Coronavirus: Cineworld shares crash on debt breach warning March 12, 2020 Cineworld’s shares spiralled today as it warned a worst-case scenario for coronavirus could throw its future into doubt. If a worst-case scenario transpires, Cineworld said it could breach its debt terms as it would be forced to close cinemas for up to three months. Were that to happen, Cineworld would lose up to three months’ [...]
Lookers COO leaves day after ‘suspected fraud’ warning March 12, 2020 Lookers’ chief operating officer has left the business just a month after taking up the role, the car dealership announced today. Cameron Wade left with immediate effect, the dealer said. Lookers’ shares plunged yesterday after it revealed it has identified “potentially fraudulent transactions”. That has delayed the publication of its 2019 results, and prompted the [...]
2020 Budget live: City reacts to Rishi Sunak’s spending plans March 11, 2020 Welcome to City A.M.’s 2020 Budget Day live blog. Please refresh your browser for live updates. Chancellor Rishi Sunak is expected to address fears over the economic impact of coronavirus, and announce waves of new infrastructure spending and changes on taxation in his 2020 Budget. It comes after Bank of England governor Mark Carney earlier [...]
2020 Budget key points: Coronavirus, spending spree and even some jokes March 11, 2020 Chancellor Rishi Sunak outlined a massive spending spree and a £30bn package to shelter the UK economy through the coronavirus crisis in his 2020 Budget today, as the budget watchdog said he would borrow £100bn over five years to do so. The Treasury boss, who had just four weeks to prepare for today’s Budget, even [...]
Number of UK coronavirus cases record biggest daily jump to 456 March 11, 2020 The number of UK coronavirus cases leapt by 83 today to a total of 456 Covid-19 infections, the Department of Health said today. Today’s rise marks a significant increase in the UK’s daily reported number of cases. Public Health England recorded 54 new cases yesterday morning, and 46 new cases on Monday morning. Doctors have [...]
Budget 2020: How Rishi Sunak will tackle coronavirus and hike spending March 11, 2020 Chancellor Rishi Sunak is set to unveil the 2020 Budget today after the Bank of England’s shock move to slash UK interest rates. Just four weeks into the job, Sunak has spent the last 27 days planning to hike public spending. Record investment would see the government mark the end of austerity. But he is [...]
Coronavirus: Bank of England slashes UK interest rates to 0.25 per cent March 11, 2020 The Bank of England today slashed UK interest rates to just 0.25 per cent in a bid to tackle the fallout of the coronavirus outbreak on the economy. The 50 basis point (0.5 percentage point) cut takes interest rates lower than the 0.75 per cent they were already at, in a move designed to boost [...]
Coronavirus: FTSE 100 falters as European stocks fall back March 10, 2020 The FTSE 100 dipped in and out of the red in a volatile afternoon of trading after Black Monday’s global stocks meltdown, before closing up 0.23 per cent. The FTSE 100 and other European indices rose in early trading after President Trump revealed he was preparing a major economic relief strategy. However the semblance of [...]
Standard Life Aberdeen profit slips as investors withdraw funds March 10, 2020 Standard Life Aberdeen’s underlying profit dropped 10 per cent in 2019 as investors continued to withdraw their cash from its funds, hurting revenue. The figures Fee-based revenue fell 13 per cent to £1.63bn after net outflows in 2018 and 2019. And adjusted profit before tax dropped 10 per cent year on year to £584m as [...]
Coronavirus: FTSE 100 loses £144bn after worst day since 2008 March 9, 2020 The FTSE 100 has had £144bn wiped off its value today as it closed below 6,000 points and suffered its biggest intraday fall since 2008. The coronavirus outbreak and plunging oil prices dragged the index down as much as 8.7 per cent to just 5,899 points as it opened following a weekend of coronavirus turmoil. [...]