Rolling coverage of the latest economic and financial newsLatest: OECD warns coronavirus could halve global growthUK firms struggling to buy raw materials and stocksSupermarket shares rise as Ocado reports ‘exceptional demand’Bank of England: We’ll take necessary stepsFTSE 100 opened sharply higher, then faded back 2.03pm GMT The FTSE 100 is being propped up by the pound, which is having a bad day.Sterling has fallen to its weakest level against the euro since last October, down 1.5 eurocents at €1.147. Related: British economy ‘to grow 0.16% at best under US trade deal’ 1.43pm GMT CNBC are reporting that Jack Welch, one of the most important US business leaders of recent decades, has died aged 84.Welch ran General Electric between 1981 and 2001, transforming the company’s prospects and growing its value 40-fold. He was famous for aggressively streamlining the company, and notorious for firing the 10% worst-performing managers each year.He invented the “vitality curve,” in which managers were ranked into three groups. The top 20% “A” group was “filled with passion, committed to making things happen.” The “vital” 70% “B” group was essential to the company and encouraged to join the A’s. Then there was the bottom 10% “C” group. Jack Welch, former chairman and CEO of GE, dies at 84 https://t.co/1WQPj2QRKp Continue reading…
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PIERS MORGAN: A phone call I received from a fired-up Trump should be a warning to Democrats
President Trump called me for a chat on Saturday. It was our first conversation since he unfollowed me on Twitter in April after I wrote a Mail column telling him to ‘Shut the f*ck up Read more…