Black lives matter, Brexit, Triumph motorcycles, Travelodge, TUI: your commercial news round-up

The death of black US citizen George Floyd has sparked global protests demanding an end to the systemic racism within justice systems and law enforcement. There are a number of organisations that you can support, including the United Friends and Families Campaign and the UK-wide funding pool, which helps individuals and communities that are working towards racial justice.

In memory of George Floyd and in solidarity with the worldwide anti-racism protests, buildings across England turned purple. Further, books tackling racism and white supremacy are selling out in Britain, including Why I’m No Longer Talking to White People about Race by Reni Eddo-Lodge. Tweeting about her book So You Want to Talk About Race, Ijeoma Oluo said: “I am happy people are reading my book. But if you read my book and think ‘oh - now I understand racism!’ You have a lot more books to read. My book was intended as an introduction. It is a tool to help you discuss issues of racism in your workplace, your towns, your schools. But ‘how can I better talk about this’ isn’t even step 1 – it’s the beginning of your research on the way to step one.”

This week’s commercial news round-up highlights the mission behind the anti-racism protests and provides a short summary of other news in the business and legal world.

• Anti-racism protests have taken place across the UK this week following the death of black US citizen George Floyd while he was restrained with excessive force by a white police officer in Minnesota. The organisers of the protests in the UK have accused the police of unfairly targeting black people during the coronavirus lockdown. Anger and frustration have been expressed globally at the increased use of stop and search during the lockdown in areas with large BAME populations.

According to the Guardian, in England BAME people were 54% more likely to be fined under coronavirus rules than white people. An organiser said: “There’s a whole load of people who have directly been affected by the unlawful murders and unjust treatment of our brothers and sisters worldwide, but it’s also more than that. It’s looking at things like Grenfell, it’s looking at things like the Windrush scandal.

“We are here to stay, we’re not just a blip in the moment.”

• Britain’s biggest lenders have been told to accelerate their plans for a “no trade deal” Brexit by Andrew Bailey, the governor of the Bank of England. Speaking to Sky News on Wednesday, the Bank said: "As we have said previously, the possibility that negotiations between the UK and EU over a future trading relationship might not conclude in a deal is one of a number of outcomes that UK banks need to prepare for over the coming months.”

• Triumph Motorcycles is due to cut 400 jobs as a result of the covid-19 pandemic, with the manufacturer confirming that 240 of those cuts would be redundancies in the UK. Sales in the 500cc plus motorcycle segment in France, Italy, Germany, the US and UK have plunged between 40% and 65% during the peak season. Chief Executive Nick Bloor said: “These are not easy decisions to make, especially when individuals' livelihoods are affected.

"However, regrettably the scale of impact of covid-19 necessitates us to restructure now in order to protect the long-term health and success of the Triumph brand and business."

• Budget hotel group Travelodge plans to propose a new restructuring plan in a bid to secure the confidence of its landlords and protect 10,000 British hospitality jobs. The hotel chain is preparing to launch a company voluntary arrangement, which was put together by the chain’s adviser Deloitte. The turnaround plan will include a new commitment from shareholders to provide up to £40 million of new equity into the business, while raising £100 million in new debt.

• TUI has confirmed a compensation deal with Boeing following the grounding of its 737 Max planes and delayed orders of new planes, as it attempts to weather the financial impact of the coronavirus crisis. The holiday operator said that the deal covered a “significant portion of the financial impact” on the company after the Max fleet was grounded in March 2019 as 346 people were killed in two crashes.

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