Intu falls into administration after lender talks fall through June 26, 2020 Retail landlord Intu has fallen into administration after lenders failed to agree to last-minute relief on the company’s debt obligations today. Intu’s failure to raise new capital means KPMG will now step in to handle its administration. Adminstrators James Tucker, Michael Pink and David PIke will lead the process. Intu’s shares have now been suspended [...]
Aston Martin seeks to raise £152m to bolster finances June 26, 2020 Aston Martin today said it will ask investors to snap up £152m of new shares to help it become roadworthy once more amid sinking sales and the coronavirus pandemic. Britain’s luxury car manufacturer said the equity raise, planned for the end of June, would be equivalent to around 20 per cent of its existing issued [...]
Intu ready to call in the administrators as funding talks fail June 26, 2020 Intu said it is set to call in administrators today after cliff-edge negotiations with lenders failed to secure its future. The retail landlord said “unfortunately, insufficient alignment and agreement has been achieved” with key creditors on a standstill on loan repayments, ahead of its debt waiver period expiring at midnight tonight. Intu was already suffering [...]
Virgin Media down: Broadband outage hits thousands working from home June 25, 2020 Virgin Media appeared to suffer an outage this morning, leaving thousands of customers working remotely without broadband. The broadband operator had not acknowledged the issue by 10.15am on Twitter despite a flood of angry complaints from customers. Downdetector, a website that records outages by tracking social media mentions, registered a surge of complaints of Virgin [...]
Royal Mail to slash 2,000 jobs as profit sinks 25 per cent June 25, 2020 Royal Mail is set to make 2,000 staffredundant to save £130m to combat the impact of coronavirus after the sudden departure of its ex-CEO in May. The postal delivery service said it needed to take “immediate action” on costs after profit before tax plunged 25 per cent to £180m in the financial year to the [...]
Baggage handler Swissport to make ‘devastating’ 4,175 job cuts June 24, 2020 Airport baggage handler Swissport is set to make 4,175 job cuts as pressure grows on the government to produce a financial package for the aviation industry. Swissport said the coronavirus pandemic has “hit us hard” since the collapse of regional flyer Flybe in March. GMB and Unite, which represent Swissport workers, described the redundancies as [...]
Coronavirus: Government urged to prepare for UK second wave June 24, 2020 The UK’s health experts have called for an urgent review to prepare the public for a second wave of coronavirus infections. Health leaders have pressed the government to take quick action to prevent more coronavirus deaths and to protect the economy in the event of a second wave in winter across the UK. The open [...]
UK economy set to return to growth in third quarter after coronavirus chaos June 23, 2020 The UK economy’s coronavirus-induced downturn eased in June as key health indicators hit a four-month high, according to a closely-followed survey. The UK’s economic output hit a measure of 47.6 on IHS Markit’s flash purchasing managers’ index (PMI), a four-month high. Anything below 50 represents a contraction. But it was a stark improvement from May’s [...]
RBS extends business account switching deadline amid coronavirus June 23, 2020 Royal Bank of Scotland (RBS) has given business customers another six months to switch their accounts to other banks under the terms of its financial crisis state aid package. RBS said fewer customers have used the Incentivised Switching Scheme to swap banks during the pandemic. As a result the deadline for switching applications will be [...]
Bailey: Bank of England will reverse QE before raising rates June 22, 2020 Bank of England governor Andrew Bailey believes the Bank of England must begin reversing quantitative easing before hiking interest rates from record lows. Bailey said today that a reveral of QE should come before lifting rates from their historic lows of 0.1 per cent, signalling an upending of long-standing Bank of England policy. Bailey said [...]
