WPP pulls dividend, outlook and share buyback as coronavirus hits ad sales March 31, 2020 WPP has cancelled its dividend and share buyback and suspended its guidance for 2020, as the coronavirus pandemic forces a growing number of the advertising giant’s clients to cancel work. The world’s biggest advertising company has launched a cost-cutting drive in response to the outbreak, identifying £800m of savings that can be made for 2020, [...]
British Airways suspends Gatwick flights over coronavirus March 31, 2020 British Airways has temporarily suspended flights from Gatwick Airport over the worldwide coronavirus crisis. BA has already warned it must slash jobs and ground planes to combat coronavirus travel bans, and today took the step of stopping Gatwick flights. “Due to the considerable restrictions and challenging market environment, like many other airlines, we will temporarily [...]
Imperial Brands and British American Tobacco sign deals for new credit March 31, 2020 Imperial Brands and British American Tobacco (BAT) have announced deals for new credit but say the pandemic has had little material effect on business. Imperial Brands announced a €3.5bn (£3.13bn) multi-currency revolving credit facility (RCF). The credit line has an initial three-year term that could be extended bi-annually. BAT separately said it had priced an [...]
Brits spent an extra £1.9bn in stockpiling spree before coronavirus lockdown March 31, 2020 Brits made over 79 million extra trips to supermarkets in the four weeks leading up to the coronavirus lockdown, as people rushed to stock up on groceries ahead of restrictions being introduced, according to industry data. The stockpiling drove a 20.5 per cent jump in supermarket sales up to 21 March, with customers spending an [...]
Domino’s Pizza hires former Costa boss as new chief executive March 31, 2020 Domino’s Pizza Group has appointed former Costa boss, Dominic Paul, as its new chief executive. Paul led the coffee shop chain from 2016 to 2019 ahead of the £3.9bn sale of the business by Whitbread to Coca-Cola last year. Prior to this, he served as senior vice president of international with Royal Caribbean Cruise Line. [...]
CMA clears Paddy Power owner Flutter’s £10bn gambling merger March 31, 2020 A gambling mega-merger between Paddy Power owner Flutter and Sky Bet owner Stars got the green light today from the UK’s competition watchdog. The Competition and Markets Authority (CMA) cleared Flutter’s £10bn purchase of Stars after opening an investigation into the tie-up at the start of February. The CMA found punters would not receive less [...]
AA suspends dividend to brace for possible coronavirus blow March 31, 2020 Repair firm the AA today cancelled its 2019 dividend as it sought to protect itself from the coronavirus outbreak. The company said it has not yet seen any impact from coronavirus, but suspended its final dividend at it outlined multiple future risks. Investors will still receive an interim dividend payment of 0.6p per share. The [...]
World Bank warns on Chinese growth even as factories bounce back March 31, 2020 The coronavirus pandemic will dramatically slow growth in China and Asia and prevent tens of millions from leaving poverty, the World Bank said overnight. The bleak prediction came even as a gauge of output showed signs of life in China’s manufacturing sector in March. China’s economy – the world’s second-largest, is now predicted by the [...]
Coronavirus: Ratings agencies see demand surge as firms try for BoE cash March 31, 2020 Ratings agencies have reported a surge in demand from UK companies as firms try to secure credit ratings that would let them access the Bank of England’s coronavirus bond-buying scheme. However, a significant number of firms expressing interest do not qualify for the money, agencies said. S&P Global Ratings said it has received around 30 [...]
A new leader might give the Labour party a chance March 31, 2020 For anyone holding out for some exciting non-virus news, this week brings a treat: the result of Labour’s leadershipelection. Having suffered a catastrophic drubbing in mid December, the first Saturday in April will see a new leader of the opposition crowned, along with the elected position of deputy leader. Amusingly, the candidates have all been asked to film an [...]
