Rolls-Royce crashes to £5.4bn first-half loss on Covid-19 hit August 27, 2020 Engine-maker Rolls-Royce said today it had swung to a loss of £5.4bn for the first-half following the economic shock of the Covid-19 pandemic. The aero giant said revenue crashed 26 per cent to £5.8bn and reported a post-tax loss of £5.4bn and an underlying post-tax loss of £3.3bn in the six months to 30 June. [...]
UK firms must return to the office to revive the economy, says CBI boss August 27, 2020 The head of the CBI has warned of “ghost town Britain” as she calls on UK firms to return to the office to revive the economy. Dame Carolyn Fairbairn has called on the Prime Minister to do more to get office workers back to the office. Writing in the Daily Mail, Fairbairn warned commercial centres [...]
Recruitment firm Hays fees drop amid dire jobs market August 27, 2020 Recruitment firm Hays reported a drop in its annual net fees as the jobs market readjusted to the coronavirus pandemic. The figures Hays reported that profit before tax plunged 49 per cent from £246.3m to £126.2m, while operating profit dropped 46 per cent to £135m. Group fees fell 11 per cent for the year as [...]
Tiktok boss Kevin Mayer quits over looming Trump ban August 27, 2020 Tiktok chief executive Kevin Mayer has quit the hit video-sharing app over a looming ban rolled out by US President Donald Trump. In a note to employees Mayer said political pressure from the White House had changed the global nature of his role. “In recent weeks, as the political environment has sharply changed, I have [...]
WPP to pay dividend even as ad revenues slump due to coronavirus August 27, 2020 Advertising giant WPP has said it will pay an interim dividend of 10 pence a share even as advertising revenues plunged due to coronavirus. The group said trading had improved in July, winning more business than rivals, suggesting the worst was over for the ad group. The figures WPP reported a 12.3 per cent drop [...]
VC valuations resilient in the face of coronavirus pandemic August 27, 2020 Venture capital pre-money valuations across all financing stages remained resilient during lockdown, according to new research. VC deal sizes remained healthy during the second quarter even as business optimism waned in the face of the pandemic. Pre-pandemic deals that remain to filter through have helped, as well as rising valuations tied to software and late-stage [...]
The travel industry will not survive without a radical U-turn August 27, 2020 The UK has a rich history as a global transport hub. While we all value our holidays as individuals, the value of travel to the UK economy cannot be overlooked. In 2019, the 40.9m overseas visitors who came to the UK spent £28.4bn. While many of us don’t consider the UK economy to be as [...]
Service sector employment fell sharply in last quarter as UK entered recession August 27, 2020 Employment fell sharply across the UK services sector in the three months up to August as the coronavirus pandemic sent the country into the deepest recession on record. The service sector dominates the business landscape in this country, making up nearly 80 per cent of the economy. According to a survey conducted by the CBI, [...]
Struggling economies can learn from Cyprus how to deal with the Covid-19 crisis August 27, 2020 International businesses and investors are right now wondering whether governments are really up to the task of handling the fallout from the global shutdown. With real GDP in the EU predicted to shrink by 9.3 per cent in 2020, the message from the European Commission is that the speed at which countries will recover depends [...]
Here’s how out-of-home advertisers are adapting to post-lockdown London August 27, 2020 Lockdown had a huge impact on out-of-home (OOH) advertising as audiences largely disappeared and billboards, bus stops and the underground became a canvas for supportive messages for key workers. Only a handful of astute advertisers continued to spend, with the likes of Tesco recognising the opportunity for memorable community messaging, much of which was widely [...]
