Ukraine central bank to cut rates as coronavirus recession looms: Reuters poll

KIEV (Reuters) – Ukraine’s central bank is likely to cut its main interest rate this week to make loans cheaper for businesses and minimise the severity of a looming recession caused by the coronavirus pandemic, a Reuters poll showed on Tuesday.

Eight out of 16 analysts expect a rate cut to 9% from 10% at the next policy meeting on April 23. Three see a more moderate reduction to 9.5%, while the other five think the rate will remain unchanged.

Strict lockdowns on businesses and the movement of people will cause the economy to contract by 4.8% this year, according to the government’s estimate, the first such drop since 2015 and a big swing from an earlier forecast of 3.7% growth.

The looming recession has prompted President Volodymyr Zelenskiy’s government to ask the International Monetary Fund for an $8 billion loan package, which remains conditional on parliament passing a banking

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Coronavirus: Job vacancies in UK have fallen by more than 40% amid lockdown | Business News

Job vacancies in the UK have fallen by more than 40% since March as the coronavirus lockdown put the labour market in a “deep slowdown”, Sky News can reveal.

Analysis of data from job portals shows some sectors, including beauty and wellness, and hospitality and tourism, have experienced falls of 80% in new jobs as hiring growth fell “across almost every industry” in the UK.

Adverts on Indeed, the search engine for jobs, started being withdrawn about a week before Prime Minister Boris Johnson announced a nationwide lockdown on 23 March to stop the spread of coronavirus.

Jack Kennedy, an economist at Indeed, said that ever since the government “paused” the economy over COVID-19 fears, the job market has been on “rewind”.

He added: “These numbers point towards the UK entering a deep slowdown and with millions of people furloughed or losing their jobs.”

Industries that depend on physical

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KPMG UK chairman warns of coronavirus ‘economic disaster’

The chairman of KPMG has warned that the UK economy will not survive many more months of a lockdown, in his first message to the accounting firm’s 16,000 staff since he was diagnosed with coronavirus.

Bill Michael said in an email: “At some point, we run the risk that the economic disaster will transcend the human one.” He said KPMG was “well-placed” to advise the government on the “difficult judgment . . . to strike a balance between the health of our people and our economy”.

“The fact is that a vaccine is the only known ‘exit strategy’,” he added. “It appears a vaccine is many months away — too long for an economy to survive a lockdown.”

Mr Michael, 51, is well-known in the City, having previously run KPMG’s global banking and financial services practice; and in Westminster, as a special adviser to the Treasury select committee into banking

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Coronavirus: All 60 Cath Kidston stores to close after collapse blamed on coronavirus | Business News

Retailer Cath Kidston is to shut its 60 UK stores with the loss of more than 900 jobs after a deal was agreed to save its online business but not its shop network.

The announcement, confirming a move first reported by Sky News, means the company’s owners are buying back its brand and website operations after its fall into administration.

Baring Private Equity Asia (BPEA), which has held a stake in the modern vintage fashion retailer since 2014, said it would result in the “cessation of the retail store network”.

It confirmed that only 32 of its 940 staff would see their jobs secured as part of the deal.

The deal is likely to anger landlords and other creditors which face losing significant sums of money as a result of the pre-pack process.

The business, known for its floral and polka dot designs, becomes the latest prominent high street

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