London Mayor Sadiq Khan was challenged on dwell TV as he claimed there’s “no threat” of catching the lethal coronavirus from becoming a member of the tens of millions who experience town’s packed trains and buses.
“It’s essential that we don’t unfold panic or alarm based mostly on misinformation,” Khan mentioned on “Good Morning Britain” Tuesday when requested in regards to the assumed “apparent threat issue” of public transport.
“There isn’t a threat in utilizing the Tube or buses or different types of public transport,” he mentioned, noting there are 5 million journeys every day on the underground system together with 6 million on buses.
Khan additionally claimed there could be no threat jamming in alongside “between 5,000 and 20,000” individuals at a packed live performance.
Interviewer Piers Morgan immediately challenged him over the claims, which contradicted earlier warnings and research.
“How are you going to say, as mayor of London, there is no such thing as a threat to individuals utilizing public transport?” the previous “America’s Bought Expertise” decide requested, sounding incredulous.
Khan insisted it was based mostly on “recommendation I obtain from Public Well being England and the chief medical officer.”
“You’re proper, although,” he then conceded of the truth that it’s potential to catch it “if we’re in shut proximity” to somebody who has it.
Morgan later accused the mayor of “spreading combined messages” after he admitted not shaking arms, regardless of that not being the recommendation given by the identical consultants he quoted earlier.
Commuters experience the London tube prepare in London, England.
AFP through Getty Photographs
Commuters experience the Picadilly Line prepare in London, England.
SINGAPORE (Reuters) – Oil costs jumped 1.5% on Wednesday on hopes that main producers have made progress in direction of sealing an settlement to implement deeper output cuts aimed toward offsetting the droop in demand brought on by the worldwide coronavirus outbreak.
FILE PHOTO: Pump jacks function at sundown in Midland, Texas, U.S., February 11, 2019. REUTERS/Nick Oxford
Brent crude LCOc1 rose by 78 cents, or 1.50%, to $52.64 a barrel at 0502 GMT, after settling down four cents within the earlier session. U.S. West Texas Intermediate (WTI) futures CLc1 rose by 72 cents, or 1.53%, to $47.90 a barrel, up for a 3rd session.
A panel of the Group of Petroleum Exporting International locations (OPEC) and its allies, a grouping often known as OPEC+, advisable reducing oil output by an additional 1 million barrels per day (bpd) on Tuesday. The advice might imply that Russia and Saudi Arabia, the 2 greatest producers within the OPEC+ group, are near a deal to assist costs.
That will be along with 2.1 million bpd in present output cuts that embody a 1.7 million bpd in curbs by OPEC+ and different voluntary reductions by Saudi Arabia, the world’s greatest exporter. The group is ready to fulfill formally in Vienna on March 5-6.
“That is no time for warning for OPEC+. Second-quarter oversupply wanted some heavy lifting from the group to offset even earlier than the COVID-19 (coronavirus illness) outbreak, however now it’s a should,” Barclays analysts mentioned in a analysis notice.
Brent and WTI have every fallen about 27% from their 2020-peak reached in January.
The anticipated 1 million bpd extra minimize by OPEC+ would nonetheless fall effectively in need of the newly elevated 2.1 million bpd anticipated world demand loss within the first half alone, Goldman Sachs analysts (GS.N) wrote in a analysis notice.
U.S. crude oil inventories rose in the newest week, whereas gasoline and distillate shares fell, knowledge from trade group the American Petroleum Institute confirmed on Tuesday.
Crude inventories rose by 1.7 million barrels within the week to Feb. 28 to 446.6 million barrels, in contrast with analysts’ expectations for a construct of two.6 million barrels.
Goldman has once more minimize its Brent value forecast to $45 a barrel in April, whereas anticipating Brent regularly recovering to $60 a barrel by year-end.
Morgan Stanley on Tuesday additionally minimize its second-quarter 2020 Brent value forecast to $55 per barrel and its WTI outlook to $50 on expectations that China’s 2020 oil demand development can be near zero and that demand elsewhere might weaken due to the virus.
Elsewhere, the U.S. Federal Reserve minimize rates of interest on Tuesday in a bid to protect the world’s largest economic system from the influence of the coronavirus.
“(The) Fed’s emergency fee minimize underscores fragility of financial fundamentals, and this urges OPEC+ to expedite a deeper output minimize to shore up vitality costs,” mentioned Margaret Yang, market analyst at CMC Markets.
Yang mentioned from a technical evaluation perspective, Brent has discovered sturdy assist at round $50-52, whereas quick resistance will be discovered at $54.70.
