Coronavirus: Primark agrees £370m deal with suppliers after backlash April 20, 2020 Primark has agreed to pay an extra £370m to suppliers after the budget retailer was criticised for cancelling orders during the coronavirus lockdown. The high street giant announced this morning that it will now “take all product that was both in production and finished, and planned for handover by 17 April”. Primark had previously committed [...]
Suvi Chi’s tips for women to get ahead in the City April 20, 2020 | Sponsored Suvi Chi, the founder of Koa Collective that supports people on furlough and are looking for their next job or sabbatical, believes finding the right managers to work with is key for women to progress their career. The half-American half-Finnish straight-talking 34-year-old has had a far from straight forward career, never being afraid to leave [...]
Coronavirus: A lockdown exit strategy to save the economy April 20, 2020 | Sponsored Releasing people aged 20-30 years-old who no longer live with their parents could provide the first step out of lockdown in the UK, researchers suggest. The strategy could help policymakers to balance the health risks associated with COVID-19 and the need to avoid an “extraordinary recession”. The UK is currently locked down in an attempt [...]
Coronavirus: What firms will survive the pandemic? April 20, 2020 | Sponsored The coronavirus outbreak has created clear winners in businesses such as Amazon, Facebook, Netflix, Google and Apple, and losers such as Uber, Airbnb, and WeWork. The vast majority of industries are losers as they are effectively shut by the lockdown. Taxi usage has collapsed which means it may be a long time before Uber approaches [...]
UK coronavirus lockdown: Consumers spend more on video games and online shopping April 20, 2020 Britons have been spending more on video games and with Amazon, Apple and Argos during the UK coronavirus lockdown, according to the latest research. Digital bank Starling said its customers spent almost 300 per cent more on Playstation and Nintendo in the week ending 5 April compared to the week to 15 March, before the [...]
Job retention scheme receives nearly 70,000 applications in 30 minutes April 20, 2020 The government’s wage subsidy scheme received almost 70,000 applications in the first 30 minutes of opening this morning as businesses rush to claims funds to pay furloughed staff. The job retention scheme sees the government pay 80 per cent of wages, up to £2,500 a month, for furloughed employees unable to work due to the [...]
UK house prices dip as coronavirus lockdown makes sales ‘almost impossible’ April 20, 2020 UK house prices dipped during the coronavirus lockdown as experts warned the housing market was barely functioning due to the restrictions. The latest data from Rightmove showed that the average price of property coming to market dipped 0.2 per cent to £311,950. In April last year UK house prices increased 2.1 per cent. However, Rightmove [...]
Coronavirus crisis could affect 59m jobs across Europe April 20, 2020 The devastating economic effects of the coronavirus lockdown could affect 59m jobs across Europe, according to a reporting published today by consultancy giant McKinsey. The research said 26 per cent of total jobs across the 27 member state of the European Union plus the UK could be affected by reductions in hours or pay, temporary [...]
Metro Bank to return £11.4m to customers after breaching unarranged overdraft charge rules April 20, 2020 Metro Bank is to return £11.4m to customers after it breached a legal order by failing to send texts warning people about unarranged overdraft charges. The Competition and Markets Authorty (CMA) said the bank breached Part 6 of the Competition and Market Authority’s (CMA) Retail Banking Market Investigation Order 2017 which requires banks to warn [...]
City grandees demand cash calls accommodate private investors April 20, 2020 Senior City figures are calling for listed companies seeking equity capital to accommodate private investors, amid a fundraising rush. In an open letter to chief executives of UK plc, City stakeholders said they fear rules giving existing stockholders first refusal on new shares will mean private investors will lose out. The letter, first reported in [...]