Birmingham has urged its citizens flocking to its parks and open spaces to buckle down and behave as some have been flouting Covid-19 guidelines with mass raves and leaving a trail of tat in their wake. The UK’s second-biggest city last month collected seven times more litter in its parks than a year earlier as Brummies turned to public spaces to maintain their health and fitness during a three-month lockdown that was imposed to contain the spread of the coronavirus pandemic. Visitors to its parks and open spaces have more than doubled during lockdown, the city council said. In June, on a like-for-like basis, 433 tonnes of rubbish piled up its parks, pushing the total for the first six months of the year to 1,713 tonnes. That means that almost as much litter was gathered last month as for the whole of the first six months of 2019, when 460 tonnes were picked up. The city council highlighted other difficulties that its staff has faced including those breaching the coronavirus guidelines by holding “rave”-style mass gatherings, with no evidence of social distancing. “The pandemic is piling extra pressures on those working in our open spaces,” said John O’Shea, a member of the city council. Birmingham has kept its parks open throughout the lockdown period, which in England began on March 23, to enhance “the health and well-being of so many people across our city”, Mr O’Shea said, but added that a “small number” abuse the open spaces.

Coronavirus infections may be increasing again in London after declining for many weeks, official estimates released on Friday afternoon revealed. The UK government said that for England as a whole Covid-19 infections are falling by between 5 and 2 per cent a day; for the UK the rate of decline is estimated at 6 per cent to zero. The figure for London lies somewhere between a daily decrease of 4 per cent and an increase of 2 per cent, with a very slight decline most likely. No other region of the UK shows a range that includes possible growth of infections. The reproduction number R in the capital -- the average number of people to whom an infected individual passes on the virus -- lies between 0.8 and 1.1. The R range for the UK as a whole is 0.7 to 0.9. Government scientists compiled the estimates from a variety of sources, including the Office for National Statistics, Public Health England and university modelling teams. They say the method does not pick up localised sub-regional outbreaks, for example in Leicester.

UK holidaymakers will be able to visit more than 70 overseas destinations from Monday without having to self-isolate for 14 days on their return to England, a long awaited list from the government reveals. Left off the list are the US and Canada, plus African countries, while almost all of Europe, bar Sweden and Portugal, has been included. From July 10, "unless they have visited or stopped in any other country or territory in the preceding 14 days", passengers arriving from countries and territories on the list set out by Boris Johnson's government on Friday will not be required to self-isolate on arrival into England, the statement said. Here's the list, in no particular order, as laid out on the official website: *Europe and other countries close by*: Andorra, Germany, Greece, Norway, Poland, Austria, San Marino, Serbia, Iceland, Belgium, Italy, Spain, Croatia, Cyprus, Czech Republic, Lithuania, Liechtenstein, Denmark, Luxembourg, Switzerland, Faroe Islands, Malta, Finland, Monaco Vatican City, France and Netherlands, Greenland and Turkey. *Asia-Pacific region*: Australia, New Zealand, Hong Kong, South Korea, Japan, Macau, Taiwan, Fiji, Vietnam and French Polynesia. *Much of the West Indies, plus rest of world*: Antigua and Barbuda, Grenada, Réunion, Guadeloupe, Bahamas, Barbados, Bonaire, Sint Eustatius and Saba, Jamaica, St Barthélemy, Curaçao, St Kitts and Nevis, St Lucia, St Pierre and Miquelon, Dominica, Trinidad and Tobago, Mauritius and New Caledonia. The UK government announced on Friday its new “traffic light system”, under which citizens can return from an array of countries without quarantine if they are designated green or amber under the system. Ireland is already exempt as part of the common travel area, as are the Channel Islands and the Isle of Man. In addition, the 14 British Overseas Territories will be exempt, the statement said. This list may be added to over the coming days following further discussions between the UK and international partners.

