More than £6bn of coronavirus grants given to English businesses April 21, 2020 More than £6bn of business grants have been distributed to English small and medium sized businesses through the government’s coronavirus grant schemes. A total of 491,725 grants, worth £6.11bn, have been distributed out of a pot of £12.3bn as of last night, translating into a 49.58 per cent delivery rate. Grants of £10,000 are available to [...]
Cath Kidston closes all stores as part of rescue deal April 21, 2020 Cath Kidston will permanently close all 60 of its stores in the UK under a rescue deal with its Hong Kong-based owner Baring Private Equity Asia (BPEA). The fashion label confirmed that parts of its business had been transferred by administrators following an independent sale process to CK Acquisitions, a company owned by BPEA. Under [...]
Coronavirus: UK spooks block 2,000 scams in Covid-19 cyber campaign April 21, 2020 British spy chiefs have taken down more than 2,000 online scams linked to coronavirus in the last month as they crack down on cyber criminals trying to exploit the health crisis. The National Cyber Security Centre (NCSC) said it had closed down 471 fake online shops selling fraudulent virus-related items, as well as 555 malware [...]
Full-year sales at John Lewis stores could fall 35 per cent April 21, 2020 Full-year sales at John Lewis could fall around 35 per cent, around double the current level, as the department store faces a significant drop in demand due to the coronavirus pandemic. The department store said a 35 per cent drop would be the worst case scenario, assuming a significant drop between April and June, and [...]
Peugeot maker PSA sales slump as coronavirus crashes car market April 21, 2020 Peugeot manufacturer PSA Group today posted a double-digit decline in sales for the first quarter as it forecast a slump in automotive markets across the globe due to coronavirus. The French car maker reported revenue of €15.2bn (£13.3bn) in the first three months of the year, down 15.6 per cent on the same period in [...]
London Stock Exchange commits to Refinitiv deal and posts strong results April 21, 2020 London Stock Exchange has said it is making “good progress” on its planning for the $27bn (£22bn) takeover of Refinitiv, emphasising that it is still committed to the deal despite the coronavirus pandemic. In its first quarter results, LSE said its gross profit rose 13 per cent to £555m. Its total revenue rose 10 per [...]
Good vs. bad active fund management: three indicators April 21, 2020 | City Talk Do you ever wonder whether your active fund is worth the management and performance fees you charge? Would passive investments have yielded similar or better outcomes for your clients? If you haven’t asked yourself these questions, you can be sure your clients have asked themselves. And they will continue to, measuring what you deliver with [...]
Coronavirus: Joules secures £15m credit boost as crisis hits high street April 21, 2020 Joules today said it has added £15m to its revolving credit facility as the fashion retailer battles a sharp decline in sales caused by the coronavirus crisis. The credit boost, agreed with Barclays, follows a share placing earlier this month that raised £15m. Joules has already taken a number of measures to mitigate the impact [...]
Primark owner ABF reveals £284m charge for unsold stock April 21, 2020 Associated British Foods (ABF) has revealed a £248m hit for unsold stock as sales plunge while Primark stores remain shut across Europe. Following the closure of its stores the level of inventory at Primark increased significantly as sales ceased immediately and the inbound supply chain continued for several weeks with goods in transit. An assessment [...]
Donald Trump suspends immigration over coronavirus April 21, 2020 US President Donald Trump has vowed to suspend all immigration into the US in the latest dramatic response to the world spread of coronavirus. The temporary move effectively delivers on a long-held Trump administration goal. But Trump said it was a necessary step to protect US jobs. The country has seen spiking unemployment claims, with [...]