Business confidence hits record low as finance chiefs predict 20 per cent revenue drop May 4, 2020 Business confidence fell by the largest amount on record during the first quarter, according to a survey of chief financial officers published today. In the first quarter, 84 per cent of finance bosses said they are less optimistic about the prospects for their company than they were three months ago the survey from Deloitte found. [...]
Government announces £617m grants for small businesses in shared spaces May 3, 2020 The government today announced a further £617m in grants for small companies that work in shared spaces and are not eligible for business rates relief. The departner for business, energy and industrial strategy (Beis) said the fund is aimed at small businesses with ongoing fixed property-related costs. Beis said it was asking local authorities to [...]
Profit warnings issued by UK businesses hits record high May 3, 2020 Profit warnings issued by UK-listed businesses reached a record-breaking high in the first three months of 2020 according to analysis published today. Big Four audit firm EY said there were 301 profit warnings between 1 January and 31 March, almost equal to the entire number issued in the whole of 2019 (313) and five per [...]
Warren Buffett pulls out of US aviation as Berkshire Hathaway hits $50bn loss May 3, 2020 Warren Buffett’s Berkshire Hathaway has sold its entire stake in the four largest US airlines as it posted a quarterly loss of nearly $50bn (£40bn). Buffett yesterday told the company’s annual meeting that “the world has changed” for the aviation industry. Berkshire held large positions in the airlines, including an 11 per cent stake in [...]
Virgin Media and O2 owners in talks over tie-up May 3, 2020 Spanish telecoms giant Telefonica is in talks with Liberty Global about a merger of its mobile business O2 with Liberty’s Virgin Media cable company. A combination of O2 and Virgin Media would reshape the UK’s telecoms industry, leaving Three and Vodafone stranded without their own fixed-line consumer networks. Telefonica has been examining options for the [...]
Exclusive: Ronan Keating sues Rupert Murdoch’s News UK in phone hacking claim May 1, 2020 Ronan Keating has filed a lawsuit against the owner of the Sun, becoming the latest celebrity to seek damages from Rupert Murdoch’s media empire over alleged phone hacking. The former Boyzone star has hired lawyers at specialist phone hacking firm Hamlins to file a claim against News Group Newspapers (NGN), part of Murdoch’s News UK. [...]
Coronavirus small business loan lending tops £4.1bn but concerns remain over scheme April 30, 2020 Coronavirus business interruption loan scheme (CBILS) lending has topped £4.1bn, according to bank industry body UK Finance. Over £1.33bn of loans were approved in the week to 28 April. The number of loans provided through the scheme has increased by 8,638 over the same period to a total of 25,262, an increase of over 50 [...]
At the height of coronavirus, corporate insolvencies are falling April 30, 2020 Corporate insolvencies fell in the first quarter despite the economic impact of coronavirus, figures released today show. Office for National Statistics data showed there were 3,883 company insolvencies in the first quarter, a decrease of 8.5 per cent from both the previous quarter and the same quarter in 2019. Duncan Swift, past president of insolvency [...]
Societe Generale plunges to first quarter loss on bad loan provisions April 30, 2020 Societe Generale posted a first-quarter loss today, blaming provisions for bad loans which jumped threefold as a response to the coronavirus crisis. The French banking giant said it lost €326m (£283m) during the quarter, compared to a €686m profit last year. Revenue fell 16.5 per cent to €5.17bn and underlying net income fell 90.8 per [...]
Three lessons law firms can learn from rivals’ collapses amid coronavirus April 30, 2020 Law firm collapses are a lot like bank runs. Confidence in the institution crumbles, causing partners to rush for the exits – taking their capital and clients with them. Partner departures reduce the firm’s revenue, profit and capital, leading to further partner exits in a destructive feedback loop. Once firms enter this death spiral it [...]