Greece has announced a new €3.5bn economic support package aimed at seasonal businesses that were unable to open earlier this year because of the coronavirus lockdown. The country’s tourism sector reopened to foreign travellers this week with the resumption of direct flights from more than 40 countries to the Greek islands. Seasonal businesses, from hotels, bars and restaurants to ferry operators and agricultural processors, are estimated to account for one-quarter of the country’s output, according to analysts. Kyriakos Mitsotakis, the prime minister, told parliament on Friday the latest package would include temporary tax relief for companies that suffered a decline in turnover between 5 per cent and 35 per cent in the first two quarters. He said the government would continue subsidising wages and social insurance contributions for employees for another four months, a move seen as encouraging more seasonal businesses to reopen in the next few weeks. “We’re aiming to support employment and liquidity for companies in a way that’s adjusted for the particularities of the Greek economy, which has a seasonal bump in the third quarter,” said Alex Patelis, chief economic adviser at the premier’s office. A special €600m programme for companies that earn more than half their income in the third quarter, including hotels and fruit processors, will cover up to 100 per cent of their social insurance obligations. Less than two-thirds of seasonal hotels have reopened to date, while bookings for July and August are more than three-quarters down on last year, according to hoteliers’ associations around the country. About 40 per cent of Greek companies have been affected by the pandemic, Mr Patelis said.

The World Bank has shelved plans for a second sale of pandemic bonds after the first drew criticism for being too slow to pay out aid to poor nations suffering from the coronavirus outbreak.  The supranational agency issued the bonds three years ago, in a $320m deal intended to help developing countries tackle a serious outbreak of infectious disease. In mid-April, weeks after the virus had started spreading around the globe, the conditions to pay out nearly $200m were finally met — though critics said this was too little, too late.  A second iteration of the “pandemic emergency financing facility”, or PEF, was expected to be launched this year, after the World Bank said in early 2019 that it was making tweaks to the structure before marketing the new product in or around May 2020. But a spokesperson has told the FT that there are now “no plans for a PEF 2.0”. Clare Wenham, assistant professor in global health policy at the London School of Economics, said the bonds had been “an awful scheme” that the World Bank should “draw a line under”. “In the wake of this coronavirus outbreak we need to rethink financing pandemics,” she added. “We need to somehow engage with private money because public money isn't enough or isn't fast enough.” The World Bank launched its pandemic bond scheme following the 2014 Ebola outbreak in west Africa, with the aim of finding a way to funnel private-sector money quickly to poor countries faced with a large-scale, cross-border outbreak.

Brussels has granted Gilead Sciences' experimental coronavirus drug remdesivir conditional marketing approval, paving the way for the company to market its drug in member states, who in turn will be able to negotiate prices. A conditional marketing approval is given in cases of urgent, unmet medical need, with the provision that drugmakers submit fuller data once available. Remdesivir's only statistically significant benefit has been to shorten the length of hospital stays required for Covid-19 patients by about four days to a total of 11. No such benefit has been shown in mortality or viral activity. The US said this week it had secured almost all of Gilead's remdesivir supply until the end of summer. Brussels is in talks with the company, which has priced the drug at $2,340 per course, over access. Gilead's remdesivir is the only branded drug to have received an emergency use approval from the US Food and Drug Administration. That authorisation does not constitute a full approval.

