Investec cuts jobs, retail rebounds, pound gains

Here are the top business, market, and economic stories you should be watching today in the UK, Europe, and around the world:

Investec axes jobs

International banking giant Investec (INVP.L) said today that it’s planning to cut 210 jobs in London to “simplify and focus the business.” The statement was made as part of its trading announcement for the first half of the year.

The business added that a challenging economic backdrop, primarily caused by COVID-19, resulted in reduced economic activity and increased market volatility for the business.

Adjusted operating profit for the six months to the end of September was expected to be between 50 and 60 per cent behind the £175.6m ($228m) posted in the same period last year, the company said.

Retail sales registered their fourth month in a row of growth in August, the Office for National Statistics (ONS) said on Friday.

Spending in

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Cleaning Up Dormant Oil and Gas Wells, Supporting 1,200 Jobs in B.C.

OTTAWA, Sept. 18, 2020 /CNW/ – The Governments of Canada and British Columbia are working together to support Canadian energy workers during these difficult times by creating thousands of jobs that will have a lasting benefit on the environment as we continue to safely restart our economy.

Today, the Honourable Seamus O’Regan, Canada’s Minister of Natural Resources; the Honourable Jonathan Wilkinson, Canada’s Minister of Environment and Climate Change; and the Honourable Bruce Ralston, British Columbia’s Minister of Energy, Mines and Petroleum Resources, announced that the first $50 million under British Columbia’s Dormant Sites Reclamation program has been allocated. The funding will support energy jobs at 79 individual service companies that will undertake reclamation work on 1,880 dormant wells in the province, creating over 1,200 jobs in the process.

The British Columbia Dormant Sites Reclamation program was established following the Government of Canada’s April 2020 announcement of a $1.72-billion

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Economists expect Shreveport-Bossier to recover some, but not all, jobs in 2021 and 2022

Shreveport-Bossier City likely won’t see full job recovery from COVID-19 until 2023, LSU business professor emeritus of economics Loren Scott said Wednesday.

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Scott spoke virtually on the Louisiana Economic Outlook he produces annually with his co-author LSU professor Greg Upton. The Port of Caddo-Bossier and Committee of 100 hosted the event.

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Shreveport-Bossier, the state’s fourth-largest metropolitan statistical area, has Louisiana’s third-highest job loss (10,600 jobs or 5.9%) for 2020.

The big losses came from Libbey Glass, DiamondJacks Casino and Dolet Hills mine and plant. Libbey Glass is shutting down its 450-person plant in Shreveport. DiamondJacks permanently closed its resort and casino in Bossier City, meaning 349 jobs were lost. Dolet Hills in Mansfield is closing its mine (155 jobs) and power plant (88 jobs).

Those were the biggest job losses in the area, but Shreveport-Bossier also lost jobs in hospitality and tourism as

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ADP Canada National Employment Report: Employment in Canada Decreased by 205,400 Jobs in August 2020

The MarketWatch News Department was not involved in the creation of this content.

TORONTO, Sep. 17, 2020 (Canada NewsWire via COMTEX) —
Employment in Canada decreased by 205,400 jobs from July to August according to the August ADP(®) Canada National Employment Report. Broadly distributed to the public each month, free of charge, the ADP Canada National Employment Report is produced by the ADP Research Institute(®). The report, which is derived from actual ADP payroll data, measures the change in total nonfarm payroll employment each month on a seasonally-adjusted basis.

August 2020 Report Highlights*

Total Canada Nonfarm Payroll Employment(1): -205,400

Industry Snapshot:

– Goods Producing:

    --  Manufacturing - 39,000
    --  Construction - 86,200
    --  Natural Resources and Mining - 1,300


– Service Providing:

    --  Trade/Transportation and Utilities - 49,500
    --  Information - 2,500
    --  Finance/Real Estate 3,000
    --  Professional/Business Services - 29,100
        - Professional/Technical - 18,400
        - Management of Companies - 
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Thousands of jobs could be lost in London unless business rates holiday extended, Sadiq Khan warns



Sadiq Khan wearing a suit and tie: (Getty Images)


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(Getty Images)

Sadiq Khan is urging the Government to extend the business rates holiday for another year over fears thousands of jobs could be lost in London and across the country.

After the coronavirus pandemic hit the UK, business rates for retail, hospitality and leisure businesses in England were halted until the new financial year starts in April.

In a joint submission to the Government’s business rates review, the mayor of London has joined with councils in the capital to call for an extension to 2021/22.

Raising concerns that thousands of jobs could be lost, the mayor’s office said this would provide support to businesses who have suffered a drop in footfall due to the coronavirus crisis.

