Guardian, Financial Times and Telegraph furlough staff as coronavirus hits newspaper revenue April 15, 2020 The Guardian, Financial Times (FT) and Telegraph today said they will furlough dozens of employees as the coronavirus outbreak decimates advertising revenue for news organisations. Guardian Media Group (GMG), which runs the Guardian and Observer, said it expects revenue for the first six months of the financial year to fall by £20m due to a [...]
Business minister searching for ways to protect businesses which pay using dividends April 15, 2020 Business minister Paul Scully is trying to find ways of protecting business owners who pay themselves through dividends during the coronavirus crisis. Such businesses are currently not covered by the Treasury aid programmes. The Financial Times reported that Scully, whose portfolio covers the UK’s small businesses, is looking for solutions to cover such firms. Chancellor [...]
Coronavirus: Governments face huge but necessary debt increases, says IMF April 15, 2020 The “unprecedented” government spending to tackle coronavirus and its economic effects will send deficits past their post-financial crisis levels and cause debt levels to balloon, the International Monetary Fund (IMF) said today. The IMF backed huge levels of spending, however, saying “a sizable increase in deficits this year is necessary and appropriate”. It said government [...]
Jobs lost as Oasis and Warehouse fall into administration due to coronavirus April 15, 2020 High street retailers Oasis and Warehouse have today fallen into administration, resulting in the loss of 202 jobs. In total, 41 head office jobs will be retained to assist Deloitte, which has been appointed as administrator, while 1,801 employees will be furloughed. The Oasis, Warehouse and Idle Man brands will continue to trade online in [...]
Brexit trade talks set to resume next week with no deadline extension April 15, 2020 The UK’s chief Brexit negotiator David Frost and his Brussels counterpart will meet for their next round of official trade talks next week. Frost and chief EU negotiator Michel Barnier will hold week-long negotiating rounds via video conference on the weeks commencing 20 April, 11 May and 1 June. The pair met today to outline [...]
Coronavirus furlough scheme extended to allow for more wage subsidies April 15, 2020 The government’s coronavirus furlough scheme has been extended to ensure thousands of more employees are eligible for wage subsidies. The Treasury announced today that the eligibility date has been extended to 19 March from 28 February. The Job Retention Scheme sees the government pay out 80 per cent of wages, up to £2,500 a month, [...]
Citi profit halves as US banks brace for coronavirus impact April 15, 2020 Citigroup’s profit slumped almost 50 per cent in the first quarter as it became the latest US bank to beef up its loan reserves in a bid to mitigate the impact of coronavirus. The bank’s net income dropped 46 per cent year on year to $2.5bn (£2bn), or $1.05 per share. This was down from [...]
WHO launches coronavirus chatbot on Facebook Messenger April 15, 2020 The World Health Organization (WHO) has launched its coronavirus chatbot on Facebook Messenger as it expands its efforts to tackle online misinformation. The interactive Health Alert service will allow the messaging app’s 1.3bn users to ask questions and get the latest information about the Covid-19 outbreak. It follows the launch of a similar service on [...]
Coronavirus: 761 more deaths in the UK as confirmed cases near 100,000 April 15, 2020 A further 761 people have died of coronavirus in the UK, the Department of Health has announced, taking the total death toll to 12,868 as of yesterday evening. The figure is a tiny decrease on yesterday’s figure of 778 deaths. The total number of new confirmed cases rose by 4,605, taking the UK to the [...]
Scottish government does U-turn on coronavirus business grant scheme April 15, 2020 The Scottish government has changed its coronavirus business grant scheme to make it more generous for hospitality, retail and tourism chains after mounting criticism from the private sector. SNP finance minister Kate Forbes unveiled £220m of new grants today in a bid to close the gap between relief available for Scottish and English businesses. English [...]