Business news in brief
‘Dead cat bounce’ warning over consumer confidence
British consumers are feeling a little brighter about the future as shops start to reopen, according to a closely watched measure. Consumer confidence has rebounded slightly from near-record lows, but experts fear this could be short-lived. The Growth from Knowledge (GfK) survey’s consumer confidence score was up six points to minus 30 in the June measurement. “This latest improvement may be misleading. Consumers appear to be confused and some are not sure what to think,” said GfK client strategy director Joe Staton. “Yes, we have seen queues as some shoppers return to battered high streets. But with economists warning that the post-lockdown upturn might not restore GDP to pre-Covid-19 levels, and with the labour market set for more job losses, we have to question whether we are seeing early signs of economic recovery or that infamous ‘dead cat bounce’. Most bets will be on the dead cat.” PA
Rio Tinto to publish report on blasting at Aboriginal site
Anglo-Australian mining giant Rio Tinto has bowed to pressure from campaigners to publish a report into
why it blew up a 46,000-year-old heritage site in Australia. Chief executive Jean-Sebastien Jacques said the company needs to regain the trust of local Aboriginal people amid a storm over its decision to blast at the Juukan Gorge site. Bosses promised to publish a board-led review of its heritage management. It will take input from the local Puutu Kunti Kurrama and Pinikura people, and will speak to indigenous leaders and experts before reporting in October. Simon Thompson, chair of Rio Tinto, said: “On behalf of the Rio Tinto board, I would like to apologise to the Puutu Kunti Kurrama and Pinikura people.” PA
Lockdown costs Treasury £2.5bn in lost fuel duty
The coronavirus lockdown has cost the Treasury more than £2.5bn in lost fuel duty, figures show. Provisional statistics published by HM Revenue and Customs show the government received £4.1bn in duty on petrol and diesel sales between March and May, compared with £6.6bn during the same period in 2019. The prime minister, Boris Johnson, placed the UK on lockdown on 23 March, limiting the reasons for leaving home. AA president Edmund King said: “These startling figures show that the collapse in car use is costing the Treasury billions.” PA
‘£50m needed to stop mass closure of music venues’
There will be mass closures of music venues unless the government steps in to provide a £50m cash injection to the sector, a charity has said. The Music Venue Trust has warned more than 90 per cent of grassroots venues are facing permanent closure before the end of September as a result of the coronavirus pandemic. The organisation is also calling for a cut to VAT on ticket sales for the next three years for venues and promoters in order to aid the sector’s recovery. PA
Over 450 films available to cinemas when they reopen
More than 450 films will be available to cinemas when they reopen to help them entice audiences back. The films have been collated by the Film Distributors’ Association in a document titled Relaunching Cinema: Content for Recovery. The collection has been split into 25 categories and features comedy, documentary, musical, horror, romance and science-fiction features. The list of titles is part of the first stage of crossindustry body Cinema First’s coronavirus recovery strategy. PA