ANOTHER CATASTROPHY WARNING

The UK’s booming trade in professional services with the EU will face “catastrophic” consequences if negotiators cannot come to an agreement for Europe-wide mutual recognition of qualifications, residency requirements and mobility for UK citizens, a House of Lords report warns today. Unlike other areas of trade, the UK has a £12 billion surplus with the EU in the professional services sector. This includes fields like law, accountancy, architecture, and the creative industry. The UK’s annual worldwide exports in this field amount to £95 billion; three times the size of car exports. SOURCE: Byline Times

AMAZON FACES GERMAN STRIKE

Germany trade union Verdi has called for workers at Amazon warehouses across Germany to go on a two-day strike beginning on Amazon Prime Day 2020 on 13 October. “Employees have been giving their best since the beginning of the corona pandemic, often without adequate protection,” said Orhan Akman, the Verdi representative for the mail order trade, adding that workers have not seen any recompense for this huge additional stress. SOURCE: Yahoo Finance

BOOM TIME FOR JPMORGAN

JPMorgan Chase & Co comfortably beat Wall Street estimates for third-quarter profit on Tuesday as the largest U.S. bank gained from a boom in trading in financial markets and set aside virtually no provisions for loan losses. The strong show from JPMorgan, widely seen as a barometer for the health of the broader economy, bodes well for Bank of America and other large lenders reporting this week. Its shares were slightly higher in early trading. SOURCE: Reuters

IKEA OFFERS BUY-BACK DEAL

People tired of their flat pack IKEA dressers, drawers, cabinets and tables will now be able to sell them back to the furniture retailer for resale in its stores as secondhand. The world’s biggest furniture group, said on Tuesday the “Buy Back” initiative was part of its aim to become “a fully circular and climate positive business by 2030.” Under the scheme customers will get vouchers to spend at IKEA stores, the value of which depends on the condition of the furniture they are selling back. SOURCE: Reuters