Asos shares jump after it raises £247m to beat coronavirus April 8, 2020 Fast fashion retailer Asos’ shares shot up today after raising £247m to strengthen its financial position amid the coronavirus crisis. The online retailer announced the fundraise last night as it warned of a “prolonged downturn” due to the outbreak. It said it has placed 15.8m new shares at a price of 1,560p per share. That [...]
Shakespeare: The pandemic is changing the retail market, even online April 8, 2020 Lockdown has created a difficult situation for retailers of goods that are deemed ‘non-essential’ as brands try to adhere to social distancing guidelines for employees while balancing the need to continue trading. Some Brits have taken to social media to argue that ordering non-essential items online creates unnecessary risks for warehouse employees. But encouragingly for [...]
Easyjet accused of spending £600m of taxpayer money on Airbus deal April 8, 2020 Easyjet founder Sir Stelios Haji-Ioannou has once again lashed out at the firm, saying the carrier’s receipt of £600m in loans from the government “could be the biggest scandal in British corporate history”. The Greek-Cypriot businessman has pressured Easyjet’s board to scrap a £4.5bn order for 107 new planes from Airbus. Haji-Ioannou believes cancelling the [...]
Robert Walters blames ‘savage’ coronavirus for UK profit hit April 8, 2020 Recruiter Robert Walters has bemoaned the “savage” economic impact of coronavirus as UK fee income slumped 29 per cent over the first quarter of 2020. The recruitment agency is seen as an economic bellwether and took a hit from Brexit uncertainty and the lead-up to December’s General Election in 2019. “It’s largely a hangover from [...]
Insurance: Hiscox, Aviva, RSA and Direct Line suspend dividends following Bank of England pressure April 8, 2020 Insurance companies Hiscox, RSA, Aviva and Direct Line have this morning announced the suspension of their dividends after regulatory pressure from the Bank of England. Sam Woods, deputy governor of the Bank’s Prudential Regulatory Authority wrote to chief executives of major insurers on 31 March asking them to “pay close attention to the need to [...]
Coronavirus: UK job vacancies contract for first time in more than a decade April 8, 2020 UK job vacancies contracted for the first time in more than a decade last month as the coronavirus outbreak caused demand for staff to plummet. A survey by the Recruitment and Employment Confederation and KPMG said the vacancy measure dipped below 50 for the first time since September 2009, falling to 47.8 in March. The [...]
Recruiter Page Group says profit dropped 26 per cent last month after coronavirus lockdown April 8, 2020 Recruiter Page Group said its gross profit in March fell 26 per cent after the impact of coronavirus. The company said gross profit for the first quarter overall was down 11.7 per cent. Page Group said it was cutting jobs to keep costs low. It said it had cut 104 fee earners and 28 operational [...]
Tour operator On the Beach cancels dividend and withdraws guidance April 8, 2020 Travel operator On the Beach has cancelled its dividend and withdrawn guidance for 2020 as part of a raft of measures to protect the firm against the coronavirus outbreak. In addition, chief executive Simon Cooper will forego his salary, whilst the rest of the tour firm’s board will take a 20 per cent pay cut. [...]
Boris Johnson stable after second night in intensive care April 8, 2020 Prime Minister Boris Johnson spent a second night in intensive care but is in a stable condition after receiving oxygen support. Johnson tested positive for coronavirus nearly two weeks ago and was admitted to St Thomas’ hospital in London on Sunday night. On Monday evening he was admitted into intensive care after his condition deteriorated. [...]
Coronavirus: Tesco could take £925m hit on extra staff and delivery costs April 8, 2020 Tesco warned it could take a hit of up to £925m due to the impact of hiring extra staff and ramping up distribution due to the coronavirus outbreak. The supermarket this morning said it expects retail costs to increase by between £650m and £925m, but said the sales boost caused by stockpiling and business rates [...]