German business confidence rises; Hong Kong shares surge – business live – The Guardian,

German business confidence rises; Hong Kong shares surge – business live – The Guardian,

Uber’s CEO, Dara Khosrowshahi, has hit out atTransport for London’s decision not to renew his company’s license.

He insists Uber has made ‘fundamental’ changes, and will fight the ruling.

dara khosrowshahi(@ dkhos)

We understand we’re held to a high bar, as we should be. But this TfL decision is just wrong. Over the last 2 years we have fundamentally changed how we operate in London. We have come very far – and we will keep going, for the millions of drivers and riders who rely on us.

November 25, 2019

But what about today’s revelation that at least 14, 000 Uber journeys took place with the ‘wrong driver’ at the wheel?

London Mayor Sadiq Khan says this is unacceptable; Uber hasn’t yet proved it has ‘robust’ procedures in place to prevent a repeat.

Sadiq Khan(@ SadiqKhan)

My statement on TfL’s Uber

November 25, 2019

(the company, though, will point to its facial recognition work that could thwart rogue drivers who upload their own photos).

The improved CBI retail sales reportcould be a sign that shoppers will hit the high street with gusto this Christmas.

So argues Howard Archer of the EY Item Club:

The CBI survey offers the retailers genuine hope that consumers are prepared to loosen their purse strings for the critical Christmas period; and suggests that some of the recent lackluster sales performance has been due to consumers taking a breather before splashing out over the festive season. The survey indicates that retailers are relatively upbeat about the Christmas sales outlook for sales with a balance of 21% expecting sales volumes to be up year-on-year in December. This was the first positive expectations balance since June

It also may well be that some consumers have recently held back on their retail sales, waiting for Black Friday price cuts and promotions in the latter part of November. However, the evidence of recent years suggests that Black Friday tends to have more of an impact in distorting the timing of retail sales rather than boosting them overall.

Howard Archer(@ HowardArcherUK)

Improved# CBI# distributivetrades survey shows sales balance up to 7-month high of -3%; balance of 8% of# retailerssee sales good for time of year, Retailers pretty upbeat about December prospects. Much-needed better indication for# UK# economyfor Q4 25 VD

November 25, 2019

Confirmation that retailers are reluctant to invest:

CBI Economics(@ CBI_Economics)

Retail investment intentions for the year ahead fell for the sixth consecutive quarter and at a faster pace than last quarter. Wholesalers’ investment intentions, meanwhile, were unchanged from August, remaining at their weakest since the financial crisis# DTSpic.twitter .com / bwV6o1AuqL

(November) , 2019

Here’s Anna Leach, CBI Deputy Chief Economist, on today’s retail survey:

“Retailers are entering the festive season with a bit of hope that sales will head up, with the strongest expectations in half a year. Actual sales have also stabilized and have nudged above average for the time of year. And employment has stopped falling after three years of decline.

But Brexit uncertainty continues to weigh on investment plans for the year ahead which remain weak.

UK retail sales slump ends

Just in: The downturn in UK retail may be bottoming out, just in time for Christmas.

The CBI’s monthly survey of British retailers has found that sales were “broadly unchanged” in November, ending a six-month run of falling demand.

Trading Economics(@ tEconomics)

# UnitedKingdomCBI Distributive (# Trades) ************ (at -3)

(November) , 2019

Retailers are more optimistic about future prospects too. Many growth to return in the year to December, with their strongest expectations in seven months.

However, suppliers reported another drop in demand, suggesting that shop owners are still cautious.

Here are the main findings:

  • 38% of respondents reported that sales volumes were up on a year ago in November, while 41% said they were down, giving a balance of -3% – the highest balance in 7 months
  • Retailers expect sales volumes to increase in the year to December ( (%), with 44% expecting a rise and 23% expecting a fall
  • Sales were seen as above average for the time of year to the greatest extent since April: 38% reported sales for the time of year as good and 30% reported them as bad, giving a rounded balance of 8%. This is expected to improve further in December ( 15%)
  • Orders placed upon suppliers fell for the seventh consecutive month in annual terms:32% reported an increase while 42% reported a fall, giving a rounded balance of -9%. Retailers expect a recovery in orders growth next month ( 12%)

MarketsTicker(@ MarketsTicker)

Uber shares drop 6% in premarket after regulator strips it of London license

(November) , 2019

Uber has hit back, saying it is “extraordinary and wrong” of TFL not to renew its London license.

