Coronavirus: Tesco could take £925m hit on extra staff and delivery costs April 8, 2020 Tesco warned it could take a hit of up to £925m due to the impact of hiring extra staff and ramping up distribution due to the coronavirus outbreak. The supermarket this morning said it expects retail costs to increase by between £650m and £925m, but said the sales boost caused by stockpiling and business rates [...]
Heineken withdraws guidance as coronavirus dents sales April 8, 2020 Heineken has withdrawn all guidance for the year as beer volumes fell in the face of the coronavirus outbreak. The Dutch brewing company said the pandemic was having a “significant impact” on business in 2020, noting the restriction of movement, outlet closures and the lockdown of production facilities. Total consolidated volume is expected to decrease [...]
Top EU scientist blasts coronavirus response as he quits April 8, 2020 The EU’s most senior scientist resigned in a rage last night, saying he has “lost faith in the system” over the bloc’s coronavirus response. Mauro Ferrari, an Italian-American scientist who took charge of the European Research Council (ERC) at the start of 2020, left overnight with a 1,000-word take down of the EU’s coronavirus strategy. [...]
Bloomsbury to offer delivery services to independent bookshops April 8, 2020 Bloomsbury today unveiled plans to support independent bookshops that have been hardest hit by the coronavirus crisis. Indie booksellers across the country have been forced to overhaul their business models as they struggle to meet surging demand sparked by social distancing measures. Bloomsbury will offer its ecommerce platform and delivery services to bookshops whose normal [...]
Firms struggling to access coronavirus loan scheme, says BCC April 8, 2020 Almost two-thirds of British businesses do not have enough cash to last three months as firms continue to struggle to access the government’s coronavirus loan scheme. A British Chamber of Commerce (BCC) survey showed that 57 per cent of businesses polled did not have enough cash to survive past three months and only one per [...]
Prince Andrew’s former private secretary quits troubled Pitch@Palace April 7, 2020 The Duke of York’s former private secretary is said to have quit her role as chief executive of his embattled Pitch@Palace initiative. Amanda Thirsk, who served as Prince Andrew’s aide for 15 years, has resigned to take up an undisclosed role in the private sector, Sky News reported. It comes as the initiative, which offers [...]
Coronavirus loan scheme risks ‘wall of redundancies and defaults’ say critics April 7, 2020 The failure of the coronavirus loan programme to help struggling small and medium-sized businesses risks triggering a “wall of redundancies and defaults” say critics.
Exclusive: Just 2,000 UK firms given coronavirus business loans April 7, 2020 Just 2,022 loans have been made to the UK’s small and medium-sized firms through the government’s coronavirus business lending scheme. There have been around 300,000 enquiries so far, meaning a paltry 0.65 per cent have resulted in coronavirus business loans. The latest figures, which were compiled by industry body UK Finance but obtained independently by [...]
Asos shares soar as retailer orders £200m equity raise April 7, 2020 Shares in Asos rose by a third today after the fashion retailer announced a bumper share sale in a bid to shore up its finances during the coronavirus crisis. Asos unveiled plans for a placing of up to 18.8 per cent of issued share capital to protect against a “prolonged downturn” caused by the pandemic. [...]
Coronavirus: Derby and Guineas Festival fall foul of virus April 7, 2020 The first four Classics of the horse racing season, including the Epsom Derby, will be postponed due to the Covid-19 pandemic. The Jockey Club, which operates the QIPCO Guineas Festival and the Investec Epsom Derby festival, confirmed the news late on Tuesday afternoon but said they were looking for alternative dates later in the season. [...]
