Shareholders may push Debenhams into administration April 3, 2020 Debenhams is set to plunge into administration as shareholders attempt to keep the historic retailer out of creditors’ hands during the coronavirus outbreak, it is reported. Debenhams is poised to announce its intention to appoint administrators next week, with KPMG in the running, Sky News reported today. Investors could push for the move to prevent [...]
US unemployment surges as coronavirus lockdown takes toll April 3, 2020 US unemployment surged in March as coronavirus sent the economy into a tailspin, official data has shown. US employers laid off 701,000 workers in March after hiring 275,000 in February, the Labor Department (DoL) said. Analysts had been expected a fall of 100,000. The figures represent an abrupt end to the US labour market’s winning [...]
BAE predicts ‘significant disruptions’ from Covid-19 April 3, 2020 Defence firm BAE Systems today said it expects “significant disruptions” due to coronavirus as it moves into the second quarter of the financial year. It comes after an opening three months where the Covid-19 pandemic had a minimal impact on the London-listed company. The firm today said it was assessing the situation and would update [...]
Coronavirus: Boris Johnson to stay in self-isolation with high temperature April 3, 2020 Prime Minister Boris Johnson has said he will remain in self-isolation after continuing to exhibit coronavirus symptoms first diagnosed last week. “Although I feel better and I’ve done my seven days of self-isolation, alas I still have one of the symptoms, a minor symptom. I still have a temperature,” Johnson said in a Twitter video. [...]
Banks welcome Chancellor’s revamp of coronavirus loan scheme April 3, 2020 A revamp of the coronavirus loan scheme for businesses has been welcomed by banks after they faced criticism for delays. The government has pledged to guarantee £330bn of loans but only £14bn has been lent so far. The coronavirus business interruption loan scheme means businesses with a turnover of up to £45m can apply for [...]
COVID-19 has now triggered 215 profit warnings April 3, 2020 | City Talk The headline number tells you that we’ve recorded 215 COVID-19 related profit warnings in 2020, as of 9am 2 April 2020. Of those 215 COVID-19 related warnings, almost 190 have come in the last three weeks. That’s significantly higher than any quarter we’ve recorded in the last 21 years. It’s almost as many as we’ve counted [...]
Pound slides against the dollar amid coronavirus recession April 3, 2020 The pound has fallen against the dollar after dire economic data and as investors sell shares in favour of holding cash amid the coronavirus pandemic. Sterling was one per cent lower against the dollar this morning at $1.228. It was down 0.6 per cent against the euro at €1.136. Stock markets were lower across Europe [...]
Nationwide U-turns on business banking debut over coronavirus April 3, 2020 Nationwide has abandoned plans to enter the business banking market, blaming coronavirus for making it commercially unviable. The building society will return a £50m grant from a pool of RBS cash to foster competititon among British banks as it scales back ambitions in the face of the outbreak. “The impact of Covid19, including assumption changes [...]
Coronavirus: ITV bosses take 20 per cent pay cut as bonuses scrapped April 3, 2020 ITV today scrapped director bonuses and said its entire board would take a 20 per cent pay cut in light of the coronavirus crisis. The broadcaster became the latest company to announce executive salary cuts in the face of coronavirus, after scrapping its 2019 dividend and abandoning 2020 guidance. Executive directors asked that their annual [...]
Labour asks how Hancock’s coronavirus testing pledge will be met April 3, 2020 The government is under pressure to explain how it will increase its coronavirus testing ten-fold by the end of the month. Yesterday health secretary Matt Hancock said he wants 100,000 tests to be carried out every day, up from the 10,000 currently. However the Labour Party has said there is little detail on how this [...]