Trump rolls back on New York coronavirus quarantine plan March 29, 2020 US President Donald Trump this weekend rowed back on suggestions that coronavirus-hit New York could be quarantined after criticism from the state’s governor. Trump said on Saturday afternoon that he might impose a ban on travel in and out of New York and parts of New Jersey and Connecticut, the parts of the US worst-hit [...]
New FCA boss to hold crisis coronavirus meeting with banks March 29, 2020 The interim boss of the City watchdog is set to hold crisis talks tomorrow with the Bank of England and the heads of the high street banks to try and plot a course through the economic chaos triggered by coronavirus. Chris Woolard said he wanted the industry to work out how to protect people unable [...]
Coronavirus: FTSE firms get an extra two months to publish results March 26, 2020 The Financial Conduct Authority (FCA) today said listed companies could have an extra two months to publish their financial results. In a joint statement with audit regulator the Financial Reporting Council (FRC) and the Bank of England’s Prudential Regulation Authority (PRA), the FCA said: “Companies and their auditors currently face unprecedented challenges in preparing and [...]
Lloyd’s of London boss expects claims spike as market enacts coronavirus response plan March 26, 2020 The chief executive of insurance market Lloyd’s of London said today he expected a spike in claims as a result of the coraonvirus pandemic. Speaking to City A.M., John Neal said “I think we will have heightened claims activity,” but said it was not yet possible to predict the full impact. Neal said Lloyd’s has [...]
Tilney and Smith & Williamson merger on brink after coronavirus crash March 25, 2020 The merger between Smith & Williamson and Tilney is teetering on a precipice following the economic shock triggered by the coronavirus pandemic. Wealth manager Tilney – which is backed by private equity firm Permira – announced in September it had agreed to acquire wealth manager and accountancy firm Smith & Williamson in a £625m deal. [...]
US investor Bill Ackman unwinds hedges and bets on stock market March 25, 2020 US hedge fund manager Bill Ackman said today that he has cashed in $2.6bn in credit market hedges and reinvested the money in the stock market after turning “increasingly positive” on equity markets. Ackman’s Pershing Square Capital Management took out the hedges – credit protection on investment grade and high yield credit indices – at [...]
Freshfields and Slaughter and May advise government on covid corporate finance facility March 25, 2020 The Treasury and the Bank of England have called up Magic Circle law firms Slaughter and May and Freshfields Bruckhaus Deringer to advise on the government’s emergency corporate covid financing facility (CCFF). The CCFF will purchase commercial paper, a debt instrument, from companies in order to boost their liquidity. It is available to UK companies [...]
Government to push through insolvency reforms as coronavirus crisis bites March 25, 2020 The government is pushing to overhaul insolvency laws to help companies and individuals weather the economic crisis caused by the coronavirus pandemic. The Insolvency Service has begun asking for the views of the restructuring industry about potential urgent changes to company legislation, Sky News reported. The reforms could include a moratorium on winding-up petitions against [...]
Coronavirus to bring UK house prices growth to ‘juddering halt’ March 25, 2020 The coronavirus outbreak is set to bring UK house prices to a “juddering halt” in the coming months, a top economist warned today. UK house prices fell 1.1 per cent between December and January. But they were 1.3 per cent up on the previous year, data released today showed. The Office for National Statistics said [...]
Coronavirus: US could become epicentre and India announces lockdown March 24, 2020 The US could become the world epicentre of the coronavirus pandemic, the World Health Organisation (WHO) said today as India announced a nationwide lockdown. A WHO spokesperson said there had been a “very large acceleration” in coronavirus infections in the US which had the potential of becoming the new epicentre. Over the past 24 hours, [...]