TfL should increase fares to promote social distancing, says think tank May 4, 2020 Transport for London (TfL) should increase fare prices at peak times once the coronavirus lockdown is eased, according to one of the country’s top think tanks. The Institute for Fiscal Studies (IFS) released a new report today, suggesting measures such as increased fare prices would act as a disincentive for people catching public transport once [...]
Coronavirus ‘test, track and trace’ app trial launches tomorrow May 4, 2020 The Isle of Wight will trial the UK’s coronavirus “test, track and trace” app from tomorrow, health secretary Matt Hancock has confirmed. Hancock said that health workers will begin to pilot the app on the island tomorrow, before extending it to all 140,000 islanders later this week. The health secretary said the app would supplement [...]
US airline stocks buffeted by Warren’s surprise sell-off May 4, 2020 US airline stocks have dropped sharply today as markets reacted to veteran trader Warren Buffett’s decision to sell all of his firm’s stakes in the US’ four main carriers. At the end of last year, Berkshire Hathaway held considerable positions in the four, including 11 per cent of Delta, 10 per cent of American Airlines, [...]
Lloyds boss: Coronavirus business loan scheme was ‘painful’ and ‘flawed’ when launched May 4, 2020 The launch of the government’s coronavirus business loan scheme was “painful” and “flawed”, according to one of the top bosses of Lloyds Bank. David Oldfield, group director and chief executive of commercial banking at Lloyds, said today that the government’s emergency loan scheme was “cumbersome and onerous” when it launched. He added that he still [...]
O2-Virgin Media merger: The deal makes sense, but could rival bids crash the party? May 4, 2020 It’s a busy time for the telecoms industry, which has been forced into overdrive as millions of people turn to mobile and broadband services during the coronavirus lockdown. So it may seem like an unlikely time to embark on a mega-merger, but this is exactly what O2 and Virgin Media are looking to do. Parent [...]
Investment firms deploying new tech are the most trusted among investors May 4, 2020 Investment firms that are deploying new technology are the most trusted by both institutional and retail investors, according to new research. Nearly two-thirds of institutional investors and nearly half of retail investors with an adviser trust their investment firm because of an increased use of technology. There is growing interest in the use of artificial [...]
J Crew files for bankruptcy as coronavirus derails turnaround plan May 4, 2020 J Crew has filed for bankruptcy after the coronavirus pandemic forced it to close stores and derailed the retailer’s turnaround plans. Under the terms of the filing, the New York-based clothing brand’s main creditors will take control of the business in exchange for wiping out $1.65bn of debt. Anchorage Capital Group, Blackstone, GSO Capital Partners [...]
Coronavirus: London’s NHS Nightingale to be placed ‘on standby’ May 4, 2020 London’s NHS Nightingale is being put “on standby”, with no new coronavirus patients expected at the temporary hospital. The Prime Minister’s spokesman said today that the makeshift hospital, located at the Excel centre, was being mothballed due to limited demand. The hospital was built to handle up to 4,000 Covid-19 patients, however fewer than 20 [...]
European Commission approves €7bn in state aid for Air France May 4, 2020 The European Commission has approved €7bn (£6.2bn) in emergency funding for embattled airline Air France, saying that if it did not it could cause “severe harm to the French economy”. The aid package will consist of both a state guarantee on loans and a shareholder loan. Margrethe Vestager, the EU’s top competition official, said: This [...]
HSBC receives 12,800 applications for ‘bounce-back loans’ in first few hours May 4, 2020 The UK’s biggest banks have been inundated with requests from small businesses for new coronavirus “bounce-back loans”, with HSBC receiving 12,800 applications in the first few hours of the scheme. The government’s newest coronavirus lending scheme launched today and offers the UK’s smallest companies loans worth 25 per cent of turnover, up to £50,000, just [...]