Morgan Stanley profit drops by nearly a third April 16, 2020 Morgan Stanley today said profit for the first quarter fell 32 per cent as its advisory and wealth management businesses took a hit from the economic fallout of the coronavirus pandemic. Morgan Stanley’s wealth management unit, which contributes roughly half of its total revenue, fell eight per cent to $4.04bn (£3.23), after it was hit [...]
Coronavirus: Westminster to return through ‘virtual parliament’ April 16, 2020 Parliament is set to resume next week, with MPs allowed to quiz ministers through the video conference app Zoom. The House of Commons Commission gave approval today for up to 120 MPs to take be on video conference at a time, with a further 50 allowed to sit in the House of Commons under social [...]
Coronavirus: Blackrock reports sharp drop in income and assets April 16, 2020 US asset management giant Blackrock suffered a sharp drop in income and assets under management in the first quarter as the coronavirus outbreak sparked turmoil in global markets. Blackrock’s net income fell to $806m, or $5.15 per share, in the first quarter ended March 31, from $1.05bn, or $6.61 per share, a year earlier. Assets [...]
US stocks fall after dire jobless claims data April 16, 2020 US stocks have fallen in the wake of yet more shocking employment data and as states and the federal government debate lifting coronavirus measures. The Dow Jones index was down one per cent in early trading. The S&P 500 had dropped 0.5 per cent but the Nasdaq was 0.2 per cent higher. Stocks were volatile [...]
Coronavirus: Schroders boss donates to Covid-19 charities as firm posts AUM loss April 16, 2020 The chief executive of Schroders will donate 25 per cent of his salary to charities fighting the coronavirus outbreak, the firm said this morning as it reported a drop in assets under management (AUM). Group chief executive Peter Harrison said today that executive directors will donate their 2020 long-term incentive plan awards and 25 per [...]
UK coronavirus deaths jump by 861 to take total past 13,000 April 16, 2020 The UK has counted another 861 coronavirus deaths today as another 4,618 people tested positive for the infection. That means 13,839 Brits have now died from coronavirus, while the total number of infections has jumped past 100,000. Today’s number of coronavirus deaths is higher than yesterday’s figure for the UK of 761. And today’s infection [...]
Bramson calls coronavirus truce in Barclays battle April 16, 2020 Activist investor Edward Bramson has called a temporary truce in his battle with Barclays chief executive Jes Staley during the coronavirus pandemic. Bramson’s investment vehicle Sherborne said today it would withhold its vote against Staley at Barclays’ upcoming annual meeting in recognition of the difficulties posed by the coronavirus pandemic. Sherborne said it still thinks [...]
Easyjet CEO says founder’s calls for his sacking are ‘a distraction’ April 16, 2020 Easyjet’s chief executive has said that calls for his removal from the airline’s founder Sir Stelios Haji-Ioannou are “a distraction” and “quite frankly unhelpful”. Speaking to City A.M., Johan Lundgren said that his focus was “completely on managing this business through the worst crisis the aviation industry has ever seen. Lundgren’s comments came after Haji-Ioannou, [...]
Competition watchdog revokes ban on Takeway.com and Just Eat integration April 16, 2020 Just Eat Takeway has been given the go-ahead to integrate the two food delivery businesses after the UK’s competition watchdog revoked an order to keep the firms separate. The Competition and Markets Authority (CMA) issued an initial enforcement order in January, which prevented the two food delivery firms from integrating their businesses. Amsterdam-based Takeaway.com bought [...]
Coronavirus: More than 5m Americans made new jobless claims last week April 16, 2020 The number of Americans making new jobless claims topped 5.2m last week, official figures have shown, as the coronavirus crisis crashes the economy and sends unemployment skyrocketing. The figure compares to 6.6m new claims last week. It takes the number of people who have made new jobless claims in the last month to an astounding [...]
