Tory Victory an Early Christmas Present for Job-Hunters As Recruitment Picks up JAMES BOOTH Picked up from November, the Growth Was Only Modest
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BUSINESS WITH PERSONALITY FREE WILLIE JANUARY, SOLVEDBANISH AVIATION TITAN THE WINTER BLUES WITH A TO STEP DOWN BUMPER WEEKENDP24–25 FROM IAG P5 FRIDAY 10 JANUARY 2020 ISSUE 3,531 CITYAM.COM FREE Sterling slips after Carney IRAN ‘SHOT cuts warning JAMES WARRINGTON @j_a_warrington THE POUND slumped to a near two-week low yesterday after Mark Carney warned that the Bank of England (BoE) could cut interest rates to DOWN’ JET boost the economy. Sterling dropped as much as 0.55 per cent against the dollar to $1.301 after the central bank governor said a cut was possible if weaknesses in the economy looked likely to continue. “With the relatively limited space to cut Bank rate, if evidence builds that the weakness in activity could persist, risk management considerations would favour a relatively prompt response,” • EVIDENCE MOUNTS OVER UKRAINE FLIGHT DOWNED IN TEHRAN Carney said during one of his final speeches before his departure in March. • US OFFICIALS CONVINCED IRANIAN ANTI-AIRCRAFT FIRE TO BLAME In the last two monthly meetings of the Bank of EDWARD THICKNESSE in the crash — said that “the evidence plane burning as it went down. incident. “All indications are that the England’s Monetary Policy AND CATHERINE NEILAN indicates the plane was shot down by an US officials earlier told media outlets plane was shot down accidentally”. Committee, two members Iranian surface-to-air missile”. that the incident was likely a mistake. Ukrainian officials had earlier have voted to cut interest @edthicknesse @CatNeilan Both leaders called for a “full, The crash came shortly after Iran fired demanded to search the crash site after rates, though Carney backed WORLD leaders last night lined up to transparent investigation” into the ballistic missiles at two coalition bases in unverified pictures of missile debris keeping them on hold. blame Iran for mistakenly shooting down crash, which Johnson labelled a Iraq in retaliation for the killing of Qasem appeared on social media. The UK economy grew at its the Ukrainian passenger plane which “tragedy”. In a statement, he asked Soleimani, the leader of the Islamic Iran denies the accusation, describing joint-weakest annual rate crashed outside Tehran with no survivors both sides to “urgently de-escalate Republic’s elite Quds force. the reports as “pchological warfare.” since 2012 last year as early on Wednesday morning. tensions in the region”. No official statement has been issued, However, it will allow countries whose protracted political Prime Minister Boris Johnson said there The Boeing 737-800, bound for Kiev, but US President Donald Trump said that citizens were affected to join in uncertainty took its toll, was a “body of information” showing the was airborne for around two minutes he “had his suspicions” about the crash, investigating the crash. though Boris Johnson’s plane, which had 176 people — including before satellite data showed the heat adding that he did not think it was due to It also urged Boeing to send a landslide election victory gave four UK nationals onboard — was signatures of two surface-to-air missiles. a mechanical issue. representative to examine the plane’s rise to some optimism. downed by Iranian anti-aircraft missiles. According to one official, the missiles’ A Whitehall source told City A.M. the UK black box recording equipment, which Money markets now price Canadian Prime Minister Justin appearance was swiftly followed by an “was in the same place” as its allied will remain in Iran despite calls for it to in a roughly 14 per cent Trudeau — whose country lost 63 citizens explosion, with further data showing the intelligence services in its view of the be released. chance of a rate cut by the Bank this month. Tory victory an early Christmas present for job-hunters as recruitment picks up JAMES BOOTH picked up from November, the growth was only modest. increase at a relatively sluggish following the clarity of the election survey from KPMG and the The report linked the upturn to pace, with vacancy growth outcome, the jobs market finally @jamesdbooth1 Recruitment & Employment higher business activity, the languishing near a decade low. began to show signs of life with HIRING conditions in the UK job Confederation (REC) found. commencement of previously There was a further fall in permanent placements rising for market improved following the According to respondents, some delayed hiring plans and the candidate numbers which led to the first time in a year.” Conservative victory in the firms had approved new hires upcoming IR35 legislation changes. starting pay for both permanent Neil Carberry, appointed last General Election, a report following a long period of delayed However, despite the positive and temporary staff rising, and year as chief executive of the REC, published today showed. decision-making. news, rates of expansion were at slightly quicker rates than added: “After the uncertainty of Permanent staff appointments The December data showed the notably weaker than seen on in November. 