US retail sales drop at record pace amid coronavirus shutdown May 15, 2020 US retail sales plunged at the quickest pace on record for the second month in a row in April, official figures have shown, as coronavirus containment measures caused shops to close and Americans to stay in their homes. The Commerce Department said sales dropped 16.4 per cent last month compared an 8.3 per cent drop [...]
London bar group Enhanced Hospitality claims 650 jobs at risk over insurer’s refusal to pay May 15, 2020 London bar and restaurant chain Enhanced Hospitality has launched legal action against Allianz, claiming that its failure to pay out under business interruption insurance has put 650 jobs at risk. Enhanced Hospitality, which owns Camden live music venue Dingwalls and Soho private members club Blacks, has hired law firm Field Fisher to pursue a claim [...]
Nissan considers moving Renault production to Sunderland plant May 15, 2020 Nissan is considering moving the manufacturing of two Renault SUV models from Barcelona to its Sunderland plant, it is reported. Such a move could secure thousands of British manufacturing jobs at Nissan, which committed £400m in extra funding to the factory in March. The Japanese car manufacturer is reportedly in talks with its strategic partner [...]
Rail franchises to introduce social distancing measures as lockdown eases May 15, 2020 Rail franchises including Avanti West Coast and LNER are set to introduce measures to help passengers socially distance on journeys, it was announced. From Monday, LNER, which runs services on the east coast, will introduce mandatory seat reservations for all passengers. Passengers will be required to have a reservation for the specific train they wish [...]
Brexit: ‘Tetchier’ trade talks offer little progress, says UK May 15, 2020 The UK has said “very little progress” has been made in the latest round of Brexit trade negotiations with the EU. In negotiations described as “tetchier” by one source, the UK and EU remain far apart on the most divisive key issues on securing a trading relationship after Brexit. Those include fisheries and the so-called [...]
Monzo faces steep valuation drop in coronavirus funding round May 15, 2020 UK challenger bank Monzo is reportedly raising a fresh round of cash from investors at a 40 per cent discount to its previous fundraising. The fintech is close to sealing a deal that will value it at around £1.25bn, compared to a valuation of more than £2bn at its previous funding round in June, according [...]
British Airways, Next and ITV at risk of credit rating downgrades May 15, 2020 Some of the UK’s biggest companies are at risk of having their credit ratings downgraded and becoming “fallen angels”, ratings agency S&P has said, raising the possibility of a sharp rise in borrowing costs in the midst of the worst downturn since the 1930s. Big names such as Next, British Airways and ITV are in [...]
Sadiq Khan: London transport fares will increase after £1.6bn TfL bailout May 15, 2020 London mayor Sadiq Khan has said that he will be forced to increase fares on the capital’s bus and rail services after agreeing a £1.6bn bailout for network operator Transport for London. In a statement, the mayor said that he had “no choice” but to accept the offer, which was the “only deal the government [...]
Congestion charge set to rise 30 per cent after TfL bailout May 15, 2020 London’s congestion charge is set to rise to £15 a day from 22 June, it was revealed today, as a consequence of the government’s bailout of Transport for London. From next month, a 30 per cent increase would see the daily charge rise from £11.50 to £15. The scheme’s operating hours will also extend to [...]
William Hill share price jumps on hope Bundesliga betting turns around its fortunes May 15, 2020 Bookmaker William Hill’s shares rose this morning on hopes that the return of Bundesliga football in Germany and horse racing will help it emerge from the crisis. William Hill said total net revenue plunged 57 per cent in the weeks following the start of coronavirus lockdowns in Europe and North America. The bookmaker has warned [...]
