US stocks fall further into the red as investors lament lack of stimulus plan March 11, 2020 US stocks tumbled as investors grew concerned over the absence of immediate measures to counter the fallout from the coronavirus outbreak. The Dow Jones is down 791.84 points to 24,226.32, weighed down by a seven per cent drop in Boeing shares. The company plans a full drawdown of an existing $13.8bn loan as early as [...]
Budget 2020: Rishi Sunak gives economy £30bn boost amid coronavirus outbreak March 11, 2020 Chancellor Rishi Sunak has announced a £30bn stimulus package to support the UK economy through the coronavirus outbreak in the biggest spending spree in almost 30 years. Sunak – who was made chancellor last month – said it was one of the most comprehensive responses to the outbreak by any government. The plan earmarks £12bn [...]
Budget 2020: Sunak commits to an increase in R&D spending March 11, 2020 Chancellor Rishi Sunak has increased tax relief for companies that carry out qualifying research and development (R&D) in his Budget today. The measure increases the rate of the R&D expenditure credit from 12 per cent to 13 per cent. The expenditure credit is a standalone credit that is brought into account as a receipt in [...]
Budget 2020: Chancellor Rishi Sunak promises “record” infrastructure spend March 10, 2020 Chancellor Rishi Sunak will pledge £600bn over a decade, as he promises “record amounts” of infrastructure investment in tomorrow’s Budget. The Treasury said Sunak will triple the average net investment seen over the past 40 years as part of the Prime Minister’s “levelling up” plans. The Budget, which will be delivered tomorrow, will see more [...]
Cairn Energy swings to a profit after huge loss last year March 10, 2020 Cairn Energy has posted a 914 per cent increase in pre-tax profit to $119.5m (£92.64m), up from a $1.21bn (£94m) loss over the same period the previous year. Revenue increased from $410.3m (£318m) in 2018 to $533.4m (£413.5m). The FTSE 250-listed company said net oil production averaged 23,000 bopd in 2019, at the upper end [...]
Iofina blasts “self-serving” Arron Banks for coup attempt March 10, 2020 The board of iodine producer Iofina has hit back at a “self-serving” bid for Arron Banks to join its board. The board is urging shareholders to vote against the Brexit campaigner’s attempts to oust chairman Lance Baller. In a stock exchange statement, the iodine producer’s directors claimed that Banks, who is a major shareholder, had [...]
NMC Health identifies $2.7bn in additional debt bringing total to $5bn March 10, 2020 NMC Health has identified an additional $2.7bn (£2.09bn) in debt bringing the group’s total debt position to around $5bn (£3.87bn). The firm said it had been notified by Moelis and PwC, who it appointed as advisers last week, that the group’s position had more than doubled from the $2.1bn reported at 30 June 2019, to [...]
Goldman-backed Neyber finalises sale to Salary Finance March 10, 2020 The Goldman-Sachs backed lender Neyber has finalised its sale to rival Salary Finance. The deal came after weeks of talks after BDO was appointed as an administrator. The takeover by Salary Finance creates a workplace lender with more than 500 corporate clients, including BT, the NHS and Virgin Active. Among the combined client base will [...]
UK coronavirus: Sixth Brit dies as Covid-19 infections hit 373 March 10, 2020 A sixth person has died after testing positive for coronavirus in the UK, as the number of confirmed cases rises to 373. The patient, who was in their eighties and had underlying health conditions, was treated by West Hertfordshire Hospitals NHS Trust. Chief medical officer Professor Chris Whitty said it appeared that the virus was [...]
Qantas to cut international capacity by a quarter as it grapples with coronavirus March 9, 2020 Qantas will slash its international capacity by nearly 25 per cent for the next six months, as it grapples with a steep fall in demand due to coronavirus. Qantas’ chief executive Alan Joyce will not take his salary until the end of the financial year, which ends 30 June. The board will take a 30 [...]
