Debenhams administration could provide blueprint for ‘freezing’ companies during coronavirus crisis April 6, 2020 Debenhams today gave notice to appoint administrators for what it said would be a “light touch” administration with the management remaining on board. This approach accords with ideas being floated by City insolvency lawyers who have proposed using the administration regime to mothball companies during the crisis and reviving them when economic conditions improve. Luke [...]
Ocean Outdoor launches £10m media fund for virus-hit firms April 6, 2020 Advertising group Ocean Outdoor has launched a £10m fund offering free ad space to the retailers and small businesses hardest hit by the coronavirus crisis. The fund will give businesses and brands access to advertising space on the company’s network of screens in 12 UK cities. Ocean’s out-of-home sites in London include Piccadilly Lights and [...]
Facebook classified ads under scrutiny amid EU competition probe April 6, 2020 EU regulators have turned their attention to Facebook’s classified advertising business as part of an ongoing competition probe into the tech giant. The next stage of the antitrust investigation will examine whether the social media platform is distorting the classified ads market by promoting its free Marketplace service to users. Regulators have sent a 14-page [...]
Debenhams calls in administrators to avoid legal claims April 6, 2020 Debenhams has filed a notice of intention to appoint administrators in a bid to avoid legal action from creditors amid the coronavirus pandemic. The embattled department store chain said it has hired FRP Advisory as it prepares to enter a “light touch” administration, which will be the second time it has appointed administrators in less [...]
Ed Miliband returns to Labour shadow cabinet under Keir Starmer April 6, 2020 Former Labour leader Ed Miliband has returned to the frontbench as shadow business and energy secretary in Sir Keir Starmer’s new look shadow cabinet. Miliband will join Anneliese Dodds, announced as shadow chancellor yesterday, and new shadow international trade secretary Emily Thornberry in Labour’s key economic and business portfolios. Starmer appears to have purged the [...]
Coronavirus: Easyjet secures £600m in Bank of England funding April 6, 2020 Easyjet has secured £600m in commercial paper from the Bank of England’s (BoE) new Covid Corporate Funding Facility as the low-cost carrier seeks to strengthen its liquidity during the ongoing coronavirus crisis. Shares in the firm rose 13 per cent after the announcement. Airlines have been among the businesses hardest hit by the pandemic, which [...]
JP Morgan mulls historic dividend suspension amid ‘bad’ coronavirus recession April 6, 2020 JP Morgan Chase’s boss Jamie Dimon has said the Wall Street giant could suspend its dividend for the first time in history and that he foresees a “bad recession” for the US economy amid the coronavirus pandemic. Dimon also warned shareholders in his annual letter that the bank’s profit will be down “meaningfully in 2020”. [...]
BT gives staff pay rise as chief executive donates salary April 6, 2020 BT has handed out a share bonus to all staff and pledged not to cut jobs during the coronavirus crisis as the telecoms giant faces a surge in demand for its services. Each of BT’s 100,000 employees will be awarded £500 in shares in June, while thousands of non-managerial staff will be given a 1.5 [...]
Easyjet founder warns airline could run out of money by August April 6, 2020 Easyjet’s founder and largest shareholder, Sir Stelios Haji-Ioannou, has warned that unless a £4.5bn order for new Airbus planes is scrapped the carrier will run out of money by August. The Greek businessman is also seeking the removal of Easyjet chief financial officer Andrew Findlay. Haji-Ioannou said sacking Findlay “is the only way of preventing [...]
Pressure builds on social media firms to stamp out ‘crazed’ 5G conspiracy theories April 6, 2020 Social media firms are under fierce pressure to stamp out misinformation about 5G amid fears the spread of conspiracy theories is putting lives at risk. Phone masts have been set alight in locations across the UK due to posts circulating online falsely claiming that there is a link between mobile phone technology and the coronavirus [...]