Thousands of couples in the UK have delayed their weddings as government restrictions designed to slow the spread of the coronavirus pandemic closed places of worship and registry offices for three months. As many as 73,400 weddings and 300 same-sex civil partnerships are likely to have been postponed between March 23 and July 3, official estimates show. The UK's four nations imposed strict lockdown measures at the end of March when the government urged people to stay at home, with many churches and mosques turning to online services to support their congregations. The statistics from the Office for National Statistics, based on a four-year average, do not include weddings that were planned abroad or opposite-sex civil partnerships. The ONS has published its estimates on the eve of England's relaxing social-distancing guidelines, which allows weddings to go ahead but with fewer than 30 guests. These include the guests, officiant and any staff not employed by the venue such as a photographer. In England bars, pubs, restaurants and museums will be allowed to open from Saturday. /A wedding in the US in early May:/ http://blogs.ft.com/the-world/files/2020/07/Wedding2.jpg The more relaxed rules in England urge guests to avoid singing, eating and playing woodwind and brass musical instruments while social distancing of one metre between different households must be observed. Receptions after the ceremony are still discouraged, with six people outside allowed or two households inside. "From 4 July, weddings in England will be able to take place with a maximum of 30 people who must maintain social distancing measures, avoid singing unless behind a screen, avoid consuming food or drink and avoid playing instruments that must be blown into," the ONS said. It is unclear what the guidelines mean for the happy couple if they have not been locked down in the same household before the wedding. Delaying weddings has been an emotional and financial challenge for many couples, who have reported struggling to rebook venues and battles with insurers to recoup deposits. One bride said that, since their original May wedding day was rained upon, she has felt more optimistic about a rescheduled winter wedding in Scotland. "It's been quite therapeutic as we're essentially planning for an entirely different event," she said. For more from Madison Darbyshire, please read: [https://www.ft.com/content/2a4be736-9ff4-11ea-b65d-489c67b0d85d Let’s turn our rural fantasies into reality]

Eurozone consumers have reduced the amount they invest, with the household investment rate falling to 8.7 per cent of disposable income in the first quarter, down from 9.1 per cent in the previous quarter. Evidence of consumer behaviour in the eurozone has been mixed with German retail sales rising sharply above pre-virus levels in May, but measures of consumption for most other countries remaining depressed in many sectors. Household indebtedness meanwhile has increased slightly in the first quarter to 93.7 per cent of disposable income, the European Central Bank said in a separate release. In the UK household deposits at banks increased by a record £25.6bn in May to £1.5tn, following strong increases in March and April, the Bank of England said. The personal savings rate among Americans surged from 7.9 per cent at the start of the year to more than 32 per cent in April, before falling to 23.2 per cent in May, according to the Bureau of Economic Analysis.

Consumers saved record amounts of cash in the first quarter as coronavirus-related lockdown measures limited spending, while government aid supported incomes, indicating pent-up demand that could help the recovery if released. The eurozone household saving rate - defined as gross saving divided by gross disposable income - rose to 16.9 per cent in the first three months of the year, up from 12.7 per cent in the previous quarter and the highest since records began in 1999, Eurostat said on Friday. Consumers in the 19 eurozone members spent less than usual since Covid-19 restrictions were introduced in March to contain the spread of the virus. The lockdowns, with many staying at home, resulted in high levels of involuntary savings. http://blogs.ft.com/the-world/files/2020/07/housebound-consumers-in-eurozone-save-record-amounts-700x500-webmed.png Investors are watching the figure as it could mean consumers have built up large cash reserves that they could spend as the economy reopens, fuelling growth. However, many, including European Central Bank president Christine Lagarde, warn that fears about potential job losses and social distancing measures still in place will lead to consumers continuing to build up savings rather than spending, restraining the recovery. Eurostat said the jump in the eurozone savings rate mostly reflected a 4 per cent drop in individual consumer spending by households and a 0.9 per cent increase in their gross disposable income.

Chinese stocks have rallied to a five-year peak on growing evidence the world’s biggest emerging market is recovering from the coronavirus blow. The CSI 300 benchmark index of Shanghai and Shenzhen-listed shares rose 1.9 per cent on Friday to end the week at its highest level since June 2015. Further signs of a rebound in the economy boosted sentiment as China indicates it has contained the spread of Covid-19 to some degree. http://blogs.ft.com/the-world/files/2020/07/chinese-stocks-outperform-us-and-european-peers-in-turbulent-2020-700x500-webmed-1.png The Caixin/Markit purchasing managers’ index showed that activity in China’s services sector rose in June at its quickest pace in more than 10 years as loosening coronavirus-related curbs led to a resurgence in consumer demand. The survey noted that Chinese “businesses were highly confident about the economic outlook” but that employment continued to fall. It would take “time for the economy to fully recover”, it added. The last time Chinese equities traded at a stronger level was during a turbulent period in 2015 when share prices soared before crashing on concerns over the health of its economy.

