Banks warn up to half of ‘bounce back’ borrowers could default June 1, 2020 UK banks have reportedly warned that up to half of the government’s “bounce back loans” are unlikely to be repaid. Senior bankers have estimated between 40 and 50 per cent of the bounce back borrowers could default on the debt, according to a report by the Financial Times. As businesses brace for a slow economic [...]
Thousands queue as Ikea reopens and pupils return to school June 1, 2020 People have been queuing across the UK to get into Ikea and take children back to school as the government loosened more restrictions implemented due to the coronavirus crisis. As of this morning, primary schools have reopened to pupils in receptions and years one and six, while some retailers like the Swedish store have been [...]
Facebook employees stage rebellion over Mark Zuckerberg’s inaction on Trump June 1, 2020 Facebook staff have taken to social media to express their dissatisfaction with Mark Zuckerberg over his refusal to act against Donald Trump. Employees at all levels of the company, including some senior executives, took to criticising Zuckerberg for his decision to leave up the Facebook version of a tweet sent by Trump. The president appeared [...]
FCA gears up for business interruption insurance court battle June 1, 2020 City watchdog the Financial Conduct Authority (FCA) today said it had selected samples of insurance wording for a July case on whether insurers should pay out on business interruption policies for covid-19. The FCA said it has selected 17 examples from business interruption insurance policies used by 16 insurers who have entered into a framework [...]
City club the Ned teams up with Centrepoint to feed homeless young people June 1, 2020 One of the City’s best-known members’ clubs has teamed up with youth homelessness charity Centrepoint to provide meals homeless young people during the coronavirus crisis. Along with the Bike Shed Motorcycle Club, the 42 members of staff at the Ned have been making over a hundred meals a day for those living in homeless shelters. [...]
Raytheon UK appoints new chief executive after United merger June 1, 2020 Defence giant Raytheon has today announced that Jeff Lewis will take over as chief executive of its UK subsidiary. He will take over from former chief Richard Daniel, who has been in the top job for six years. Raytheon UK, which employs around 1,700 people in this country, is a major contractor of the Ministry [...]
Sadiq Khan calls for extension to Brexit transition period June 1, 2020 Sadiq Khan has called for an extension to the 31 December deadline for Brexit trade talks between the UK and EU as the two sides meet for the latest negotiating round today. The mayor of London wrote today to chancellor of the Duchy of Lancaster Michael Gove, the minister responsible for the talks, to say [...]
FCA launches investigation into troubled subprime lender Amigo Loans June 1, 2020 City watchdog the Financial Conduct Authority (FCA) has opened an investigation into subprime lender Amigo Loans, the company said today. In a stock market update, Amigo said the FCA started an investigation on Friday into whether Amigo’s creditworthiness assessment process and its governance oversight of this was compliant with regulations. Amigo said the FCA investigation [...]
UK manufacturing downturn continues despite signs of life June 1, 2020 The UK’s manufacturing sector showed some signs of life in May as the coronavirus lockdown was eased, but the overall picture for Britain’s factories remained highly gloomy. The final reading of the IHS Markit/Cips (PMI) manufacturing purchasing managers’ index came in at 40.7 in May. That was up from the record-low reading of 32.6 in [...]
Eurozone manufacturing shows tentative signs of recovery in May June 1, 2020 Conditions in the Eurozone manufacturing sector picked up somewhat in May as countries in the currency bloc lifted coronavirus restrictions, but the zone’s factories were still far from healthy. The IHS Markit manufacturing purchasing managers’ index (PMI) – a gauge of the sector’s health – rose to a final reading of 39.4 in May after [...]