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"The retail industry globally was being profoundly disrupted even before the pandemic."
That's Simon Freakley , CEO of AlixPartners, speaking to CGTN Europe as part of our
Redesigning the Future
series, which continues all week on TV and online.
As we look at retail today, Freakley was quick to remind us the sector was not flying high before the onset of global pandemic.
For a look at what the sector has been doing to draw in new customers and convince existing ones to come in and browse rather than stay online, read our interview with retail analyst Sofie Willmott in today's briefing.
Meanwhile, from the U.S. tech sector we've seen a profit announcement from ** Zoom** , which surely comes as little surprise to anyone. The company quickly outstripped Skype as the video conference tool of choice and revenues soared by more than 300 percent.
And in confidence-boosting news, China's civil aviation authority said it is open to reconsidering its 75 percent maximum passenger load on international flights if no one flying into the country tests positive for at least three weeks.
Finally, for an update on European unemployment figures , scroll down to the bottom of the briefing for our daily graphic.
Happy reading,
Patrick Atack
Digital business correspondent
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Data from the EU's largest economy** Germany point to a second straight month of employment growth,** as manufacturers say industrial production and retail sales are continuing to soar. Last week, the government agreed to provide an extra $12 billion to help extend job-preserving subsidies until the end of 2021.
Inflation in the 19-country eurozone bloc turned negative last month for the first time in four years. The drop to -0.2 percent in August from just under 0.5 percent in July raises the chances the European Central Bank will have to adopt more stimulus measures to generate growth. It's a long way off the ECB's 2 percent target and suggests the eurozone's deep recession could prove to be a long-term drag on consumer prices.
Zoom's profits more than doubled in the second quarter, as revenues rocketed by 355 percent. The video-conferencing platform also revealed a big jump in user numbers across the world. Before the global lockdown, Zoom was seen as a niche player, but it has enjoyed a huge surge in usage as companies and schools began working online.
Activist hedge fund Oceanwood Capital, which owns a stake in theUK-France undersea tunnel, has written to ministers in several European governments asking them to actively push away from short-haul passenger and freight flights and move towards train journeys . The fund owns 0.75 percent of the firm that runs cross-Channel train services.
It's turning into an even worse year than expected for Samsung, as the family firm's leader** Lee Jae-yong has been indicted on charges of stock manipulation** by Seoul authorities. Prosecutors argued actions taken during a 2015 merger of two Samsung divisions, which were allegedly intended to secure Lee's position at the top of the company, were fraudulent. The 52-year-old and his lawyers have called the charges "groundless."
**Italy's GDP dropped by 12.8 percent **in the second quarter of 2020 compared with the previous quarter, the National Institute of Statistics (ISTAT) said on Monday. The drop was slightly higher than the 12.4 percent estimated by the statistical office at the end of July, as the Italian economy was struggling with the impact of the coronavirus crisis.
China's manufacturing purchasing managers' index** (PMI) decreased to 51 in August from 51.1 in July, impacted by heavy floods in the south,** official data from the National Bureau of Statistics showed. PMI readings above 50 indicate expansion. However, the pace of expansion slightly missed expectations, as both Reuters and Bloomberg consensus had forecast August PMI to come in at 51.2.
French energy giant Total has partnered with Australian financial services firm Macquarie's Green Investment Group to develop ** five large floating wind energy farms off the coast of South Korea** . It's part of Total's slow pivot to renewable energy – similar to moves made by BP and other energy providers.
Low-cost airline Air Asia, which has struggled significantly with cash flow amid the pandemic, has** introduced charges for passengers who want to check in for flights at the airport desk.** The Malaysia-based group said the change was being made to encourage as little contact as possible between staff and passengers, in line with COVID-19 guidelines.
The Civil Aviation Administration of China said it would consider lifting the 75 percent load restrictions on inbound international flights , if no incoming passenger tests positive for COVID-19 on arrival for at least three consecutive weeks.
Web giant Amazon has been granted permission in the U.S. to** test its commercial drone delivery system, "Amazon Prime Air." **The Federal Aviation Authority approval means the company's drone fleet can begin testing in public spaces.
Spanish economy minister Nadia Calvino said the country is** recovering at a rate of 10 percent so far in the third quarter, following a contraction of 18.5 percent from May to June. **The recovery is spurred by the $167 billion from the EU recovery fund, half of which is a non-repayable grant.
The final week of the UK's "Eat Out to Help Out" government scheme, which paid half of customers' bills (up to $13) in restaurants and cafes, helped the wider retail sector grow footfall by around six percent, according to stats from retail researcher Springboard.
WATCH : Driving change: London moves to prioritize bikes and pedestrians over cars
02:32
Sofie Willmott is head of apparel analysis at GlobalData and spoke to CGTN Europe about the changes to European retail since the start of the pandemic ** – and the wins for online retailers.**
How has the pandemic changed the way we shop?
We're really shopping more intentionally now. We're not really going out browsing on the high streets and maybe being attracted to make impulse purchases.
Subscription boxes have seemed to really take off over the past few months, why is that?
I think people are looking for treats and luxuries during this time to cheer them up and to receive something different through their letterbox. So we've seen a big rise in the number of people signing up to subscriptions.
But what about the in-store experience? How are retailers using technology for bricks as well as clicks?
Retailers have really had to adapt the in-store experience to make it more enjoyable and convenient for shoppers. John Lewis, for example, is trailing virtual queuing, where instead of waiting outside of the stores, shoppers can join a queue by their phone so they can either wait in their cars or they can wait at home and be told when they're able to enter the store.
