By Jasper Jolly
Live rolling coverage of business, economics and financial markets as latest official figures also showed the number of hours worked dropped a record 9%
- UK unemployment steady at 3.9% as furlough scheme masks damage
- Stock markets jump on Federal Reserve corporate bond stimulus plan
- Coronavirus – latest updates
- See all our coronavirus coverage
11.19am BST
The European commission has opened a formal antitrust investigation to assess whether Apple’s conduct in connection with Apple Pay violates EU competition rules.
#EUAntitrust Commission opens investigation into Apple practices regarding Apple Payhttps://t.co/iggSq0adrk pic.twitter.com/kiKIUL4yzl
Mobile payment solutions are rapidly gaining acceptance among users of mobile devices, facilitating payments both online and in physical stores. This growth is accelerated by the coronavirus crisis, with increasing online payments and contactless payments in stores. It appears that Apple sets the conditions on how Apple Pay should be used in merchants’ apps and websites. It also reserves the “tap and go” functionality of iPhones to Apple Pay.
It is important that Apple’s measures do not deny consumers the benefits of new payment technologies, including better choice, quality, innovation and competitive prices. I have therefore decided to take a close look at Apple’s practices regarding Apple Pay and their impact on competition.”
11.06am BST
Unemployment data are grim, but bound to get a lot grimmer, writes the Guardian’s economics editor.
Unemployment is nudging 3 million, vacancies have plummeted and pay packets are shrinking. All this while the government is paying the wages of millions of workers through its furlough scheme.
Related: UK unemployment outlook is grim – it’s going to be tough | Larry Elliott
Source: Markets gain on US stimulus hopes as 600,000 UK workers lose jobs in Covid-19 crisis – business live
