Andrew Bailey takes over with Bank of England battling coronavirus recession March 16, 2020 Andrew Bailey is no stranger to a tough job. But the incoming Bank of England governor, who takes up his new role as Mark Carney steps down tomorrow, could never have anticipated the size of the challenge that awaits him at Threadneedle Street. Bailey’s time at the Financial Conduct Authority began in the wake of [...]
ECB ready to close bond spreads amid virus, says Italian board member March 15, 2020 The European Central Bank (ECB) stands ready to reduce bond spreads between Eurozone countries and could even further increase its purchases amid the coronavirus outbreak, a board member said today as the Bank continues to row back on comments from its president. Christine Lagarde, who took over as president from Mario Draghi last November, upset [...]
Nike closes US and European stores amid coronavirus outbreak March 15, 2020 US sports giant Nike has announced it will close all of its shops in the US, western Europe, and several other countries in an effort to protect staff and customers from coronavirus. Shops will be closed from tomorrow until at least 27 March, Nike said, including in Canada, Australia and New Zealand. Nike said its [...]
Coronavirus: UK death toll jumps as cases top 1,300 March 15, 2020 The UK death toll from coronavirus has risen to 35, Public Health England has said, up from 21 yesterday. The public health body also said the number of confirmed cases rose 20 per cent to 1,372 as of 9am this morning. Coronavirus, which emerged in China in December, has now infected at least 156,000 people [...]
Economists warn of global recession as coronavirus spreads March 15, 2020 The International Monetary Fund (IMF) says a global recession comes when annual international growth slips below 2.5 per cent. More charitable economists say it has to fall below two per cent. Either way, economists around have warned in recent days, the coronavirus outbreak means the world is heading for one. Covid-19 last week spread rapidly [...]
Corona Crash: Global markets suffer worst day since 1987 as virus spreads March 13, 2020 The FTSE 100 yesterday chalked up its biggest one-day fall since the Black Monday crash in 1987, plunging 10.87 per cent as the scale and likely impact of the coronavirus pandemic became clear. After a sea of dire corporate warnings across the globe, US stocks also suffered their biggest fall since 1987 before the New [...]
FTSE 100 crashes 10.9 per cent in worst one-day fall since 1987 March 12, 2020 The FTSE 100 suffered its second biggest one day fall in the history of the index, and the worst day since 1987, as it closed down 10.87 per cent. London’s blue-chip index plunged 639 points to close at 5,237 points, as global stocks suffered yet another meltdown after Donald Trump imposed a travel ban on [...]
2020 Budget: ‘Borrowing to skyrocket’ despite £7bn tax bill March 12, 2020 Chancellor Rishi Sunak is unlikely to be able to deliver the huge spending growth he promised in his 2020 Budget given that his pledges were not supported by tax increases, Britain’s top fiscal think tank has said. Sunak yesterday unveiled the biggest Budget since 1992 as he seeks to tackle the fallout from coronavirus and [...]
Bank of England weighs pros and cons of central bank digital currencies March 12, 2020 The Bank of England has asked for people’s views on the creation of a central bank digital currency (CBDC) as it weighs the pros and cons of launching its own. Governor Mark Carney said in a discussion paper published today that although “the creation of a CBDC poses a number of opportunities, it could raise [...]
Budget 2020: Growth forecasts ‘incredibly grim and far too optimistic’ March 12, 2020 The forecasts produced yesterday by the UK’s Budget watchdog managed to be both “incredibly grim and far too optimistic,” according to a leading think tank. The Resolution Foundation warned that the Office for Budget Responsibility’s (OBR) growth writedown – which did not even factor in the full effect of coronavirus – would make households in [...]
