Aston Martin makes £119m loss as coronavirus squashes demand May 13, 2020 Aston Martin fell to a £118.9m pre-tax loss in the first quarter as the coronavirus pandemic squashed demand at the luxury carmaker, driving revenue down. In its first results since Canadian billionaire Lawrence Stroll became executive chairman of the iconic firm, the company said its new DBX model was on track for summer delivery despite [...]
Coronavirus: UK economy shrinks two per cent in first quarter of 2020 May 13, 2020 The UK economy shrank by two per cent in the first three months of 2020 due to the impact of coronavirus, official GDP data showed today. The slump showed the UK economy’s contracted at its fastest rate since the height of the financial crisis in 2008. The lockdown, which started on 23 March, saw the [...]
TP ICAP revenue surges after first quarter volatility May 13, 2020 Interdealer broker TP ICAP’s revenue rose by almost a fifth in the first quarter, as it benefited from the coronavirus-induced market turbulence. Revenue of £547m was 17 per cent higher than the £469m reported for the equivalent period last year. The broker said the growth reflected “higher client volumes due to the volatile market conditions” [...]
Housebuilder Taylor Wimpey to reopen show homes and sales centres after government lifts restrictions May 13, 2020 Housebuilder Taylor Wimpey will begin the phased reopening of its show homes and sales centres this month, after the government lifted restrictions on the property market. The developer said sales centres and show homes will be available for pre-booked appointments from 22 May, and it will take the majority of its sales staff off the [...]
8,000 jobs at risk as Tui faces ‘greatest crisis’ for travel industry May 13, 2020 Holiday operator Tui said 8,000 jobs are at risk as it seeks to cut costs due to the coronavirus pandemic, which has presented the “greatest crisis” ever faced by the travel industry. The company said this morning that the coronavirus crisis has forced it to accelerate its transformation plan. Tui is aiming to reduce its [...]
Shakespeare: B&Q rollercoaster points to Covid confusion May 13, 2020 Our chart today looks like a rollercoaster and that’s what it must feel like for high street retailers negotiating government advice and public opinion. After initial confusion as to which businesses were “essential” following Boris Johnson’s initial COVID-19 lockdown announcement, Government clarified that hardware stores could remain open. But B&Q reacted to criticism from employees [...]
The unions stand on the precipice May 13, 2020 Len McCluskey, the leader of the trade union Unite, probably did as much as anybody to ensure Boris Johnson’s massive electoral victory last December. A fervent supporter of Jeremy Corbyn, his grip on the Labour Party machine compelled Labour to fight the election with its most unpopular and inept leader in history. McCluskey is up [...]
Advice: Staying alive with a bounce back loan May 13, 2020 Business owners watched the Prime Minister’s broadcast with bated breath on Sunday. Hope of clarity for when and how companies will get back to some form of normality were soon extinguished. The vague roadmap to recovery leaves the majority in limbo, reliant on diminishing cash reserves and government support. One bright spot on the long [...]
Numeracy skills remain the key to a better life May 13, 2020 As a parent under lockdown, I count myself among the many thousands of people who have added ‘home schooling’ to their list of responsibilities at home, at least temporarily. I take my hat off to teachers who do this normally. Reflecting on the way we educate children and engage them in a subject like numeracy, [...]
