UK M&A falls to lowest monthly total in almost 35 years April 29, 2020 UK M&A has plunged to its lowest monthly level in almost 35 years after the coronavirus pandemic smashed business confidence and sent the economy into a deep freeze. Deal value involving a UK target totalled £409.1m from 35 deals in April – its lowest since September 1985 when nine deals worth £269.5m were struck, according [...]
Oil prices rise on better-than-feared US stockpile data April 29, 2020 Oil prices jumped today after US stockpiles rose less than feared and petrol stocks fell. Oil was also buoyed by hopes demand would increase as some European countries and US states moved towards an easing of lockdown rules. West Text Intermediate crude prices rose 35 per cent to $16.66 a barrel this afternoon. Brent Crude [...]
Hospitality class action group launches to bring business interruption insurance claims April 29, 2020 A group action for the hospitality sector launched today with the aim of bringing claims against insurers which have failed to pay coronavirus-related business interruption claims. The hospitality insurance group action (HIGA) is open to businesses such as pubs, restaurants, hotels and nightclubs which have been forced to close because of the lockdown and are [...]
Employers call for government to extend furlough scheme to avoid job cuts April 29, 2020 Employers want the government to extend its worker furlough scheme to September and make it more flexible to help avoid a wave of redundancies. A survey by the Chartered Insitute of Personnel and Decelopment (CIPD) found 60 per cent of employers thought extending the furlough scheme to September was the most important labour market policy [...]
Elon Musk calls for end of lockdown ahead of Tesla first quarter earnings April 29, 2020 Billionaire Tesla boss Elon Musk today called for the end of the US coronavirus lockdown ahead of the electric car company’s first quarter results tonight. Musk tweeted: “FREE AMERICA NOW” and separately tweeted “give people their freedom back!” He also tweeted a story about the relaxation of lockdown in Texas with the comment: “Bravo Texas!” [...]
British Airways says it could cut 12,000 jobs as global travel slumps April 28, 2020 International Airlines Group (IAG) today said a redundancy consultation at British Airways could lead to 12,000 people losing their jobs. IAG said British Airways is formally notifying its trade unions about a proposed restructuring and redundancy programme. “The proposals remain subject to consultation but it is likely that they will affect most of British Airways’ [...]
Burford Capital shares jump as it predicts coronavirus litigation boom April 28, 2020 Shares in Burford Capital rose 20 per cent today as it predicted a spike in litigation in the aftermath of the coronavirus pandemic. In its annual report, Burford said: “Economic downturns produce litigation claims… [Burford] expects to see significant amounts of litigation, and meaningful demands for capital, over the next several years.” Burford also said [...]
Nearly 9,000 coronavirus-related deaths registered in week to 17 April April 28, 2020 Data released today by the Office for National Statistics (ONS) showed 8,758 coronavirus-related deaths were registered in England and Wales in the week to 17 April. This was an increase of 40 per cent on the previous week when 6,213 registered deaths mentioned coronavirus. There were 22,351 deaths registered in England and Wales in the [...]
Lloyds gives staff at risk stay of execution during coronavirus pandemic lockdown April 27, 2020 Lloyds Banking Group has given staff in redundancy an extra month of breathing space during the coronavirus lockdown. The bank said last month it would pause plans to cut 780 jobs during the crisis. However, those already going through the redundancy process faced an unknown fate, with one source telling City A.M. they feared Lloyds [...]
Car insurer Admiral suspends special dividend on regulatory pressure April 27, 2020 Car insurer Admiral said today it would suspend its special dividend after regulatory pressure from the Bank of England. Admiral said it would go ahead with its standard dividend payment of 56.3p per ordinary share on 1 June, but said it would not pay its previously recommended special dividend of 20.7p per ordinary share. The [...]