Easyjet says it has defeated Stelios in crunch board vote May 22, 2020 Easyjet today said that its founder Sir Stelios Haji-Ioannou has failed in his bid to oust key management including the chief executive, according to the initial result of a shareholder vote. Haji-Ioannou launched the attempt to remove the management team after a row over Easyjet’s continuation of a deal to buy 107 Airbus planes for [...]
Nissan weighing 20,000 job cuts as car sales struggle May 22, 2020 Japanese car company Nissan is reportedly considering cutting 20,000 jobs with a focus on Europe and developing countries as car sales plunge following coronavirus crisis. The potential cuts come as Nissan prepares to announce its updated mid-term strategy next week. Profits at Nissan have been struggling for the last three years and the coronavirus has [...]
UK set to introduce £1,000 fines for travel quarantine breaches May 22, 2020 The UK is today set to introduce a 14-day quarantine for overseas travellers backed up with £1,000 fines to help stop the spread of coronavirus. The move comes despite opposition from airlines who have argued it will devastate their already struggling industry. The government is expected to announce that all international arrivals will be required [...]
Time Out kicks off £49m placing and open offer to raise emergency cash for coronavirus shutdown May 22, 2020 Media and events company Time Out today said it was seeking to raise £49m via a share placing and open offer to bolster its balance sheet in the face of the coronavirus pandemic. The company has been hit by a closure of its food hall markets and the suspension of its print editions alongside a [...]
City calls for financial services not to be overlooked in Brexit trade deal May 21, 2020 City figures have this week called for the UK and EU not to overlook financial services in the final Brexit trade agreement. The UK published its draft Brexit trade agreement this week which called for the UK and EU for treatment “no less favourable than that it accords to its own like financial services and [...]
Lloyds boss says bank can absorb coronavirus loan defaults May 21, 2020 The chief executive of Lloyds Banking Group today said the bank would be able to soak up a jump in loan defaults triggered by the coronavirus pandemic. Antonio Horta-Osorio told the bank’s annual meeting today that supporting customers hit hard by the pandemic was the “right thing to do”, but would have a financial impact [...]
UK companies tapped capital markets for £30bn at height of coronavirus crisis May 21, 2020 UK companies raised around £30bn in the corporate bond and equity markets at the height of the coronavirus crisis, a report released today showed. From the middle of March to early April, 150 UK companies raised around £30bn on the capital markets in response to the coronavirus crisis, the report said. More than 90 per [...]
FSCS sets aside £44m to pay London Capital & Finance compensation May 21, 2020 The UK’s Financial Services Compensation Scheme (FSCS) today said it had earmarked £44m to pay claims from a small number of the investors who lost money after the collapse of investment company London Capital & Finance (LCF). The FSCS said it would levy regulated financial firms £649m in the 2020/2021 year that started in April, [...]
Aviva estimates covid-19 impact at £160m May 21, 2020 Insurer Aviva today estimated the total payout it will have to make because of covid-19 at £160m net of reinsurance. Aviva said the estimate was based on estimated claims in business interruption insurance, other commercial lines and travel insurance. The insurer said the coronavirus pandemic “provides unprecedented uncertainty” and “may adversely impact our results”. Aviva [...]
Insurance brokers slammed for conflicts of interests amid coronavirus business interruption claim disputes May 20, 2020 Insurance brokers have been attacked for “scandalous” conflicts of interests in a report published today. Insurance brokers are appointed by clients to arrange coverage with insurance underwriters for which the client pays them a fee. However, the report from insurance policyholder advisers Mactavish estimated that up to 80 per cent of broker revenue comes directly [...]