FCA goes to court over coronavirus business interruption insurance May 1, 2020 The Financial Conduct Authority (FCA) is seeking legal clarity on the inability of some insurance customers to obtain compensation for disruption amid the coronavirus crisis. Businesses were forced to close their doors and furlough staff after the lockdown measures were introduced in March. The vast majority of businesses did not purchase business interruption insurance and [...]
The CEO Perspective: How is COVID-19 defining business purpose? May 1, 2020 | City Talk When the dust settles, will business emerge having played its part and who will have stayed true to their purpose? As leaders strive to steer their corporate ships through unimaginably stormy waters, there’s an understandable need to focus solely on the management of immediate, operational and financial issues. But in the midst of uncertainty, companies [...]
Amazon and Apple earnings: Covid-19 crashes the tech titan party May 1, 2020 It’s been a busy week for Silicon Valley as the major US tech firms lined up to report earnings for the first quarter. Google, Facebook and Twitter all delivered upbeat figures, proving that social media services are well-placed to weather the Covid-19 storm. But the mood was dampened somewhat last night as coronavirus costs weighed [...]
Barratt Developments to restart construction work this month May 1, 2020 Housebuilder Barratt Developments will restart work on construction sites this month after temporarily closing operations during the coronavirus lockdown. Work to implement social distancing measures will begin on 11 May, after which Barratt will restart building work across 180 of its construction sites, representing 50 per cent of its sites. The developer this morning said [...]
Ladbrokes owner GVC’s board takes 20 per cent voluntary pay cut May 1, 2020 Ladbrokes owner GVC has announced its board will take a voluntary pay cut of 20 per cent amid the coronavirus crisis. Last month the bookmaker said the board’s remuneration committee would consider the impact of coronavirus on GVC’s performance and review the remuneration policy. Today GVC announced the board of directors and members of the [...]
Ryanair set to cut up to 3,000 jobs due to coronavirus May 1, 2020 Budget airline Ryanair has warned that it might cut up to 3,000 jobs due to the ongoing disruption from the coronavirus pandemic. The low-cost carrier said that it would begin a restructuring programme in July 2020, with most of the cuts expected to affect pilots and cabin crew staff. It also said that unpaid leave, [...]
RBS profit nearly halves due to coronavirus uncertainty May 1, 2020 The Royal Bank of Scotland (RBS) saw its profit nearly halve in the first quarter of 2020 due to the ongoing uncertainty caused by the coronavirus outbreak. Despite the fall, the bank insisted it was in a “strong positon” to deal with a significant economic downturn. Shares in the bank rose 1.6 per cent in [...]
Intu to take ‘robust action’ against large tenants withholding rent May 1, 2020 Shopping centre landlord Intu warned it is prepared to take “robust action” against “well-capitalised” tenants that refuse to pay rent during the coronavirus crisis. Intu, which owns Manchester’s Trafford Centre, said it had received 40 per cent of rent due for the first quarter. It is in advanced discussions with tenants representing a further 28 [...]
UK house prices: Experts predict sharp recovery after coronavirus lockdown May 1, 2020 UK house prices could rebound after the coronavirus lockdown eases, after they grew at the fastest pace since 2017 before the crisis, Nationwide said today. The value of British homes grew at their fastest rate since February 2017 before the coronavirus lockdown brought the market crashing to a halt, Nationwide data released today showed. UK [...]
Is your business model fit for purpose to support critical scenario planning during COVID-19? May 1, 2020 | City Talk The deep and broad implications of COVID-19 are forcing businesses to make significant decisions under extreme time pressure and substantial uncertainty. With so much unknown, are those businesses confident that they have sufficient and reliable information to support their judgements? If not, what can be done to help businesses to make more informed decisions? In [...]