Europe Daily Briefing: HSBC to cut 35,000 jobs, EU car sales fall 52%, Putin's 'disinfection tunnel'

17 June: Your round-up of the issues leading today's agenda

17 June: Your round-up of the issues leading today's agenda

  • HSBC Holdings Plc is resuming a plan to cut 35,000 jobs, according to Reuters. The plan was delayed due to coronavirus pandemic. In addition, in a memo sent to HSBC’s 235,000 staff, CEO Noel Quinn said the bank will continue with a freeze on almost all external recruitment.

  • New car sales in the EU fell by 52 per cent in May, despite lockdown measures easing in most markets and showrooms reopening, as demand across the region remained lacklustre, the Financial Times says. Sales fell from 1.2m in May 2019 to 581,000 last month, with double digit declines in each of the 27 countries within the bloc, according to data released on Wednesday by European auto group ACEA.

  • The Russian president, Vladimir Putin, has been protected from the coronavirus by a special disinfection tunnel that anyone visiting his residence outside Moscow must pass through, according to state television, The Guardian reports. The special tunnel, manufactured by a Russian company based in the town of Penza, has been installed at his official Novo-Ogaryovo residence outside Moscow where he receives visitors, RIA news agency reported on Tuesday. Demonstration footage of the tunnel, published by RIA, showed masked people passing through it being sprayed with disinfectant from the ceiling and from the side.

  • The European Central Bank’s next move to cope with the deepest downturn in decades could turn on whether it listens more to consumers or investors about the risk of deflation, according to Bloomberg. Executive Board member Isabel Schnabel highlighted the dilemma last week when she noted that financial markets have been pricing in “significant risks” of a downward spiral in prices because of the coronavirus, while households expect just the opposite.




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