Tullow Oil swings axe at workforce after massive 2019 loss March 12, 2020 Low cost oil exploration company Tullow has warned it will cut over a third of its workforce as it reported a pre-tax loss for 2019 and warned of “material uncertainty” over its future. Tullow Oil unveiled a $1.7bn pre-tax loss in 2019, down from an $85m profit in 2018. And volatility in the world oil [...]
NMC Health finds evidence of fraud as shares in sister firm Finablr collapse March 12, 2020 Beleaguered hospital operator NMC Health said an investigation into its finances had uncovered evidence indicating suspected fraud in some of its previous financial activities. NMC Health launched an external review into allegations over its finances after coming under attack from US short-seller Muddy Waters in December. Read more: NMC Health identifies $2.7bn in additional debt [...]
Coronavirus: Trump’s EU travel ban rattles Asian and US stocks March 12, 2020 Donald Trump last night issued a ban on travel from Europe to the US in a bid to halt the spread of coronavirus, rattling US and Asian stocks. Trump suspended all travel from Europe, excluding the UK, to the US for 30 days starting tomorrow to fight the outbreak. The president also announced other moves [...]
DEBATE: Will the business rates reform package be effective enough to react to the coronavirus crisis? March 12, 2020 Will the chancellor’s business rates reform package be effective enough to react to the coronavirus crisis? Lauren McEvatt, managing director of Morpeth Consulting and former government adviser, says YES. This business rates package as a whole, when coupled with the decisive action taken by Bank of England on Wednesday morning and considered alongside other support [...]
Dow Jones closes in bear market as it plunges 1,400 points March 11, 2020 The Dow Jones has entered bear territory after plunging more than 1,400 points as investors panic over the coronavirus outbreak. The index dropped 1,464.94 points to 23,553.22, which means it is down 20 per cent from its recently set 52-week high. The benchmark S&P 500 closed 4.89 per cent lower while Nasdaq fell 4.37 per [...]
Budget 2020: Borrowing to jump while economy slows March 11, 2020 Chancellor Rishi Sunak’s Budget splurge will put a rocket under government borrowing, the UK’s spending watchdog said today in forecasts that do not include the economic hit from coronavirus. The government is now set to borrow close to £100bn more over the next four years than it planned to just a few months ago, the [...]
FTSE 100 sees red despite rate cut and £30bn coronavirus Budget pledge March 11, 2020 The FTSE 100 closed down 1.4 per cent today as the dual impact of interest rate cuts and new coronavirus stimulus measures failed to impress investors. London’s blue-chip index had jumped as much as 2.1 per cent earlier in the day after the Bank of England announced it would slash UK interest rates to protect [...]
2020 Budget live: City reacts to Rishi Sunak’s spending plans March 11, 2020 Welcome to City A.M.’s 2020 Budget Day live blog. Please refresh your browser for live updates. Chancellor Rishi Sunak is expected to address fears over the economic impact of coronavirus, and announce waves of new infrastructure spending and changes on taxation in his 2020 Budget. It comes after Bank of England governor Mark Carney earlier [...]
US stocks fall further into the red as investors lament lack of stimulus plan March 11, 2020 US stocks tumbled as investors grew concerned over the absence of immediate measures to counter the fallout from the coronavirus outbreak. The Dow Jones is down 791.84 points to 24,226.32, weighed down by a seven per cent drop in Boeing shares. The company plans a full drawdown of an existing $13.8bn loan as early as [...]
2020 Budget key points: Coronavirus, spending spree and even some jokes March 11, 2020 Chancellor Rishi Sunak outlined a massive spending spree and a £30bn package to shelter the UK economy through the coronavirus crisis in his 2020 Budget today, as the budget watchdog said he would borrow £100bn over five years to do so. The Treasury boss, who had just four weeks to prepare for today’s Budget, even [...]