UK government’s £330bn coronavirus package could be targeted by criminals March 24, 2020 The UK government’s £330bn emergency coronavirus aid package risks being targeted by organised crime, said a white collar crime lawyer. Risks will centre around false applications for small business grants of up to £25,000 each – and boiler room fraud operations could see money evaporate as organised crime gangs game the system, the lawyer said. [...]
Coronavirus: Could previously announced M&A deals fall over? March 24, 2020 Coronavirus: Could previously announced M&A deals fall over?
NMC Health says its debt is $1.6bn higher than previous estimate March 24, 2020 NMC health said today that its estimated debt was around $6.6bn, $1.6bn (£1.3bn) higher than the stricken company’s previous estimate. NMC said on 10 March the group’s debt position was materially above the last reported number at 30 June and was estimated at that date to be around $5bn. The company’s board said it had [...]
Coronavirus: FCA rules out UK short-selling ban March 23, 2020 City watchdog the Financial Conduct Authority (FCA) today ruled out a ban on short-selling saying there was no evidence it was behind recent market falls. Countries such as Italy and Spain have introduced restrictions on short-selling to try and help prevent market volatility as the coronavirus pandemic causes economic chaos. “There is no evidence that [...]
Coronavirus: Dominic Raab calls for all British travellers to return to the UK March 23, 2020 The UK’s foreign secretary Dominic Raab today called for all British travellers to return home while international travel was still possible amid the coronavirus pandemic. Last week, Raab changed travel advice to warn UK travellers against all but essential international travel in the next 30 days. But today, he said that the pace at which [...]
Deal or no deal? How coronavirus is impacting M&A March 22, 2020 Deal advisers say they fear the coronavirus crisis could stop M&A in its tracks in the UK, but predict a wave of distressed deals in the coming weeks as struggling businesses are picked up and companies band together to try and ride out the economic shutdown. KPMG’s head of deal advisory in the UK Liz [...]
Coronavirus: FCA urges companies to delay publication of preliminary results March 22, 2020 The City watchdog today urged listed companies to suspend the publication of their interim results for at least two weeks. The Financial Conduct Authority (FCA) said: “The unprecedented events of the last couple of weeks mean that the basis on which companies are reporting and planning is changing rapidly.” It said companies needed to give [...]
Coronavirus: What does the chancellor’s support mean for businesses and employees? March 22, 2020 The Chancellor Rishi Sunak announced an unprecedented package of measures on Friday to support businesses and employers coping with the economic shock of coronavirus. What is available to companies and employees? How do they access this support? And where are the gaps in provision? Coronavirus business interruption loan scheme Focused on smaller businesses with a [...]
Courts scramble to move online as coronavirus hits trials March 19, 2020 Courts in England and Wales have begun a painstaking move away from physical appearances towards online and telephone hearings as the coronavirus epidemic intensifies. Today, the head of the judiciary, the Lord Chief Justice said: “The default position now in all jurisdictions must be that hearings should be conducted with one, more than one or [...]
Coronavirus: 54 UK companies issue covid-19 profit warnings March 19, 2020 Since the start of 2020, 54 UK companies have issued profit warnings citing a potential hit to their results from coronavirus pandemic, according to analysis released today. Accountancy firm EY said there had been 25 profit warnings related to the coronavirus this week up until 5pm yesterday. Eighty-seven per cent of all profit warnings issued [...]