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Aviva pension clients barred from cashing in property assets

Provider cites coronavirus market turmoil for uncertainty over valuations




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Virgin Money profits halve as it prepares for surge in bad loans

UK lender is latest to warn coronavirus-induced economic disruption will hit its clients




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Last Hope Island by Lynne Olson — the other Allies

The men and women from occupied Europe who helped defeat Hitler




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Washington diary: falling under the Nationals’ spell

The baseball team’s victory in the World Series reflects the city’s wider resurgence




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Yasuhiro Nakasone, Japan prime minister, 1918-2019

A nationalist who could temper his dogma and made his presence felt across the globe




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How coronavirus will change fashion’s supply chains

Disruptions set to revive local manufacturing as designers look to avoid reliance on distant hubs




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Adidas backtracks on rent freeze after public outcry

Sportswear maker apologises but warns it cannot bear virus lockdown for long   




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P&G sales boom as stay-at-homers do more laundry

Cleaning products up, shaving items and make-up down in household goods group’s best quarter in years




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Trump claims disinfectant ‘injection’ idea was sarcasm

Medical community warns of dangers from use of cleaning agent as internal treatment




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Retail: fast fashion, interrupted

Coronavirus is highlighting more than the industry’s wasteful ways; its iniquitous supply chain is also in the spotlight




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Adidas says lockdown recovery will be ‘gradual rather than instant’

Sportswear maker warns sales could drop as much as 40% in second quarter




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The future of fashion — focus on sustainability

How the crisis will revolutionise brands, fashion weeks and personal style




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Reckitt posts record sales growth as disinfectant demand surges

Group ramps up production of cleaning and sanitising goods amid coronavirus crisis




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EY orders consultants to take time off as work slows

Financial services unit mandate a ‘first step’ in adjusting to decline in business




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This market was in trouble long before the virus hit

Harsher medicine this time round would put asset prices on a better long-term footing




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Wall St urges caution as bulls rush into recovery bets

S&P up 23% from March nadir on back of state coronavirus action — but more falls possible, warn analysts




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A chasm between Wall Street and economic winter

Mike Mackenzie’s daily analysis of what’s moving global markets




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Wall Street ends higher as investors look past immediate downturn

US stocks shake off loan loss warnings from country’s largest banks




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Euroclear holds on to its cash ahead of virus downturn

Settlement house delays payout and project to let small shareholders cash out




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Global stocks rise as Japan launches new stimulus round

Stocks rise but crude tumbles as world’s largest oil ETF cuts stake




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Bloomberg fined €5m over report of fake news release

French regulator says agency failed to verify false story that sent Vinci shares down 18%




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Predatory investors exploit leaseholders’ cladding dilemma

Properties changing hands for tens of thousands less than market value




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Capita’s shares hit as investors worry over restructuring

Chief Jon Lewis admits outsourcer has ‘more to do and requires more investment’ than expected




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Construction confusion as UK working instructions published then withdrawn

Mixed messages follow industry protests over 2-metre distance ruling




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Europe’s construction activity collapses as lockdown hits builders

Coronavirus damage to economy drives eurozone investor sentiment to a record low




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UK construction stalls as coronavirus takes toll

Housebuilder Barratt furloughs all but 15% of workforce and slashes executive pay




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Donald Trump’s erratic diplomacy has a price

The UK’s decision on Huawei should give the US cause for reflection as much as reproach




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The pandemic could bring a global ceasefire

Several long-running conflicts are edging towards a temporary halt to hostilities




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BNP/SocGen: tankless task

Stay neutral in the battle between French banks and economic adversity




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Top Wirecard shareholder calls on board to end ‘whitewash’

Union Investment says new outside executives are needed to move the company on after special audit




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UniCredit overhaul faces years-long delay as pandemic takes toll

Jean Pierre Mustier’s nascent turnround derailed as bank slips to first-quarter loss




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Munich Re: risk asset

Insurer is well placed to manage pandemic-related losses




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Deconstructed Watch: Zenith Chronomaster Revival Shadow

Discovery in Zenith factory attic helps watchmaker claim the first all-black wristwatch title




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Empty US hotels increase pressure on debt investors

JPMorgan data show about one in four loans was behind on payments last month




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US Treasury plumps for longer-term debt to fund $3tn stimulus

Details of historic borrowing plans send government bond yields higher




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Treasury market sends bearish signals as stocks rise

Two- and five-year yields hit record lows as futures investors anticipate negative rates




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Too much cash is chasing too few desirable assets

With no productive use of liquidity, money is going into market speculation driving recovery in asset prices




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Wall Street banks face $100m of losses on Las Vegas deal

Citigroup was biggest lender but Deutsche, Barclays and SocGen are also on the hook




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Biggest US energy groups lay out oil crash strategy

ExxonMobil and Chevron deploy plans for cutbacks but preserve dividends




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Investors blast EU’s omission of oil from ESG disclosures

Latest proposal accused of being misleading over environmental risk




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Oil price crash threatens Texas university endowments

Turmoil in commodity market slashes state colleges’ revenues




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Texas regulator drops effort to force oil production cuts

Railroad commissioner had called for using decades-old state rules to reduce output




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Oil’s cruellest month has forced a rethink on production

Dive into negative prices triggered pullback that helps set scene for rebound




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Mexico’s Pemex: from cash cow to resource drain

President’s pet project holds line on output growth despite oil crisis and mammoth losses




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Biggest US oil refiner posts $9.2bn loss as fuel demand dives

Marathon cuts capital spending by $1.4bn in anticipation of 30% drop in output




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Hidden threat: Japan has only 2-week stockpile of LNG

Coronavirus exposes nation’s post-Fukushima vulnerability




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Renewables sector shrugs off devastating effects of coronavirus

Developers of clean energy projects defy wider turmoil in the global energy markets




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New Sipp dealing account has no annual management fee

New Sipp dealing account has no annual management fee




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Santander 123 cashback credit card

Cardholders will receive 3 per cent cashback on fuel




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Gas suppliers follow EDF’s 5 per cent price cut

First big energy supplier to pass on lower wholesale costs