‘Bond market tantrum risks’: Gilt traders brace for Labour leftward pivot as Starmer future uncertain
Honda investigating suspected cyber attack after IT issues June 8, 2020 Japanese carmaker Honda is investigating a suspected cyber attack after experiencing issues with its IT network. Honda began to experience issues with its IT networks in Japan and Europe on Monday, Sky News reported, citing sources who said the company believed this was due to unauthorised attempts to breach its systems. Honda confirmed there was [...]
Mulberry looks to cut a quarter of workforce June 8, 2020 Mulberry is looking to cut 25 per cent of its global workforce as the British luxury brand looks to reduce its costs after demand for its products was dented by the coronavirus pandemic. Mulberry, which employs around 1,500 people globally, said it expected the recovery of its sales levels in the medium term to be [...]
Audit watchdog closes investigation into Tesco accounting scandal June 8, 2020 The Financial Reporting Council (FRC) has announced the closure of its remaining investigation into accountants at Tesco, ending a six-year probe linked to an overstatement of profit by the supermarket chain. The FRC said this morning it was closing an investigation into Tesco’s announcement in 2014 that it had overstated profits by £263m, a figure [...]
Morrisons extends faster payment scheme for small suppliers June 8, 2020 Morrisons will continue to make immediate payments to its smaller suppliers for a further three months to support them during the ongoing coronavirus crisis, the grocer announced this morning. The UK’s fourth largest supermarket chain introduced the faster payment scheme in March to help small farms and food producers hit by the closure of the [...]
ECB financial supervisor calls on banks to cut bonuses due to coronavirus March 31, 2020 Banks should exercise “extreme moderation” on bonus payments this year, according to Europe’s top financial supervisor, who also threatened to intervene if lenders fail to show restraint. Andrea Enria, chair of the European Central Bank supervisory board, said he hoped banks would limit payouts and avoid the need for the ECB to take action, but [...]
Nationwide pulls sales of mortgages for small deposit holders March 31, 2020 Nationwide is temporarily pulling its mortgage offering for low-deposit borrowers including first-time buyers as Britain’s biggest building society grapples with the impact of coronavirus on the housing market. Nationwide said that from Tuesday it would withdraw all fixed-rate and tracker mortgages above 75% loan-to-value (LTV) from sale for remortgage, first-time buyers, and new house purchases. [...]
Coronavirus: Monzo boss won’t take salary for year as staff offered furlough March 31, 2020 The chief executive of Monzo will not take a salary for a year as the digital challenger bank introduces pay cuts for executives and offers staff voluntary furlough amid the coronavirus crisis. In an internal memo, Tom Blomfield told Monzo’s 1,500 employees he would forgo a salary for the next 12 months, with the lender’s [...]
Rothschild warns of financial hit from coronavirus and halts dividend March 31, 2020 Historic bank Rothschild & Co has said it won’t propose a dividend at its 2019 annual general meeting, and warned that the coronavirus pandemic will hit its results as the virus batters businesses and markets across the world. Rothschild said it would pay out the planned €0.85 per share for 2019 “when appropriate”, but became [...]
WPP pulls dividend, outlook and share buyback as coronavirus hits ad sales March 31, 2020 WPP has cancelled its dividend and share buyback and suspended its guidance for 2020, as the coronavirus pandemic forces a growing number of the advertising giant’s clients to cancel work. The world’s biggest advertising company has launched a cost-cutting drive in response to the outbreak, identifying £800m of savings that can be made for 2020, [...]
Brits spent an extra £1.9bn in stockpiling spree before coronavirus lockdown March 31, 2020 Brits made over 79 million extra trips to supermarkets in the four weeks leading up to the coronavirus lockdown, as people rushed to stock up on groceries ahead of restrictions being introduced, according to industry data. The stockpiling drove a 20.5 per cent jump in supermarket sales up to 21 March, with customers spending an [...]
