Comcast profit drops as Covid-19 shutdown offsets broadband boost April 30, 2020 Comcast today reported a sharp drop in profit for the first quarter as the shutdown of cinemas and theme parks due to the coronavirus outbreak offset a rise in broadband usage. The US media giant posted net income of $2.1bn (£1.7bn) in the first three months of the year, down almost 40 per cent year [...]
Coronavirus small business loan lending tops £4.1bn but concerns remain over scheme April 30, 2020 Coronavirus business interruption loan scheme (CBILS) lending has topped £4.1bn, according to bank industry body UK Finance. Over £1.33bn of loans were approved in the week to 28 April. The number of loans provided through the scheme has increased by 8,638 over the same period to a total of 25,262, an increase of over 50 [...]
Coronavirus inquiry must not be ‘a finger-pointing exercise’ April 30, 2020 A post-coronavirus inquiry should not turn into a politicised “finger-pointing exercise”, according to the chief of the UK’s national academy for humanities and social sciences. Chief executive of the British Academy Hetan Shah told City A.M.‘s daily podcast The City View that an inquiry into the government’s response should be done on a “no-fault basis” [...]
B&Q reopens all 288 stores after social distancing measures implemented April 30, 2020 B&Q has reopened all of its UK stores from today after implementing new social distancing measures. The DIY retailer said all of its 288 stores were now open following temporary closures when the UK coronavirus lockdown was announced last month. Hardware shops were included on the government’s list of essential retailers that are allowed to [...]
At the height of coronavirus, corporate insolvencies are falling April 30, 2020 Corporate insolvencies fell in the first quarter despite the economic impact of coronavirus, figures released today show. Office for National Statistics data showed there were 3,883 company insolvencies in the first quarter, a decrease of 8.5 per cent from both the previous quarter and the same quarter in 2019. Duncan Swift, past president of insolvency [...]
High street jobs lost as no buyer found for Oasis and Warehouse stores April 30, 2020 Oasis and Warehouse have become the latest high street casualties of the coronavirus crisis after administrators were unable to find a buyer for the stores, resulting in 1,803 redundancies. The retailer’s intellectual property assets and certain stock have been sold to Hilco Capital. The group, which includes the Oasis, Warehouse and The Idle Man brands, [...]
Societe Generale plunges to first quarter loss on bad loan provisions April 30, 2020 Societe Generale posted a first-quarter loss today, blaming provisions for bad loans which jumped threefold as a response to the coronavirus crisis. The French banking giant said it lost €326m (£283m) during the quarter, compared to a €686m profit last year. Revenue fell 16.5 per cent to €5.17bn and underlying net income fell 90.8 per [...]
Coronavirus: UK drawing up plans to safely re-open businesses April 30, 2020 The government is set to provide workplace-by-workplace guidance on how businesses will be able to re-open as the UK eases its coronavirus restrictions. Business secretary Alok Sharma will issue a series of instructions for how different sectors will be able to go to work, and how sectors such as hospitality, manufacturing, construction and retail can [...]
Three lessons law firms can learn from rivals’ collapses amid coronavirus April 30, 2020 Law firm collapses are a lot like bank runs. Confidence in the institution crumbles, causing partners to rush for the exits – taking their capital and clients with them. Partner departures reduce the firm’s revenue, profit and capital, leading to further partner exits in a destructive feedback loop. Once firms enter this death spiral it [...]
Coronavirus: The crisis could reshape investment strategies for the better April 30, 2020 We are living through a period of modern history that very few could have imagined. Three billion people worldwide are in lockdown, the value of global commerce is being called into question as protectionism is on the rise, and financial markets are unsure what assets are worth. The world as we knew it has been [...]