Mortgage payment holidays extended until October May 22, 2020 The financial watchdog has today extended payment holidays to support those struggling to pay their mortgage due to coronavirus. The Financial Conduct Authority (FCA) said banks can extend the mortgage holidays for a further three months up to the end of October. It comes after chancellor Rishi Sunak extended the furlough scheme to October to [...]
Burberry cuts dividend as sales dive during coronavirus pandemic May 22, 2020 British fashion brand Burberry said this morning that it will not pay a full-year dividend as it revealed that fourth quarter sales plunged due to coronavirus lockdowns around the world. The luxury retailer said sales in the fourth quarter were down 27 per cent and 60 per cent of its stores were closed at the [...]
UK set to introduce £1,000 fines for travel quarantine breaches May 22, 2020 The UK is today set to introduce a 14-day quarantine for overseas travellers backed up with £1,000 fines to help stop the spread of coronavirus. The move comes despite opposition from airlines who have argued it will devastate their already struggling industry. The government is expected to announce that all international arrivals will be required [...]
UK retail sales crash a record 18.1 per cent in April lockdown May 22, 2020 UK retail sales plunged by a record 18.1 per cent during April’s lockdown, data showed today, with clothing sales halving compared to March. Sales of clothes crashed 50.2 per cent compared to March, while retail sales fell almost four times as badly as March’s 5.2 per cent fall, Office for National Statistics (ONS) data found. [...]
Time Out kicks off £49m placing and open offer to raise emergency cash for coronavirus shutdown May 22, 2020 Media and events company Time Out today said it was seeking to raise £49m via a share placing and open offer to bolster its balance sheet in the face of the coronavirus pandemic. The company has been hit by a closure of its food hall markets and the suspension of its print editions alongside a [...]
Carluccio’s cuts 1,000 jobs but 30 restaurants saved in rescue deal May 22, 2020 Italian restaurant chain Carluccio’s has been bought out of administration by the owner of Giraffe and Ed’s Easy Diner, resulting in the loss of more than 1,000 jobs. In total 40 Carluccio’s restaurants across the UK will close and 1,019 members of staff will be made redundant, administrators FRP Advisory announced this morning. Around 800 [...]
Close Brothers’ securities division helps to offset coronavirus impact May 22, 2020 A strong performance in Close Brothers Group’s securities division partially offset the impact of the coronavirus on the banking group in the third quarter. Winterflood Securities experienced a substantial increase in trading volumes since the coronavirus outbreak. The figures In Close Brothers’ banking division, the loan book reduced slightly in the third quarter. It decreased [...]
Future’s profit jumps 77 per cent as consumers turn to online publications May 22, 2020 Publishing group Future has reported a 77 per cent increase in profit in the first half of the year, as consumers turned to its digital offering amid the coronavirus crisis. The company had a record-breaking 329m online users in March 2020, as global lockdowns upended traditional distribution. The figures Adjusted operating profit for the six [...]
Time to empower the doers in society May 22, 2020 A hands-on state has served society well during recent weeks. A selectively hands-off state is now needed for the economy to bounce back. Except during war it is hard to think of any other circumstance when decisive government intervention is more needed than during a deadly pandemic. However, the Coronavirus story is not only a [...]
Consumer confidence ‘battered and bruised’ by coronavirus crisis May 22, 2020 Consumer confidence has been “battered and bruised” by the coronavirus crisis, new research has found as optimism remained low despite the easing of lockdown restrictions. The latest data showed that confidence was at minus 34 as consumers were concerned about the economic impact of the pandemic, with unemployment claims rising amid warnings of a recession. [...]