Informa launches share issue and suspends dividend in coronavirus crisis move April 16, 2020 Exhibition and media group Informa today launched a share issue worth 20 per cent of its existing capital and suspended its dividend as it looked to bolster its balance sheet during the coronavirus crisis. The company, which is also applying for the Bank of England’s covid corporate finance facility, said the placing of up to [...]
Easyjet raises £1.9bn but faces £380m coronavirus loss April 16, 2020 Budget airline Easyjet said today that it had has raised £1.8bn-£1.9bn in extra cash to help it survive the shutdown caused by the coronavirus epidemic. But it could face first-half losses of up to £380m due to travel bans associated with the coronavirus lockdown, it warned. The airline said today that it had signed two [...]
UK coronavirus lockdown set to be extended until early May April 16, 2020 The UK coronavirus lockdown is set to be extended today until early May, according to multiple media reports. The UK government is expected to announce a three-week extension to the coronavirus lockdown later today. Health minister Matt Hancock told the BBC this morning that the virus would “run rampant” if lockdown measures were lifted now. [...]
PZ Cussons: ‘Exceptionally high demand’ in UK for Carex hand wash, sanitiser gel and Imperial Leather soap April 16, 2020 PZ Cussons said today it was experiencing “exceptionally high demand” in the UK for Carex hand wash, sanitiser gel and Imperial Leather soap as people wash their hands more during the coronavirus outbreak. The company said its focus remains on “sourcing, producing and distributing” these products. PZ Cussons said it continues to “face challenges in [...]
EY UK to cut partner profit 20 per cent in coronavirus response April 15, 2020 EY UK said today it will cut partner profit 20 per cent in response to the coronavirus pandemic. The firm said in a statement that “its partners will do everything possible to navigate through the covid-19 situation with no redundancies amongst its 17,000 UK employees, no people furloughed and no reduction in employee salaries.” The [...]
Tilney and Smith & Williamson merger delayed by coronavirus crisis April 15, 2020 The merger between Tilney and Smith & Williamson has been delayed by the coronavirus pandemic with significant doubts remaining as to whether it will go ahead. Smith & Williamson shareholder AGF Management told the Toronto Stock Exchange today that the deal would continue with a revised structure with the targeted closing date pushed back until [...]
Deloitte UK cuts partner profits 20 per cent and freezes salaries in response to coronavirus slowdown April 15, 2020 Deloitte UK will cut partner profits 20 per cent profit this year and staff across the business will have their salaries frozen in response to the coronavirus slowdown, the firm’s senior partner said today. The firm is also delaying the distribution of profits to partners to try and conserve cash. Senior partner and chief executive [...]
Bank of America profit nearly halves after it sets aside $4.8bn to cover bad loans April 15, 2020 Bank of America said today its profit for the first quarter was down 45 per cent on the same period last year as it set aside billions to cover expected loan defaults. The lender said its earnings for the three months to 31 March were $4bn (£3.2bn), compared to $7.3bn for the same period in [...]
Jupiter Fund Management pushes on with Merian deal despite outflows April 15, 2020 Jupiter Fund Management today said it was pushing ahead with its takeover of Merian Global Investors despite both being hit by outflows. Jupiter said it had net outflows for the quarter of £2.3bn. It said assets under management fell £7.8bn in the quarter to £35bn – the majority of which it said were caused by [...]
Insurer Hastings to pay dividend despite Bank of England warning April 15, 2020 Hastings said today it would go ahead with its planned dividend despite a warning from the Bank of England to the insurance industry to think carefully before paying out cash to shareholders. Car insurer Hastings said it did not offer any lines affected by coronavirus such as travel or business interruption insurance. Hastings also said [...]