“Businesses across London continue to struggle from the impact of Covid-19,” Mr Khan said.

“If the business rates holiday comes to an end, I worry any employers will

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HSBC Prepares to Cut Trading Jobs in Paris

(Bloomberg) — HSBC Holdings Plc is exploring plans to cut the jobs of almost all its Paris-based bankers working on structured derivatives products, according to people familiar with the matter.

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The move would affect the equity and fixed-income derivatives teams, the people said, asking not to be identified discussing private information. It’s not clear how many jobs will be affected. Europe’s biggest bank aims to cut 255 jobs throughout the 678-person French investment bank by early 2022, Bloomberg News has reported.

Some jobs will be moved to Asia, where most clients for those products are located, the people said, adding that the plans aren’t yet final.

The French cutbacks form part of a worldwide overhaul announced by Chief Executive Officer Noel Quinn last February, which aims to reduce gross risk-weighted assets by more than $100 billion and cut 35,000 jobs by 2022. London-based HSBC has focused particularly on

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Is Elon Musk The New Steve Jobs? Bill Gates Says No

Many people see a likening between Tesla Inc (NASDAQ: TSLA) CEO Elon Musk and Apple Inc (NASDAQ: AAPL) co-founder Steve Jobs, but Bill Gates isn’t one of them.

What Happened: “You wouldn’t walk into a room and confuse them with each other,” the co-founder of Microsoft Corporation (NASDAQ: MSFT) remarked in an interview with Bloomberg on Thursday, when asked if Musk was the new Jobs.

“Elon is more of a hands-on engineer,” the billionaire philanthropist added. “Steve was a genius at design and picking people and marketing.”

Gates acknowledged that Musk and others have made great contributions to the electric car and therefore to the “climate change effort.”

“He did it with quality,” Gates said on Musk’s efforts. “It’s still a little premium-priced but fine. You know he’s got that initial market,” he observed.

The former CEO of Microsoft said he was not trivializing in any way the need to

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Hundreds of thousands will lose their jobs without additional emergency aid, says American Airlines CEO

“Hundreds of thousands of people will be out of work, and service to small communities will be discontinued,” if a new round of emergency airline funding is not approved, American Airlines Chief Executive Doug Parker said on NBC’s “TODAY” show Friday morning.



Doug Parker wearing a suit and tie


© Provided by NBC News


Moreover, the critical national infrastructure that the airline industry provides, and that will be key to the nation’s economic recovery, could be severely impacted by the sweeping industry cuts, he said.

“We want to make sure that when the economy recovers we are here,” Parker said.

Parker’s comments come after emergency talks at the White House on Thursday, when executives from the major U.S. airlines met with White House Chief of Staff Mark Meadows in a last-minute plea for additional funding in order to avoid tens of thousands of layoffs across the entire airline sector.

“We airline CEOs are here on behalf

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Jobs market still challenging: Frydenberg





Treasurer Josh Frydenberg concedes Australia’s labour market is still challenging despite a surprise fall in unemployment.

The jobless rate unexpectedly fell to 6.8 per cent in August, bucking widespread predictions of a slight rise.

“The labour market is still very challenging,” Mr Frydenberg told Sky News on Friday.

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“There is a lot of uncertainty out there in the economy – not just here in Australia but globally – and that’s a reflection of the nature of the virus.”

Roughly 111,000 people gained employment in August, the third month of exceptionally strong results.

Over half the massive jobs losses in April and May have been recovered.

However such strength masked a 42,400 drop in employment numbers in Victoria, where restrictions remain.

Mr Frydenberg, a Victorian MP, said businesses in the state were still hard hit by lockdowns.

“I’m hoping and the prime minister is hoping those restrictions can be

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UPDATE 1-Dutch government boosts spending to support jobs during pandemic

(Adds updated economic projections)

AMSTERDAM, Sept 15 (Reuters) – The Dutch government will maintain heavy spending in an effort to counter the effects of the coronavirus pandemic despite a rapid deterioration of the state finances, its draft budget for 2021 showed on Tuesday.

The budget deficit is set to balloon to 7% of gross domestic product this year and 5.5% in 2021, while national debt is expected to hit 62% of GDP next year, as support for workers and companies struck by the pandemic is extended well into 2021.

“In these insecure times, the government chooses not to cut spending but to invest in job security, social safety nets and a stronger economy,” King Willem-Alexander said in his annual speech presenting the government’s new budget.

The Dutch economy is expected to shrink by an unprecedented 5% this year before rebounding by 3.5% in 2021, said the government’s main economic policy

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