Coronavirus: Half of major UK retailers ‘could run out of cash’ as sales dive April 9, 2020 More than half of the UK’s major non-food retailers will run out of cash if the government’s coronavirus lockdown continues into the summer, as research found that sales have plunged 70 per cent. A new report by restructuring firm Alvarez & Marsal (A&M) and Retail Economics found that the UK’s biggest retailers will deplete their [...]
US jobless claims hit 6.6m as coronavirus slams economy April 9, 2020 US jobless claims hit 6.6m last week as a result of the coronavirus pandemic which has wreaked economic chaos. The data from the Department of Labor showed 6.6m Americans claimed unemployment benefits for the first time last week. Last week the Department of Labor said 6.6m had claimed for unemployment benefits for the first time, [...]
Coronavirus: US Federal Reserve pledges another $2.3 trillion in loans April 9, 2020 The US Federal Reserve has promised an extra $2.3 trillion (£1.84 trillion) of loans to shore up the US economy as American unemployment surged for the third week in a row amid the coronavirus crisis. Fed chairman Jay Powell said the money would be made available for employers and households to help them through the [...]
Debenhams to permanently close Irish stores after appointing administrators April 9, 2020 Department store chain Debenhams has fallen into administration and announced that it will permanently close its stores in Ireland. Debenhams has appointed FRP Advisory as administrators in the UK in a move that it said will protect the high street chain from legal action. The retailer said it could have faced liquidation while its 142 [...]
Just Eat Takeaway orders soar 50 per cent amid coronavirus lockdown April 9, 2020 Just Eat Takeaway orders soared 50 per cent in the first quarter of the year as more people opted for food deliveries after governments imposed restrictions on movement due to the coronavirus crisis. Just Eat Takeaway also said it suffered “severe” denial of service attacks in the week beginning 16 March which affected hundreds of [...]
Coronavirus: The crisis could be the turning point for LawTech April 9, 2020 When we look back on the current coronavirus pandemic, we will see it as a major turning point in history. The scale of this crisis will dramatically reshape society and the entire global economy forever, for better and for worse. Our main focus should be on ensuring that the better outweighs the worse, for moments [...]
Coronavirus: Airbus to cut jet production by a third April 9, 2020 Airbus has announced its largest ever production adjustment in response to the coronavirus pandemic, cutting output of its best-selling A320 narrow-body family by a third to 40 aircraft a month. The global shutdown in flights due to the coronavirus has forced many airlines to postpone or cancel orders of new planes. The French-German aerospace giant [...]
Coronavirus: Redrow secures £300m facility through BoE’s emergency scheme April 9, 2020 Housebuilder Redrow has secured a £300m lending facility under the Bank of England’s emergency coronavirus financing scheme. The developer, which has furloughed 80 per cent of its staff using the job retention scheme, is also in talks to extend its existing revolving credit facility by £100m to £350m. Redrow said this morning that it expects [...]
Oil prices: Markets hold their breath ahead of Opec+ meeting April 9, 2020 This afternoon’s crunch meeting between oil cartel Opec and Russia could send shockwaves through global energy markets and send oil prices spiking or crashing. For weeks oil prices have been in freefall due to a production war between de facto Opec leader Saudi Arabia and Russia. The pair are stuck in a dispute over production [...]
Coronavirus: FTSE 100 and European stocks trim gains April 9, 2020 The FTSE 100 trimmed gains along with the major European stocks after jumping on today’s open, but traders still hope the coronavirus pandemic is peaking. Traders pushed London’s blue-chip index back into the green as it opened 1.9 per cent higher to 5,781 points. The FTSE 100’s 100-point jump came after a 0.5 per cent [...]
