Asian shares make cautious gains even as Japan falls into recession May 18, 2020 Asian shares made cautious gains on the back of S&P 500 futures and a rise in oil prices, even as Japan slipped into recession. Japan has fallen into recession as the coronavirus outbreak continues to take its toll on the global economy. Japan’s economy shrank 3.4 per cent in the first three months of 2020 [...]
Global dividends set to plunge as much as 35 per cent this year May 18, 2020 Global dividends could fall as much as 35 per cent this year, as companies scramble to conserve cash amid the pandemic. The coronavirus pandemic and the hit to oil prices has had a profound impact on the cash position of a lot of companies. Businesses in the worst hit areas – such as hospitality, aviation [...]
Coronavirus ‘R’ rate as high as one, says SAGE May 15, 2020 The official estimate of the ‘R’ rate has risen slightly over the last week, according to the scientists advising the government on the coronavirus outbreak. The Scientific Advisory Group for Emergencies (SAGE) said the reproduction number is now between 0.7 and one, up from 0.5 to 0.9 last week. Part of the requirements of easing [...]
Woodford protege Mark Barnett leaves Invesco after 24 years May 15, 2020 Woodford protege Mark Barnett is leaving Invesco after 24 years, after a disappointing few months. Invesco confirmed the departure after Sky News reported Barnett would be leaving the firm after a difficult few months for the fund manager. It comes just weeks after he was sacked by Perpetual Income and Growth Trust after more than [...]
Canary Wharf draws up plans for return to work May 15, 2020 Canary Wharf has drawn up plans to allow bankers, accountants and lawyers back to the financial district as lockdown restrictions start to ease. The London estate, home to the European headquarters of Barclays, Citigroup and HSBC, is issuing guidance to tenants this week, according to the Financial Times. The plans include introducing one-way routes, limiting [...]
Exclusive: Brits think lockdown measures will hinder economic recovery May 14, 2020 Britons think the UK economy will be unable to recover quickly if the coronavirus lockdown measures continue, according to an exclusive poll for City A.M. The poll, conducted by Redfield and Wilton Strategies, found that 56 per cent of Britons believe that if the lockdown measures continue, the UK economy will reach a point at [...]
Carnival lays off staff after suspending operations May 14, 2020 Cruise operator Carnival has announced plans to lay off staff to conserve cash after suspending sailings due to the coronavirus pandemic. Carnival suspended operations of some of its brands in March, but said workforce changes were put on hold “to forestall the financial impact on its employees.” At the start of the coronavirus pandemic, two [...]
Watch: Christian May discusses the problems with the CBILS scheme May 14, 2020 City A.M. editor Christian May has said UK SMEs are hitting a brick wall trying to access the Coronavirus Business Interruption Scheme (CBILS), and warned there may be further trouble ahead. The CBILS scheme allows companies to apply for a loan through 60 accredited lenders to stay afloat during the coronavirus crisis. But issues with [...]
Record dealing volumes fuel Hargreaves Lansdown’s revenues May 14, 2020 Hargreaves Lansdown enjoyed record dealing activity in March and April, as market volatility helped to push revenues up 13 per cent. The coronavirus-induced turbulence over the past two months saw Hargreaves Lansdown reach new daily records and monthly dealing levels more than double the highs experienced before in this period. The figures Revenue for the [...]
Square Mile lockdown: City firms plot staff’s return to work May 14, 2020 City banks and professional services firms are drawing up plans to send staff back to the office as the UK begins to ease its coronavirus lockdown. Earlier this week Prime Minister Boris Johnson announced that people who can work from home should continue to do so, as he laid out guidance to make workplaces “Covid-secure”. [...]