A majority of care homes in the UK reported among its staff and residents at least one case of coronavirus, which on average infected 20 per cent of residents and 7 per cent of staff. One in five care home residents in the UK became infected with Covid-19 in the 56 per cent of care homes that had at least one confirmed case, data released by the Office for National Statistics showed. From the beginning of the pandemic to June 12, almost 20,000 care home residents in England and Wales died with coronavirus mentioned in their death certificate, a separate ONS release revealed. The figure is almost a third higher than the 14,658 coronavirus deaths in care homes reported by the ONS in its weekly update on Tuesday. The likelihood of infections increased in facilities that do not offer their staff sick pay, where on average 18 per cent of workers became infected. The survey, which was commissioned by the Department of Health and Social Care, covers 9,081 care homes in England that cater for patients aged over 65 years and those with dementia.

Strategists at Bank of America believe there is a "strong case" for investors to position for an economic recovery, even if the rise in cases in the US could dent market sentiment in the short term. "The recovery is picking up steam, but rising US case numbers are set to lead to stumbles along the way," the Wall Street bank's European equity strategists said in a note on Friday. European shares outperformed Wall Street last month, and the strategists said they see "considerable rebound potential" for the regional economy. >Even as the US reopening process stumbles, the recovery is proceeding more smoothly in Europe. The note singles out banks, value and growth stocks, and airlines as among the sectors poised to benefit from a recovery, as they have underperformed the market rebound. In contrast, German stocks have outperformed.

Activity in the eurozone's services industry rebounded from coronavirus-induced lows as lockdown measures eased, though social-distancing rules, virus fears and job cuts limited consumers' appetite to spend. The IHS Markit eurozone purchasing managers' index for services climbed towards growth in June, clocking 48.3 from 30.5 the previous month. A reading below 50 marks contraction being reported from a majority of businesses while above indicates growth. June's reading, a four-month high, is better than estimates of 47.3 as a rising proportion of business say activity has improved from the darkest days of strict restrictions across the bloc when citizens were told to stay at home. Thousands of jobs have been slashed as restaurants, bars and other services businesses have been closed to stem the spread of coronavirus. As they began to open, customers had to maintain their distance from each other. All eurozone countries registered an improvement from May’s readings and Spain and France were above the 50 mark, which indicates an expansion. In the UK, the service sector index rose to 47.1 in June from 29 in May. IHS' composite index of services and manufacturing for June reached 47.7, up from 30 the previous month.

The city of Tokyo has recorded its second consecutive day with more than 100 new Covid-19 cases, according to national broadcaster NHK, as fears grow of a second wave in the Japanese capital. About 70 per cent of the 124 new cases were people in their 20s and 30s. It was the highest number of cases since early May. Tokyo has found many infections through intensive testing of staff in host clubs and other nightlife establishments, but officials believe there is an underlying rise in cases, not just better detection. City governor Yuriko Koike has urged the public to stay away from nightlife districts. However, the national government wants to avoid closing the capital down again. “The number of hospitalised cases is increasing, but the number in serious condition is falling, so compared with the previous infection situation, this does not meet the criteria for a new state of emergency,” said chief cabinet secretary Yoshihide Suga.

European stocks are on course to inch higher after strong economic data from China fuelled hopes of a quick recovery in the world’s second largest economy. Futures trading tipped the continent-wide Europe Stoxx 600 to open 0.4 per cent higher, while London’s FTSE 100 was expected to edge up by a similar amount. Stocks in the Asia-Pacific region rose after the Caixin/Markit Purchasing Managers’ Index pointed to China’s economy rebounding after managing to control the spread of coronavirus. This week global stocks have regained some momentum in their rally since hitting a trough in late March, with the European benchmark adding almost 3 per cent to push gains upwards of 30 per cent from the height of the outbreak in the region. US markets are closed on Friday for a public holiday as investors in other regions weigh up data showing that American employers added 4.8m jobs in June against the world’s biggest economy reporting more than 50,000 new daily Covid-19 cases for a second consecutive day.

