Oil prices stage comeback to push up stock markets April 29, 2020 Oil prices staged a small comeback this morning, boosting stock markets, as data from the US suggested crude inventories were not filling as fast as had been previously feared. After several weeks of rapid price swings, Brent crude gained three per cent this morning, recovering to $21. The gains boosted global stock markets, with the [...]
WPP revenue slumps as clients slash marketing budgets during Covid-19 crisis April 29, 2020 WPP today posted a sharp drop in revenue in March as clients across the globe slashed marketing budgets due to the coronavirus crisis. The advertising giant reported a 7.9 per cent fall in like-for-like revenue last month, while revenue slipped 3.3 per cent in the first quarter as a whole. The Covid-19 crisis has taken [...]
British Airways owner IAG sees shares plummet after job cuts announcement April 29, 2020 Shares in British Airways owner IAG plunged this morning after it yesterday announced that it could cut up to 12,000 jobs at the UK flag carrier. As markets opened, shares in the airlines group dropped nearly seven per cent, in another blow to the firm’s already decimated market cap. The firm said that the unprecedented [...]
Next warns sales could drop 40 per cent this year after steeper decline than expected April 29, 2020 High street retailer Next warned this morning that full-year sales could dive as much as 40 per cent after the impact of coronavirus on trading was “faster and steeper” than expected. Next’s share price dropped as much as four per cent after the retailer said total full price sales including interest income were down 38 [...]
Dixons Carphone scraps dividend but reports strong online trading during coronavirus lockdown April 29, 2020 Dixons Carphone will not pay a dividend to shareholders this year due to the coronavirus crisis, the company said this morning as it reported strong online trading during the lockdown. The retailer said its closed stores in the UK, Ireland and Greece would have been expected to contribute an extra £400m this year. However, online [...]
Astrazeneca retains guidance after strong first quarter performance April 29, 2020 Pharmaceuticals giant Astrazeneca reported strong revenue and profit growth for the first quarter of 2019 amid the coronavirus disruption. The Anglo-Swedish company beat analyst expectations and maintained its sales and earning guidance for the whole year. Shares in the firm rose over one per cent as markets opened. The figures Revenue increased 16 per cent [...]
Martin Gilbert: Coronavirus ‘multiple times worse’ than Black Monday for City April 29, 2020 Veteran asset manager Martin Gilbert has warned the economic fallout from the coronavirus pandemic will be “the most dramatic we’ve seen since the 1930s” as he warned of “a long, slow recovery” for certain sectors of the economy. Speaking to The City View podcast today, Gilbert said that though Black Monday in 1987 was a [...]
VCs shun new startups as coronavirus slowdown hits investors April 29, 2020 Venture capitalists are prioritising their portfolio companies over new startups as they anticipate a slowdown in investment during the coronavirus pandemic. According to new research by Plexal and Beauhurst, investment since lockdown began grew 34 per cent to reach £663m. However, the drop in the number of deals, down 39 per cent, indicates investor confidence [...]
The City View podcast, from City A.M., with Martin Gilbert April 28, 2020 In this episode Christian talks to City veteran Martin Gilbert on the eve of his departure from Standard Life Aberdeen, the £550bn investment management giant. Subscribe to The City View Podcast: Apple / Google / Spotify / RSS Martin founded Aberdeen Asset Management in 1983 and became co-CEO of SLA after a 2017 merger with Standard [...]