Reporting by Shu Zhang; Modifying by Christian Schmollinger and Kenneth Maxwell
LONDON, Feb 18 (Reuters) – Britain’s Financial Conduct Authority said on Tuesday it was finalising “remedies” to stop home and car insurance companies penalising loyal customers.
The watchdog said the “loyalty penalty” cost longstanding customers an extra 1.2 billion pounds ($1.56 billion) in 2018.
More than four in five adults in Britain have one or more insurance products, and consumers who stay with their existing insurer at renewal almost always pay higher premiums than those who switch or negotiate, the FCA said in Sector Views, its annual review of key concerns for the year ahead.
The FCA also said high-risk retail investment products were exposing consumers to more risk than they can absorb, the FCA said.
“Some of the highest-risk products are often marketed directly to retail consumers with poor communication of the risks involved and implications that the investments are regulated, when this is not the case,” it added.
Many new payments firms had been able to enter the market and grow quickly, and some of their products had offered no protection for consumers.
Sector Views are used by the FCA to shape its business plan for the coming financial year and determine whether to open new market investigations and use its powers to intervene.
$1 = 0.7696 pounds Reporting by Huw Jones; editing by John Stonestreet
WASHINGTON (Reuters) – The U.S. government on Friday said it would increase tariffs on aircraft imported from the European Union to 15% from 10%, ratcheting up pressure on Brussels in a nearly 16-year transatlantic dispute over aircraft subsidies.
FILE PHOTO: The logo of Airbus is pictured at the aircraft builder’s headquarters of Airbus in Colomiers near Toulouse, France, November 15, 2019. REUTERS/Regis Duvignau/File Photo
The U.S. Trade Representative’s Office said it remained open to reaching a negotiated settlement with the EU on the issue, but could revise its actions if the EU imposed tariffs of its own in connection with a pair of disputes over the subsidies.
In a statement released late on Friday, USTR said it would make minor modifications to 25% tariffs imposed on cheese, wine and other non-aircraft products from the EU, including dropping prune juice from the list. It did not raise the tariff rates on those product, as it had suggested it might do in October.
The higher aircraft tariff will take effect March 18.
The U.S. action comes as U.S. President Donald Trump, emboldened by agreement on a Phase 1 trade deal with China, has trained his sights on restructuring the more than $1 trillion U.S.-EU trade relationship, raising the specter of another major trade war as the global economy slows.
EU officials have said they want to negotiate with Washington but will not be bullied into submission.
European planemaker Airbus (AIR.PA) said the U.S. move would hit U.S. airlines already facing a shortage of aircraft and complicate efforts to reach a negotiated settlement with the European Union in the longstanding dispute.
Airbus said it would continue discussions with U.S. customers to “mitigate effects of tariffs insofar as possible” and hoped USTR would change its position, particularly given the threat of EU tariffs on U.S. products in its own case before the World Trade Organization.
“USTR’s decision ignores the many submissions made by U.S. airlines, highlighting the fact that they – and the U.S. flying public – ultimately have to pay these tariffs,” the company said in a statement.
EU officials had no immediate comment on Friday’s news.
The USTR had announced in December that it could increase tariff rates up to 100% and subject additional EU products to tariffs, following a decision by the WTO that EU launch aid to Airbus continued to harm the U.S. aerospace industry.
The WTO in October had awarded Washington the right to impose tariffs on $7.5 billion of annual EU imports in its case against Airbus. Washington then slapped 10% tariffs on most European-made Airbus jets and 25% duties on products ranging from cheese to olives and single-malt whisky, from Oct. 18.
Boeing, in a statement, said it was working with U.S. federal and state officials to “promptly bring the United States into full compliance” with WTO rulings.
“The EU and Airbus could end these tariffs by finally complying with their legal obligations, ending these illegal subsidies, and addressing their ongoing harm. We hope they will,” the company said in a statement.
The Wine & Spirits Wholesalers of America (WSWA) said it remains strongly opposed to tariffs on European-origin wine and spirits, and urged U.S. and EU trade officials to negotiate an end to a trade dispute that was lowering revenues.
A study commissioned by the group estimated that the 25% tariffs implemented in October could result in the loss of nearly 36,000 jobs in the beverage alcohol industry.
The Distilled Spirits Council of the United States said tit-for-tat tariffs on alcoholic beverages were hurting companies and consumers on both sides of the Atlantic.
It said new U.S. government data showed the U.S. spirit industry’s exports to the EU, its largest export market, fell 27% in 2019 from a year earlier, and global exports of American whiskey declined 16% in the same period.
“We urge both sides to resolve these disputes so that consumers can enjoy #ToastsNotTariffs,” the group said.
Reporting by Andrea Shalal and Makini Brice; Editing by Daniel Wallis