From Breakingviews: The UK publishes some hair-raising jobs data, Tata Motors wobbles and Cineworld opens up to an uncertain world. Read the daily column here:
UNDER THE SURFACE. There’s more pain ahead. The UK jobless rate was unchanged at 3.9% in the three months to April, official data showed on Tuesday. The details paint a grimmer picture. The number of people on companies’ payrolls declined, there was a record drop in weekly hours worked, and the quarterly drop in vacancies was the biggest since the series began. Layoffs will rise when the furlough scheme, which is scheduled to run until the end of October, winds up, or even before then.
LONG WAY AROUND. Jaguar Land Rover’s owner Tata Motors is lurching. The $4.3 billion Indian carmaker stripped out the impact from Covid-19 to show its pre-pandemic turnaround progress. The foreign marques, for example, would have logged an operating margin of 2.4% and positive operating cash flow in the full year to March 2020, instead of coming in negative for both.
NO TIME TO DIE. Shares in Cineworld are up 5% after the cinema chain announced plans to reopen all its theatres by July. Chief Executive Mooky Greidinger is introducing measures such as queue management and socially distant booking to confine the drama and risk of death to the screen as much as possible. But on Tuesday he made no mention of how film lovers will once again enjoy food and drink safely. Given this made up almost 30% of revenue in 2019, that’s important to address.
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