Land Securities has outlined plans to begin dividend payouts again from November as it charts its recovery from the pandemic. The property group, whose portfolio includes Deutsche Bank’s new London headquarters, has become one of the first major UK companies to bring back investor payouts, which have been decimated by the coronavirus crisis. Land Securities said the size and timing of its dividend will be revealed at half-year results in November. The company cancelled its April dividend as coronavirus ripped through the industry, but has since been able to reopen all of its shopping centres, outlets and retail parks. Like-for-like store sales were 80 per cent of last year’s level during the last two weeks of June, and 60 per cent of the rent due on June 24 was paid within five working days compared with 94 per cent last year.

Britain's Financial Conduct Authority has instructed pawnbrokers, rent-to-own companies and motor finance providers to keep offering payment freezes to borrowers in financial difficulty. Borrowers yet to request a payment freeze will also have until October 31 to apply for one. Motor finance, buy-now-pay-later, rent to own and pawnbroking customers who have taken up repayment support but are still experiencing financial difficulties should be offered further payment deferrals or payment reductions to an affordable level, the FCA said. This matches a similar instruction the regulator made to providers of credit cards, store cards and personal loans earlier this week. FCA interim chief executive Christopher Woolard said: >It is vital that people facing temporary payment difficulties because of the impact of coronavirus get the assistance they need. >For those who have already taken a payment freeze and can afford to start making payments, even partially, it is in their best interest to do so, but for those that need help it will be there.”

India has approved a second Covid-19 vaccine candidate for human trials as the country steps up efforts to combat an alarming coronavirus outbreak, with the daily caseload rising to new highs. Zydus, part of pharmaceutical group Cadila Healthcare, said the country's drug regulator had cleared its plasmid DNA vaccine candidate for trial due to start this month. It was found "to elicit a strong immune response" in tests on mice, guinea pigs and rabbits, the company said. India's coronavirus burden shows little sign of abating despite months of strict lockdown, overwhelming hospitals in cities such as Delhi and Mumbai. The country reported its highest daily caseload of more than 20,000 infections on Friday, with the total number of cases rising above 600,000. It lags behind only the US, Brazil and Russia in confirmed infections. The approval comes only days after the regulator cleared another vaccine candidate by Bharat Biotech for human trials.

Investors pulled the most amount of money out of US junk bond funds since the depths of the coronavirus induced sell-off, as investor appetite for lower-rated debt shows signs of waning. Junk bond funds saw a $3.4bn withdrawal for the week ending July 1, according to data from EPFR Global. Investors chalked up the exodus to rising concern over the outlook for the US economy as cases of Covid-19 have started rising again, coupled with an eagerness to crystallise profits after a ferocious rally. *Read more [https://www.ft.com/content/a6a50e46-9ff1-4db3-befb-d1762f87f90a here]*

The pace of a coronavirus outbreak in the city of Gwangju has taken a "serious turn", South Korea's prime minister warned on Friday as the local infection rate nationwide rose to a two-week high. The identification of more than 20 new cases sparked fears of a worsening situation in the southern city of 1.5m people after weeks where health officials have been focused on containing clusters centred around Seoul, the sprawling capital. "Cases in Gwangju originated in door-to-door retail companies and religious institutions where close contact [between people] is frequent. The virus is now spreading through various channels," said Chung Sye-kyun, who is leading the country's virus response. The Korean Centers for Disease Control reported 63 new coronavirus cases on Friday, with more than 50 locally transmitted infections, the highest since June 20. While South Korea's new case numbers compare favourably to the tens of thousands reported daily in the US and other countries, the flare-ups continue to frustrate efforts to fully restart schooling and reopen the economy.