2019, there are some signs of a rose for the first time in a year, first rise in permanent staff average over the survey history. James Stewart, vice chair at clearer outlook for hiring in while temporary billings growth appointments for a year, though Demand for staff continued to KPMG, said: “It would appear that today’s survey.” FTSE 100▲ 7,598.12 +23.19 FTSE 250▼ 21,643.07 -8.85 DOW▲ 28,596.90 +211.81 NASDAQ▲ 9,203.43 +74.18 £/$▼ 1.307 -0.004 £/€▼ 1.177 -0.002 €/$▼ 1.111 -0.001 02 NEWS FRIDAY 10 JANUARY 2020 CITYAM.COM OFF WITH THEIR HEADS Madame Tussauds removes Harry and Meghan waxworks as Queen calls for ‘workable solutions’ in family THE CITY VIEW White has a sizeable job to do at John Lewis HE SCALE of the turnaround job waiting for incoming John Lewis boss Sharon White next month is starting to Tbecome clear. Yesterday the retailer issued a profit warning, threatened to scrap its staff bonus for the first time since the 1950s and announced that John Lewis managing director Paula Nickolds is set to leave the business. Former Ofcom chief executive White’s first job will be to fill the marketing and brand executive director role that Nickolds was expected to take up under the new partnership structure that was announced last year. Current chairman Sir Charlie Mayfield refused to be drawn on whether Nickolds had been pushed out, but whichever way her shock exit came about, she takes 25 years of John Lewis experience with her. The firm said “it was the right time for her to move on” but taking everything into WAX FIGURES of the Duke and Duchess of Sussex were removed from the Royal Family display at Madame Tussauds in London yesterday, after the Royal couple announced their plans to quit their Royal duties on Wednesday. The Queen yesterday urged account this can be translated as “go now, please”. She follows members of the Royal household to find “workable solutions” for the Sussexes within “days not weeks”, a Palace source told PA. Waitrose boss Rob Collins who announced his resignation in October after 26 years with the retailer, and there is still a strategic director appointment yet to be confirmed. Mayfield insisted that there is 100 years of John Lewis experience on the company’s board. However, White — a retail rookie — will be tasked with filling the empty roles, and those key hires could be Start spreadin’ the news: more crucial than ever. An obvious area that White could overhaul is John Lewis’s “never knowingly undersold” policy. The partnership prides itself on its price-match promise but in an increasingly promotional retail environment the pledge is beginning to eat further into margins. “The rules of this New York hits record high promise may need to be reviewed and renewed if the retailer is to start turning around, and a savvy operator with Treasury EDWARD THICKNESSE experience like Sharon White may be just the kind of mind Amazon, Google @edthicknesse parent Alphabet and needed to do it,” Julie Palmer, partner at restructuring firm Microsoft gained the Begbies Traynor said. Another area of the business that requires US STOCK markets closed at record most from the eas- improvement is its digital marketing strategy. The John Lewis highs yesterday as easing Washington- ing geopolitical situ- Tehran tensions in the Middle East ation, climbing Christmas advert generates hype each year, however that has soothed traders’ nerves after a week between 0.7 and 1.5 clearly failed to translate into sales. White will have to revitalise of drama. per cent. the department store’s advertising plans if she wants to keep up The Dow Jones and the S&P 500 both China’s commerce with digital-savvy competitors. In September City A.M. wrote that rose around 0.7 per cent, to 28,957.44 ministry also helped and 3,274.69 respectively. sentiment by an- White would be wise to reconsider the partnership’s store The Nasdaq was the biggest winner nouncing that vice portfolio. Yesterday’s update only adds urgency to the need for a in the day, up over 0.8 per cent to premier Liu He would sign the long- Markets have been suffering since a review of its estate. Analysts expect White to “instigate a big 9,203.43, as investors rushed back into awaited phase one trade deal with the US airstrike killed Iranian general high-flying stocks in a much needed US in Washington next week. Traders Qasem Soleimani last Friday, which change programme” upon her arrival. Looking at recent results, rally for the market. will hope that this will mean an end sent the price of oil and gold soaring.