Donald Trump has signed the first phase of a new trade agreement with China after two years of tension between the two superpowers that have rattled economies around the world. Trump said: “Today, we are taking a momentous step towards a future of fair and reciprocal trade. Together we are righting the wrong of the past.” “At long last Americans have a government that puts them first at the negotiating table,” he said. “This is the biggest deal anybody has ever seen.” Trump and China’s chief trade negotiator, Liu He, signed the deal at a packed press conference, attended by Ivanka Trump, much of Trump’s cabinet, Henry Kissinger, and media and business leaders including Stephen Schwarzman, the chairman of Blackstone, and Ajay Banga, the president of Mastercard. The signing came hours after Democrats named the team that will prosecute Trump in an impeachment trial that starts early next week.
Greggs (GRG) has partnered up with Just Eat (JE.) to offer home delivery across the UK after a successful trial last year. The bakery firm said it would begin making deliveries in Bristol and Birmingham this week and continue its expansion in London, Newcastle and Glasgow, where there were trials with a variety of delivery firms, including Deliveroo and Uber Eats as well as Just Eat. Deliveries are expected to kick off in Manchester, Leeds, Sheffield and Nottingham in the spring, with a plan to achieve national coverage by the end of the year. Greggs and Just Eat will choose future destinations for expansion depending on customer demand. Customers can vote for their local area to receive delivery and the rollout plans will be reviewed every few months based on the poll.
Sales at Persimmon (PSN) have fallen as the housebuilder scrambles to improve build quality and restore its tarnished reputation, after a barrage of criticism over its poorly built homes and huge executive payouts. After a deluge of complaints from customers, the company commissioned an independent review last year. The report, which was published a month ago, accused Persimmon of a “systemic nationwide failure” to install fire-stopping cavity barriers that left customers exposed to an “intolerable” fire risk. The damning review said the failure to meet minimum building standards was “a manifestation of poor culture” at the firm. Persimmon completed 15,855 homes last year, down 4% from the previous year when it built 16,449 and made an annual profit of £1.09bn – the biggest ever reported by a UK housebuilder. Revenues fell 2.4% to £3.65bn in 2019, and City analysts are forecasting a small drop in pre-tax profits to £1.04bn. At that level of profit the firm is still making nearly £66,000 on every home it builds. The firm’s forward sales were down 3% to £1.4m at the end of the year.