The company says it has audited all its London drivers in the last two months, and is setting up a new “facial matching” process to protect passengers.

It also confirms it will appeal, meaning it can keep operating.

Sean Farrington(@ seanfarrington)

Uber says it will appeal

“TfL’s decision not to renew (the) license in London is extraordinary wrong”

“Over the last 2 months we have audited every driver in London. We will be introducing a new facial matching process, which we believe is a 1st in London taxi / private hire. “

(November) , 2019

Fans of Uber shouldn’t delete the app quite yet, though.

If Uber appealsthis morning’s ruling(which surely it will), it can keep operating in the UK capital through the extra-busy Christmas period.

Jonathan Haynes(@ JonathanHaynes)

Uber loses its license in London… but will likely still keep operating as it appeals (we can repeat this cycle endlessly it seems) 10 WkzERjLL

(November) , 2019

Adam Parsons(@ adamparsons)

But obvs Uber will appeal, and during the appeal they can continue to operate, and during the appeal they’ll update security … and so on for the rest of our lives

(November) , 2019

Here’s the full story on Uber getting the red card in London.

Alarmingly, TFL says that at least 14, 000 Uber journeys were carried out by unauthorized drivers, who managed to upload their photos into other drivers’ accounts.

That allowed them to appear to be legitimate Uber operatives (who would have been through its vetting procedure). But they could actually have been uninsured, and a potential safety risk.

Uber loses bid for London license

NEWSFLASH: Ride-hailing service Uber has been refused a new license to operate in London.

Transport for London has concluded that Uber is not a fit and proper company to hold a license to operate private hire vehicles in the capital.

TFL says it cannot renew Uber’s license, due to a “pattern of failures” which put passenger safety at risk.

This includes allowing unauthorized drivers to operate as Uber operatives, carrying out thousands of journeys.

PA Media(@ PA)

# BreakingUber has not been granted a new license to operate in London after “several breaches that placed passengers and their safety at risk” were identified, Transport for London said

November 25, 2019

Uber has 21 days to appeal the decision, TFL says, and can keep running while the appeal process is running ….

Economist Daniel Lacalle points out that Germany’s economy still looks weak, even if business conditions are improving:

Daniel Lacalle(@ dlacalle_IA)

Germany 🇩🇪November’s Ifo Business Climate Index still shows a significant weakness and suggests GDP growth will remain

(November) , 2019

ING: German slump is bottoming out

Carsten Brzeski, chief economist at ING Germany, says the economy appears to be bottoming out – but not recovering strongly.

Here’s his take onthis morning’s rise in business confidence:

Germany’s most prominent leading indicator, the Ifo index, just added more evidence to a tentative bottoming out of the German economy. The Ifo index increased to 95. 0 in November, from 94 .7 in October. This is the third month in a row with an increasing Ifo index, after (drops in) months. In November, both the current assessment and expectations component increased. However, before anyone gets overly cheerful, the headline number is still not even back at its July level.

Brzeski adds:

It is part of Germany’s new economic modesty to appreciate a tiny increase in the Ifo index. Better than another disappointment. However, while today’s Ifo index suggests that the economy, and above all, the manufacturing sector, could be in a phase of bottoming out, a sharp rebound is not yet near.

Thee pick-up in German business optimism, after a largely torrid year, is welcome, say trading platform BP Prime:

BP PRIME UK(@ bpprimeuk)

Good news for# Germany‘s business morale:

Business expectations rise to (*******************************************************************************************************************************************************************************************************************. 1 in Nov but less than expected 92 5
Current Assessment rises to 97 .9, as expected# Ifobusiness climate index rises to 95 .0, from previous 94 .7 and as expected@ graemewearden

(November) , 2019

This tweet shows how German business optimism had been falling steadily since early 2018:

Olaf Gersemann(@ OlafGersemann)

“Die deutsche Konjunktur zeigt sich widerstandsfähig”, meldet das@ ifo_Institut. Der Geschäftsklimaindex steigt leicht, von 94, 7 auf 95, 0 Punkte.@

(November) , 2019

The key points from IFO’s healthcheck on Germany:

Rens_beck(@ rens_beck)

IFO Comments;
– Manufacturing still stuck in recession.
– Mfg firms planning further production cutbacks
– The signs are there that business will be very good this Christmas (assuming we’re talking retail sector)
– Econ is showing resilience
– Expects 0.2% GDP in Q4.

(November) , 2019

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