European Commission approves €3.4bn KLM bailout July 13, 2020 The European Commission has approved a €3.4bn (£3.1bn) bailout of the Dutch wing of Air France-KLM, despite objections from Ryanair boss Michael O’Leary. The rescue package, which was agreed last month, will see the Dutch government guarantee a €2.4bn loan from a consortium of banks, as well as providing €1bn in loans itself. When the [...]
Wealthy investors anticipate lasting lifestyle shifts after coronavirus July 13, 2020 Wealthy investors have not been immune to the disruption caused by the coronavirus pandemic, and anticipate long-term lifestyle changes as a result. Three quarters of wealthy investors in the UK see a permanent shift in the wake of the crisis, according to research by wealth manager UBS. The survey of 200 UK-based investors, with between [...]
John Lewis to join Primark in rejecting government jobs retention bonus July 13, 2020 Department store chain John Lewis is expected to join Primark in rejecting the government’s offer of a job retention bonus. The chancellor last week announced that firms could claim a £1,000 bonus for each worker they bring back from furlough and continue to employ until at least January. John Lewis, which last week announced the [...]
Fares now reinstated on all London buses July 13, 2020 Fares have now been reinstated on all London buses, Transport for London announced today, with enhanced safety measures meaning that passengers can now enter through the front doors. Travellers will now be required to touch in with Oyster, contactless and concessionary cards on all buses in a return to traditional arrangements, following the suspension of [...]
Diageo to launch plastic-free Johnnie Walker bottles in 2021 July 13, 2020 Drinks giant Diageo will sell Johnnie Walker whisky in plastic-free bottles from next year as it seeks to reduce waste. The company announced this morning that it had created the fully recyclable bottle wood pulp that meets food grade standards in partnership with venture management firm Pilot Lite. The two firms launched a sustainable packaging [...]
Pepsico beats revenue estimates as demand for snacks surged July 13, 2020 Pepsico beat estimates for quarterly revenue and profit, powered by a surge in demand for snacks during lockdowns triggered by the pandemic. Consumers stocked up on snacks as many pivoted to working and studying at home in a bid to curb the spread of infection. Sales of snacks under the Frito-Lay North America unit rose [...]
The FTSE 100 is lagging behind soaring global markets – but why? July 13, 2020 Stock markets around the world have soared in recent months even as economies crashed, aided by central banks pumping trillions of dollars into the system. But although all stock markets are rising, some are rising faster than others. Britain’s FTSE 100 is lagging behind almost all other major stock indices. It has risen just over [...]
China retaliates with sanctions in US row over Uighur Muslims July 13, 2020 China will levy “corresponding sanctions” against the US, it said today, after Washington penalised senior Chinese officials over the treatment of minority Uighur Muslims. The sanctions targeted US senators Ted Cruz and Marco Rubio, US representative Chris Smith, ambassador at large for international religious freedom Sam Brownback and the US Congressional-Executive Commission on China. Rubio and Cruz [...]
Outsourcing giant G4S to cut 1,150 jobs in restructuring July 13, 2020 Outsourcing giant G4S will cut more than 1,000 jobs as part of a restructuring of its cash solutions division, the firm today announced. In total the firm will get rid of 1,150 roles, with most of these expected to fall in the cash handling division. The redundancies, which were first revealed by union GMB, were [...]
NIBC agrees to reduced takeover offer by Blackstone July 13, 2020 Dutch bank NIBC has agreed to a proposed bid by Blackstone despite the private equity firm lowering its bid amid the pandemic. The takeover values the bank at just over €1bn compared to €1.3bn previously. The US private equity firm cut its original bid to around €7 per share in May after it said the [...]
