Societe Generale plunges to first quarter loss on bad loan provisions April 30, 2020 Societe Generale posted a first-quarter loss today, blaming provisions for bad loans which jumped threefold as a response to the coronavirus crisis. The French banking giant said it lost €326m (£283m) during the quarter, compared to a €686m profit last year. Revenue fell 16.5 per cent to €5.17bn and underlying net income fell 90.8 per [...]
Coronavirus: UK drawing up plans to safely re-open businesses April 30, 2020 The government is set to provide workplace-by-workplace guidance on how businesses will be able to re-open as the UK eases its coronavirus restrictions. Business secretary Alok Sharma will issue a series of instructions for how different sectors will be able to go to work, and how sectors such as hospitality, manufacturing, construction and retail can [...]
Three lessons law firms can learn from rivals’ collapses amid coronavirus April 30, 2020 Law firm collapses are a lot like bank runs. Confidence in the institution crumbles, causing partners to rush for the exits – taking their capital and clients with them. Partner departures reduce the firm’s revenue, profit and capital, leading to further partner exits in a destructive feedback loop. Once firms enter this death spiral it [...]
Coronavirus: The crisis could reshape investment strategies for the better April 30, 2020 We are living through a period of modern history that very few could have imagined. Three billion people worldwide are in lockdown, the value of global commerce is being called into question as protectionism is on the rise, and financial markets are unsure what assets are worth. The world as we knew it has been [...]
Infrastructure giant John Laing appoints ex-3i exec as new boss April 30, 2020 Infrastructure development and investment firm John Laing has appointed a former 3i executive as its new boss. Ben Loomes will join the listed firm on 8 May, replacing Oliver Brousse who is leaving after six years at the helm to take a new role at French firm Veolia. Brousse oversaw the company’s initial public offering [...]
Oil prices continue gains on signs demand starting to pick up April 30, 2020 Oil prices continued to pick up gains this morning due to the combination of signs that crude stocks are not growing as quickly as expected and that demand is slowly starting to pick up. After impressive gains yesterday, US standard West Texas Intermediate increased another 15 per cent to $17.22, buoyed by a smaller than [...]
Coronavirus: Remote working isn’t working April 30, 2020 We’ve just witnessed the single biggest change in working practices in the history of modern business. It happened overnight. Millions shifted from working in soulless city centre offices to earning their crust from a desk in their bedroom, kitchen or garage. There has been a lot of self-congratulation. Many have been amazed that they have [...]
Estate agent Countrywide warns on impact of housing market slowdown April 30, 2020 Property giant Countrywide this morning said its sales pipeline had remained “resilient” during the lockdown period so far but warned it expects a “material slowdown” in transactions. The company, which owns the Bairstow Eves and Hamptons International estate agent brands, agreed sales pipeline throughout said the agreed sales pipeline during the coronavirus lockdown stood at [...]
Google removes 2.7bn bad ads as it launches Covid-19 taskforce April 30, 2020 Google removed roughly 2.7bn so-called bad ads last year as the tech giant ramps up its efforts to block misleading and malicious campaigns actors on its platform. The search engine’s crackdown, which equates to 5,000 ads per minute, is an increase on the 2.3bn adverts removed in 2018. In addition, Google suspended nearly 1m advertiser [...]
Marketing: How to navigate the choppy waters of Covid-19 April 30, 2020 The last month has been tragic and bizarre in equal measure. The world is currently having to adjust to the COVID-19 pandemic and its heart-breaking effects. And for most people, this will be unlike anything they’ve ever experienced. In the business world, there seems to be a distinct spotlight on companies right now – closely [...]
