Oh FCUK: French Connection scrambles to secure funding as cash reserves dwindle May 19, 2020 Embattled retailer French Connection warned this morning that it could run out of cash within months due to the coronavirus crisis if it fails to secure extra funds. French Connection, which abandoned hopes of a sale in January and instead announced a turnaround plan, said it is in talks with “a number of potential funding [...]
Donald Trump says he is taking hydroxychloroquine as anti-coronavirus measure May 19, 2020 US president Donald Trump has revealed that he has been taking malaria treatment hydroxychloroquine as a preventative medicine against coronavirus despite medical warnings against the drug. Speaking to reporters yesterday, the president revealed that he has been taking the treatment for the past week and a half. Trump was an early advocate of using the [...]
Almost 40,000 people have died with coronavirus in England and Wales May 19, 2020 Almost 40,000 people in England and Wales have died with coronavirus, according to new figures released today. The Office for National Statistics (ONS) has said the number of people to have died with coronavirus, up to 8 May, was 39,071. Overall deaths in England and Wales in the week up to 8 May were down [...]
Topps Tiles swings to a loss and announces plan to reopen all stores next month May 19, 2020 Topps Tiles has outlined plans to reopen all of its stores by the end of next month, as the retailer announced it swung to a loss in the first half of the year. The tile retailer reported a loss before tax of £4m in the 26 weeks to 28 March, compared to a profit of [...]
Bank of England to name recipients of coronavirus loans May 19, 2020 The Bank of England has said it will start naming the companies that use its coronavirus lending facility in a bid to increase transparency about which firms are being bailed out. Firms using the Bank’s covid corporate financing facility (CCFF) will also be expected to start “showing restraint” on dividend payments, share buy-backs and senior [...]
N Brown shares soar as retailer secures £50m coronavirus loan May 19, 2020 Shares in N Brown soared more than 10 per cent this morning as the plus-size clothing retailer said it has secured £50m through the government’s Coronavirus Large Business Interruption Loan Scheme (CLBILS). The firm, which owns Simply Be and Jacamo, also said that trading had improved over the last six weeks since the “sudden and [...]
Ovo Energy to cut 2,600 jobs following SSE deal May 19, 2020 The UK’s second largest energy supplier, Ovo Energy, is planning to cut 2,600 jobs following its merger with SSE, blaming coronavirus for some of the cuts. Ovo, which closed a £500m deal for SSE’s retail arm this year, said the coronavirus pandemic had accelerated its integration plans for the businesses. “We are seeing a rapid [...]
Coronavirus loan cap increased to £200m for mid-sized firms May 19, 2020 The Treasury has raised the amount mid-sized companies can borrow through the coronavirus loan scheme to £200m, up from £50m. The changes to the coronavirus large business interruption loan scheme (CLBILS) come into force next week, ministers said. The CLBILS scheme is targeted at mid-sized companies that do not qualify for the Bank of England’s [...]
Catering giant Compass Group to raise £2bn to shore up finances during coronavirus crisis May 19, 2020 Catering giant Compass Group has launched a £2bn share offer this morning as it seeks to raise extra cash to strengthen its balance sheet during the coronavirus crisis. Compass, which is the world’s largest caterer, also scrapped its outlook for 2020, saying the coronavirus pandemic has had a “profound impact” on the company. Many of [...]
Regulator asks for mobile data in Credit Suisse spying probe May 19, 2020 Swiss regulators have asked for message data from the mobile phones of several Credit Suisse managers and supervisory board directors as part of an investigation into spying at the bank, Reuters reported citing sources. Switzerland’s financial watchdog FINMA is examining the culture and governance of the bank and whether management failures led to spying operations [...]