Work will change, but the office is here to stay May 5, 2020 As the coronavirus crisis continues to unfold and much of the population adjusts to remote working, many are heralding the end of the office as we know it and trumpeting working from home as the ‘new normal’. But just how viable is the prospect of an office-free future? History tells us that any vision of [...]
TfL needs a bailout, but nobody should give the Mayor a blank cheque May 5, 2020 As Londoners start to look forward to the end of the lockdown, TfL is in need of a bailout. Otherwise, according to Sadiq Khan, it will run out of cash. On the face of it, there’s nothing remarkable about TfL needing a bailout. Tube ridership is down 94%, buses down 85%. Even if passenger numbers [...]
BNP Paribas warns on coronavirus hit to 2020 profit May 5, 2020 BNP Paribas warned this morning that its full-year earnings will be impacted by the “major repercussions” caused by the coronavirus crisis, as profit plunged in the first quarter of the year. The French banking giant said net income for 2020 could be about 15 per cent to 20 per cent lower than last year. Net [...]
Real Estate: COVID-19 may permanently quarantine inflexible leases May 5, 2020 Real estate leases have long represented a point of disagreement between accountants and financial analysts. This disagreement was the primary reason why the London-headquartered International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) went separate ways in finalising lease accounting standards. Figure 1. Lease Accounting Survey Report (October 2013) For a [...]
Volkswagen warns manufacturing costs set to rise as car demand collapses May 5, 2020 Volkswagen has warned that the car industry is likely to come under even more pressure as parts makers increase the prices of crucial components due to the coronavirus pandemic. Speaking to the Financial Times, Volkswagen’s board member for procurement Stefan Sommer said that some suppliers were raising prices to offset the fact that they are [...]
Coronavirus: NHS contact-tracing app trial launched on Isle of Wight May 5, 2020 A new NHS app designed to track the spread of coronavirus has been launched for some workers today as part of a trial on the Isle of Wight. Healthcare and council staff will be the first to test the contact-tracing app, with the rest of the island’s population able to join the trial from Thursday. [...]
Oil prices rise on storage hopes as Asian stocks recover May 5, 2020 Oil prices extended their gains this morning on hopes fuel demand would begin to pick up as an easing of coronavirus lockdown measures also pushed up Asian stocks. Brent crude rose 4.3 per cent to $28.37 a barrel, while US crude was up 1.38 per cent to $21.77 a barrel as crude supply cuts took [...]
Michael Spencer: Government must find way to ease ‘agonising’ UK lockdown May 5, 2020 Billionaire financier Michael Spencer has urged the government to “be brave” in its approach to easing the UK lockdown, warning the “agonising” effects of the economic shutdown risk causing lasting damage to British businesses. Spencer said that the longer the economy is “left in its paralysed state the greater the damage that accumulates”. He added: [...]
Coronavirus: The hospitality sector needs more support May 5, 2020 The UK hospitality sector contributes £130bn to GDP per annum and is the third largest employer with 3.2 million workers. Although it is one of the UK’s sectors most brutally impacted by the Covid-19 pandemic, the level of support it has received so far from government is unfortunately not in line with its vital contribution [...]
Remote working is causing employees to feel overworked May 5, 2020 Remote working is encouraging a culture of so-called EPresenteeism, according to a new survey, leading employees to feeling overworked and overwhelmed. Four in five HR managers think working from home has encouraged EPresenteeism, meaning employees feel they should be online and available as much as possible. Research commissioned by LinkedIn, in partnership with the Mental [...]
