Apple, Boeing, rail fares, migrant workers, Japan: your commercial round-up

Catch up on key news from the business world with this week’s commercial round-up from LawCareers.Net.

• The number of people going out to shops and restaurants has risen to its highest level since March, according the Office for National Statistics. Footfall is now at two thirds of the level recorded at the same time last year, with retail parks seeing the highest recovery. Car dealers have seen an increase in sales as people turn away from public transport. But job cuts are rising and one in 10 UK businesses has indicated that it is at ‘moderate’ risk of insolvency, showing that the scale of economic damage caused by the coronavirus pandemic is soon likely to be felt by more and more of the population.

• Rail fares in England will rise by 1.6% in January despite a slump in demand. Scotland will delay any fare changes while it considers measures to make its rail network more affordable. Commenting on the changes in England, rail minister Chris Heaton-Harris said: "We expect any rail fare rise to be the lowest in four years come January and any increase will go straight to ensuring crucial investment in our railways. Taxpayers have been very generous in their support to keep trains running throughout the coronavirus pandemic, and whilst it's only fair that passengers also contribute to maintaining and improving the services they use, a lower rise will help ensure the system returns to strength." Passenger watchdog Transport Focus has called for an overhaul of the fares system to reflect changes in travel patterns that could become a long-term trend in the wake of the pandemic.

• Three quarters of people in the UK have moved to doing at least some grocery shopping online, according to supermarket chain Waitrose. Separate research has also indicated that around half of consumers feel their shopping habits will change permanently following the pandemic.

• Thousands of migrant workers in low-paid roles in the agricultural sector have been forced into poverty and destitution during the coronavirus pandemic as work has dried up, because they do not qualify for access to the UK welfare system or the Job Retention Scheme. Satbir Singh, chief executive of the Join Council for the Welfare of Immigrants, said: “We've seen an increase in people becoming street homeless, acutely hungry and not being able to afford even basic medication because they literally have no support available to them."

• Turning to international news, Japan’s economy has shrunk at its fastest rate on record as the country fights the coronavirus pandemic. The world’s third-largest economy was already struggling to grow before the pandemic hit and the country’s GDP has fallen by more than 27% compared to the same quarter last year, showing the devastating global economic impact of the crisis.

• But there are signs of recovery on the stock market, as Airbnb has decided to move forward with a proposed listing that had been planned to take place in early 2020, but was put on hold. If the letting platform’s initial public offering goes ahead, it will be one of the biggest flotations of 2020. 

• Boeing has won its first order of 737 Max planes since two fatal crashes saw regulators ground the new jets. The troubled 737 Max appears to have been renamed the 737-8 after work to address faults in the aircraft’s design, but recertification as safe for commercial flights is still not confirmed. Polish airline Enter Air’s order for four of the planes will be seen as a sign of returning confidence by Boeing.

• Apple has become the first US 2$ trillion company, hitting a share price of $467.77 on the Nasdaq exchange on Wednesday. The tech giant’s value alone is now more than half of the total tax paid in the United States in 2019.