US stocks and FTSE 100 plunge after Fed’s long recovery warning June 11, 2020 The FTSE 100 suffered its worst daily drop since late March, with US stocks plunging into the red after the Federal Reserve effectively crushed hopes of a quick recovery. London’s blue-chip index closed down 3.99 per cent after crashing as much as 2.66 per cent this morning. And US stocks also crashed, with the Dow [...]
IMF says $10 trillion has been spent battling coronavirus but more is needed June 11, 2020 The global response to the coronavirus pandemic has cost governments around $10 trillion, but further efforts are needed to battle the outbreak, according to the head of the IMF. New estimates suggest that up to 100m could fall into extreme poverty as a result of the pandemic, IMF managing director Kristalina Georgieva has said. She [...]
Waterstones to reopen stores in England from Monday June 11, 2020 Waterstones will start to reopen its stores in England from Monday, after closing for nearly three months due to the coronavirus pandemic. The bookseller has outlined a number of measures to ensure the safety of customers and employees alike. Waterstones said given the varying size of branches, it may limit the number of customers shopping [...]
US jobless claims: A further 1.5m Americans file for unemployment benefits June 11, 2020 A further 1.5m Americans have filed new unemployment claims in the last week, bringing the total to 44m. The number of first-time unemployment claims was 1.54m last week, the lowest level in 12 weeks, according to data released by the US Labor Department. It brings the 12-week total to 44m, meaning more than a quarter [...]
CMC Markets doubles operating income as coronavirus fuels higher trading activity June 11, 2020 Online trading platform CMC Markets has nearly doubled its income, bolstered by the coronavirus-induced selloff in March. CMC’s net operating income jumped a staggering 93 per cent to £252m in the first quarter. While profit before tax grew from £6.3m in the first quarter of 2019 to £98.7m in the same period this year. The [...]
Softbank buyback plan raises doubts about its ‘financial soundness’ June 11, 2020 Credit-rating firm S&P Global Ratings has questioned Softbank’s financial rigour as it pursues a huge share buyback programme. The buyback plan raises doubts about the conglomerate’s intention to adhere to “financial soundness and creditworthiness,” S&P said. Softbank is looking to raise up to $41bn via asset sales. The plan has already come under fire from [...]
The City View: Why we shouldn’t forget about retail investors June 11, 2020 In this episode, Christian talks to Sam Smith, CEO of broker FinnCap, about her campaign to protect and enhance the rights of retail investors – particularly during a new or emergency equity raise. Subscribe to The City View Podcast: Apple / Google / Spotify / RSS Sam, who heads the largest broker on AIM, also believes that with better regulation and fewer barriers, retail [...]
CityFibre announces 10,000 jobs boost to roll-out infrastructure June 11, 2020 CityFibre has today announced a 10,000 jobs boost as part of its efforts to upgrade the UK’s digital infrastructure to full fibre. The recruitment drive will target those now unemployed as a result of the pandemic and service-leavers. There will also be job opportunities for qualified and experienced telecoms workers. Jobs will be created within [...]
Tony Danker replaces Dame Carolyn Fairbairn as new CBI director-general June 10, 2020 The CBI has reportedly picked a replacement for Dame Carolyn Fairbairn, who will step down as director-general at the end of the year. Sky News has reported that the business group has appointed Tony Danker as Dame Carolyn’s successor, and it is understood the CBI will issue a release later today. Danker is currently chief [...]
Pathologists warn UK coronavirus testing needs ‘urgent’ improvement June 10, 2020 Issues with the UK’s coronavirus testing system must be “urgently addressed”, the Royal College of Pathologists has warned. In an intervention reported by the Financial Times, the college said the government had relied on setting numerical targets rather than laying out a clinical strategy. The government has come under fire for its approach to coronavirus [...]
