Oil prices continue fall amid fears production cuts won’t go far enough April 6, 2020 Oil prices have continued to fall this afternoon amid fears that proposed cuts to production will not go far enough to stabilise prices, which have been in freefall due to the coronavirus pandemic. Benchmark Brent crude fell over five per cent to stand at $32.3, while West Texas Intermediate shed seven per cent to hit [...]
Coronavirus and the economy: your questions answered April 6, 2020 Chief Economist & Strategist Keith Wade chatted to us about coronavirus and its economic impact. Here are your nine questions answered. Q1: How do you think that the virus will affect the global economy? It is going to have a very significant impact. The virus could create a fall in GDP unlike anything that we [...]
Ocean Outdoor launches £10m media fund for virus-hit firms April 6, 2020 Advertising group Ocean Outdoor has launched a £10m fund offering free ad space to the retailers and small businesses hardest hit by the coronavirus crisis. The fund will give businesses and brands access to advertising space on the company’s network of screens in 12 UK cities. Ocean’s out-of-home sites in London include Piccadilly Lights and [...]
Facebook classified ads under scrutiny amid EU competition probe April 6, 2020 EU regulators have turned their attention to Facebook’s classified advertising business as part of an ongoing competition probe into the tech giant. The next stage of the antitrust investigation will examine whether the social media platform is distorting the classified ads market by promoting its free Marketplace service to users. Regulators have sent a 14-page [...]
Debenhams calls in administrators to avoid legal claims April 6, 2020 Debenhams has filed a notice of intention to appoint administrators in a bid to avoid legal action from creditors amid the coronavirus pandemic. The embattled department store chain said it has hired FRP Advisory as it prepares to enter a “light touch” administration, which will be the second time it has appointed administrators in less [...]
US stocks jump as investors cheer apparent coronavirus slowdown April 6, 2020 US stocks have surged in early trading as investors are encouraged by an apparent slowdown in the spread of coronavirus. The S&P 500 jumped 4.9 per cent while the Dow Jones was up 5.2 per cent. The Nasdaq climbed 4.8 per cent. Stocks were higher in Europe too. The UK’s FTSE 100 was up 2.8 [...]
Coronavirus: The City is doing its part April 6, 2020 Two weeks of staying at home has taken its toll on all of us whether we know it or not. Yes, we may have all got used to living life through the lens of technology, but video conferencing can only partly make up for the activities and day-to-day interactions we all crave and take for [...]
Ed Miliband returns to Labour shadow cabinet under Keir Starmer April 6, 2020 Former Labour leader Ed Miliband has returned to the frontbench as shadow business and energy secretary in Sir Keir Starmer’s new look shadow cabinet. Miliband will join Anneliese Dodds, announced as shadow chancellor yesterday, and new shadow international trade secretary Emily Thornberry in Labour’s key economic and business portfolios. Starmer appears to have purged the [...]
Coronavirus: Easyjet secures £600m in Bank of England funding April 6, 2020 Easyjet has secured £600m in commercial paper from the Bank of England’s (BoE) new Covid Corporate Funding Facility as the low-cost carrier seeks to strengthen its liquidity during the ongoing coronavirus crisis. Shares in the firm rose 13 per cent after the announcement. Airlines have been among the businesses hardest hit by the pandemic, which [...]
JP Morgan mulls historic dividend suspension amid ‘bad’ coronavirus recession April 6, 2020 JP Morgan Chase’s boss Jamie Dimon has said the Wall Street giant could suspend its dividend for the first time in history and that he foresees a “bad recession” for the US economy amid the coronavirus pandemic. Dimon also warned shareholders in his annual letter that the bank’s profit will be down “meaningfully in 2020”. [...]
