speech on ‘The economic impact of the coronavirus and its long-term implications for the UK’.
Commercial declaration: Dignity, on the beach, ultra electronic
Economy: Trade balance (Germany, Japan)