Asian stocks rise on Chinese trade data and easing of coronavirus measures April 14, 2020 Asian stocks rose this morning after better-than-expected trade data from China and as major economies began easing coronavirus restrictions. Data published today showing China’s exports in March fell only 6.6 per cent from the same period a year earlier – a smaller drop than the expected 14 per cent plunge – helped boost confidence. Imports [...]
Former business secretary Greg Clark leads calls for overhaul of coronavirus loan scheme April 9, 2020 Former business secretary Greg Clark MP today branded the government’s coronavirus loan scheme for small and medium-sized businesses a “disappointment” and called for an overhaul of the programme. “It hasn’t been taken up as widely as was touted when it was first launched. Since it was there to provide finance for businesses in substantial quantities [...]
US jobless claims hit 6.6m as coronavirus slams economy April 9, 2020 US jobless claims hit 6.6m last week as a result of the coronavirus pandemic which has wreaked economic chaos. The data from the Department of Labor showed 6.6m Americans claimed unemployment benefits for the first time last week. Last week the Department of Labor said 6.6m had claimed for unemployment benefits for the first time, [...]
Boris Johnson ‘getting better’ but remains in intensive care with covid-19 April 9, 2020 Prime Minister Boris Johnson is “getting better” a government minister said today, but remains in intensive care suffering from covid-19. Johnson, 55, was admitted to St Thomas’s hospital in London on Sunday evening with a persistent high temperature and cough. On Monday he was moved to the hospital’s intensive care department after his condition worsened. [...]
FCA introduces credit card and loan freeze to help consumers through coronavirus April 9, 2020 The Financial Conduct Authority (FCA) announced a package of measures today to help customers with credit cards and loans during the coronavirus lockdown. The City watchdog said the measures would help provide temporary financial relief to people with commonly used consumer credit products. Firms are expected to offer customers a temporary payment freeze on loans [...]
Bank of England to finance government borrowing during coronavirus crisis April 9, 2020 The Bank of England has agreed to temporarily finance government borrowing during the coronavirus crisis, a measure last used extensively during the financial crisis. The UK government normally borrows money via the issues of bonds to the market. The measure announced today gives the government more flexibility in raising cash quickly. “As a temporary measure, [...]
Speedy Hire furloughs 50 per cent of staff, freezes pay and mulls dividend suspension April 9, 2020 Speedy Hire said today that it had put half its staff on furlough, frozen pay and was examining suspending its dividend to help it get through the coronavirus economic slowdown. The tool and equipment hire business said it was still operating, with most staff working from home and hiring being carried out online or over [...]
Coronavirus business loans hit £450m but doubts about scheme remain April 8, 2020 UK banks have now lent £453m through the government’s coronavirus business loans scheme as it picks up following an overhaul, although a large number of firms are still struggling to access the cash they need. The Treasury said today that more than 2,500 loans for business had been approved as of yesterday via the coronavirus [...]
NCA defeated in unexplained wealth order battle to seize three London homes worth £80m April 8, 2020 The National Crime Agency (NCA) has been defeated in a court battle to seize three London homes worth £80m from the family of a Kazakh government official. The High Court today dismissed the NCA’s attempt to use unexplained wealth orders (UWO) to seize the homes in Hampstead, Highgate and Chelsea. In her judgment Justice Lang [...]
Insurance: Hiscox, Aviva, RSA and Direct Line suspend dividends following Bank of England pressure April 8, 2020 Insurance companies Hiscox, RSA, Aviva and Direct Line have this morning announced the suspension of their dividends after regulatory pressure from the Bank of England. Sam Woods, deputy governor of the Bank’s Prudential Regulatory Authority wrote to chief executives of major insurers on 31 March asking them to “pay close attention to the need to [...]