Investec warns on profits as it navigates ‘challenging’ market March 20, 2020 Investec has warned of a fall in profit as it navigates “challenging market conditions”, exacerbated by the coronavirus outbreak. The specialist bank said operating profit for the year to 31 March 2020 is expected to be 7 to 14 per cent behind the previous year, while adjusted earnings per share would be down between 16 [...]
Coronavirus: Death toll in the UK rises to 137 March 19, 2020 The number of people who have died after testing positive for coronavirus in the UK has risen from 103 to 137. It comes after NHS England confirmed a further 29 people who tested positive for coronavirus in England had died. The patients were aged between 47 and 96 years old and had underlying health conditions. [...]
Sequoia Capital seeking $7bn to invest in US and Asian funds March 19, 2020 Sequoia Capital is seeking $7bn for its latest set of venture capital funds, with a focus on start-ups in the US and Asia, as global markets are rocked by the coronavirus outbreak. The Silicon Valley firm is seeking commitments for multiple funds in the US, China and India, according to the Financial Times. The fundraising [...]
3i expects portfolio companies to be hit by coronavirus disruption March 19, 2020 3i expects the majority of its private equity portfolio to experience disruption to its business, as a result of the coronavirus outbreak. The group said the “modest short-term disruption” is a result of the country by country lockdowns. It expects a small number of other companies to be significantly affected in the short term, including [...]
Manufacturing industry calls for tax deferment as part of coronavirus package March 19, 2020 The British manufacturing industry is calling for an immediate deferment of VAT, PAYE and National Insurance payments as part of a package of measures to tackle the impact of coronavirus. As the prospect looms of thousands of skilled employees being laid off, industry group Make UK has called on the government to delay taxes as [...]
Thomas Cook: Taxpayers will pay for next tour firm collapse, says watchdog March 19, 2020 The collapse of Thomas Cook has left the government’s tourism industry fund severely depleted, meaning taxpayers would have to foot the bill if another tour operator falls into insolvency. Thomas Cook’s shock insolvency and the subsequent repatriation of thousands of customers cost the government at least £156m, according to the National Audit Office (NAO). The [...]
Coronavirus: National Express slashes costs as passenger numbers slide March 19, 2020 National Express will cut costs and stop all acquisition and capital expenditure programmes as coronavirus travel restrictions severely hurt passenger numbers. Among other measures, executives across the group will take a pay deferral for the duration of the coronavirus outbreak. National Express is particularly exposed to the recent travel restrictions imposed in Spain and Morocco. [...]
IG’s revenue jumps 29 per cent as market volatility peaks March 19, 2020 Trading platform IG’s revenue in the third quarter jumped 29 per cent as market volatility, brought on by the outbreak of coronavirus, increased trading. The figures IG’s revenue in the third quarter was 29 per cent higher than in the same period last year, at £139.8m. The trading platform served 101,700 OTC leveraged active clients [...]
IR35: Businesses welcome delay, but many have already cut contractors March 18, 2020 Businesses may have welcomed the delay of the IR35 reforms but some have already laid off contractors and abandoned projects in anticipation of the changes. Last night, chief treasury secretary Steve Barclay announced that the tax reforms would be pushed back by one year, less than a week after the measures were confirmed in the [...]
Coronavirus: UK cases rise by over 600 to reach 2,626 March 18, 2020 The Department of Health has confirmed that there have now been 2,626 coronavirus cases in the UK, up from 1,950 cases yesterday. It is the biggest daily surge of confirmed cases yet, as the government prepares for a surge in cases. The government said it had now tested 53,595 people for Covid-19. On Twitter the [...]
