UK falls into worst recession after record 20.4 per cent GDP plunge August 12, 2020 UK GDP shrank a record 20.4 per cent in the second quarter to plunge the country into its largest recession on record as the coronavirus pandemic decimated economies around the world. According to the Office of National Statistics (ONS), the economy is now 22.1 per cent smaller than it was at the end of 2019. [...]
Admiral reinstates special dividend as profit boosted by lockdown August 12, 2020 Car insurer Admiral reinstated its special dividend today as it reported a jump in first-half profit thanks to a slump in claims as coronavirus lockdowns kept drivers off the road in March and April. The company’s combined ratio, considered the main gauge of an insurer’s profitability, dropped to 83 per cent from 92.3 per cent [...]
Avast pushes up guidance after working from home boost August 12, 2020 Avast said that a “strong performance” had seen it trade in line with expectations in the first half of 2020 despite the coronavirus pandemic. The cybersecurity firm said that it expected revenue for the full year to be at the top end of previous guidance, boosted by widespread working from home requirements. Shares in the [...]
Make green the new normal of financial services August 12, 2020 On the 26 March, the UK was bedding in to the first week of a “new normal”. Lockdown had just begun and we were all adjusting to a completely different way of interacting with our colleagues, friends and family. On the same day, $26 trillion was wiped off the value of global equity markets, as [...]
Making it work: Why we need to start talking about who gets access to a coronavirus vaccine August 12, 2020 There is an unprecedented international scientific effort underway to develop an effective vaccine for SARS CoV-2 — the cause of Covid-19 — and we are all desperate for some good news. I have spent my life fighting infectious diseases around the world, from HIV to SARS to Ebola. Unfortunately, our collective track record for speedy [...]
Two-in-five businesses expect to cut jobs in the next six months August 12, 2020 Two-in-five finance chiefs at UK businesses expect to cut jobs in the next six months as a result of the coronavirus slowdown. The survey of 800 senior finance executives at UK companies also found one third had already cut jobs since the start of lockdown and 54 per cent said their organisation had furloughed staff. [...]
Government to crack down on online political campaigns August 12, 2020 The government has today outlined proposals for new laws designed to improve the transparency of political advertising on social media. The new measures would require political parties and campaigners to clearly state who they are when promoting campaign content online. Under the plans, all campaigners would be required to include a digital imprint containing their [...]
The City View: PwC chairman Kevin Ellis on why the office matters August 12, 2020 Subscribe to The City View Podcast: Apple / Google / Spotify / RSS In this episode Christian talks to Kevin Ellis, chairman and senior partner at audit and consultancy giant PwC. Kevin talks about why he’s kept his company’s offices open and why so many of his staff are keen to get back in, even if just for a couple of days [...]
Democratic presidential candidate Biden selects Kamala Harris as running mate August 11, 2020 Joe Biden, the Democratic candidate for the upcoming US presidential election, has chosen US senator Kamala Harris as his running mate for the ballot. Harris will be Biden’s pick for vice president at the 3 November election. Earlier today Biden informed his close advisers of his decision, and began telling other contenders they had not [...]
Airbnb to confidentially file to go public this month August 11, 2020 Airbnb is said to be preparing to confidentially filing paperwork for a listing with the US Securities and Exchange Commission later this month. The move would pave the way for the short-term rentals company to go public on Wall Street later this year, the Wall Street Journal reported. Airbnb was reported last year to be [...]
