Funeral company Dignity one of the leading risers on London Stock Exchange amid coronavirus fears March 16, 2020 Funeral company Dignity was one of the leading risers on the London Stock Exchange this morning in a bleak pointer to who investors think could do well out of the coronavirus epidemic. Dignity was up 2.5 per cent at 333p this morning, amid a stock market rout that came despite a dramatic intervention by the [...]
Sirius Minerals shares suspended ahead of Anglo takeover March 16, 2020 Shares in Sirius Minerals were suspended this morning ahead of the embattled mining firm’s takeover by Anglo American. Shareholders earlier this month approved the controversial £405m acquisition by Anglo, which offered 5.5p per Sirius share. While most Sirius investors bought in at roughly 25p, the bid was accepted as the mining firm desperately sought funding [...]
Chinese economy nosedives as virus outbreak hits factories March 16, 2020 China’s factory production slumped to its lowest level on record in the first two months of the year as the coronavirus outbreak wreaked havoc for the world’s second-largest economy. Analysts said the shock was worse than the financial crisis decade ago and reinforced fears that the epidemic may have cut China’s economic growth in half [...]
Coronavirus: Australian shares suffer worst fall on record as Asia slides March 16, 2020 Australian shares today suffered their biggest daily fall on record as analysts warned the global economy was teetering on the brink of a recession. The benchmark ASX200 index closed down 9.7 per cent as the coronavirus outbreak continued to roil global markets. The ASX200 has fallen roughly 30 per cent since its highest in February [...]
A levelling up agenda cannot afford to overlook the UK’s beating financial heart March 16, 2020 With the strong and unpredictable economic headwinds of 2020, last week’s Budget came at a critical juncture. All eyes were on the new chancellor, in particular on what the Budget might propose to alleviate some of the short-term Covid-19 shocks to the economy. Efforts to support households and businesses, particularly SMEs, through the Covid-19 outbreak [...]
Andrew Bailey takes over with Bank of England battling coronavirus recession March 16, 2020 Andrew Bailey is no stranger to a tough job. But the incoming Bank of England governor, who takes up his new role as Mark Carney steps down tomorrow, could never have anticipated the size of the challenge that awaits him at Threadneedle Street. Bailey’s time at the Financial Conduct Authority began in the wake of [...]
Federal Reserve slashes interest rates to zero amid coronavirus chaos March 15, 2020 The US Federal Reserve has cut interest rates to near zero this evening in a fresh attempt to shore up the economy amid the devastation caused by the coronavirus epidemic. The move, which cuts rates to 0.0 to 0.25 per cent, comes just days after an initial emergency cut of 50 basis points, which had [...]
ECB ready to close bond spreads amid virus, says Italian board member March 15, 2020 The European Central Bank (ECB) stands ready to reduce bond spreads between Eurozone countries and could even further increase its purchases amid the coronavirus outbreak, a board member said today as the Bank continues to row back on comments from its president. Christine Lagarde, who took over as president from Mario Draghi last November, upset [...]
Economists warn of global recession as coronavirus spreads March 15, 2020 The International Monetary Fund (IMF) says a global recession comes when annual international growth slips below 2.5 per cent. More charitable economists say it has to fall below two per cent. Either way, economists around have warned in recent days, the coronavirus outbreak means the world is heading for one. Covid-19 last week spread rapidly [...]
Saudi Aramco cuts spending as profit drops 21 per cent following record float March 15, 2020 Saudi Aramco today said it will cut capital spending this year as the oil giant braces for a slump in oil prices caused by the coronavirus outbreak and a price war with Russia. The state-run company broke the record for the largest ever initial public offering (IPO) in December after it raised $25.6bn (£21bn), securing [...]