|3 THINGS THAT WILL CHANGE THE WORLD TODAY|
Good morning, here’s your Wednesday morning briefing. Look out for these three things happening around the world today.
Rishi Sunak delivers first Budget
Newly appointed Chancellor Rishi Sunak presents the first Budget of Boris Johnson’s majority government amid global economic turmoil caused by the COVID-19 outbreak.
Sunak replaced Sajid Javid on 13 February, following the former chancellor’s resignation in protest of Number 10’s orders to sack his advisors.
Johnson made vast promises to “level up” the country during the election, ranging from £1bn to create a fast-charging network for electric vehicles to faster broadband.
The Budget will be delivered around 12:30pm GMT. This morning the Federation of Small Business called on Sunak to support small businesses that have been disrupted by the effects of the coronavirus outbreak.
Wall Street CEOs talk coronavirus at White House
Business leaders from America’s largest financial institutions head to the White House today to discuss the impact of the coronavirus on the economy with White House officials.
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There are now more than 118,000 cases of COVID-19 around the world, which has claimed the lives of at least 4,200 people. The US has nearly 1,000 cases.
Stock markets have taken a battering in recent weeks as investors move funds into gold and government bonds. Analysts fear that the economic shock makes a global recession more likely.
CEOs and executives from Morgan Stanley, Goldman Sachs, Bank of America and JPMorgan Chase are expected to travel to the White House today to discuss the health of the economy.
G4S posts financial results
British security contractor G4S is set to publish its financial results for 2019 today.
The London Stock Exchange-listed firm posted revenue of £3.7bn in its half-year results for the six months ending 30 June.
It provides security services for more than 40 embassies around the world, but has faced controversy for alleged human rights breaches and “totally chaotic” conduct during the 2012 Olympic Games in London.
Last month G4S sold the majority of its cash handling business to Brink’s for an enterprise value of £727 million. In 2019 the firm’s share price fell by 23%.