BP profit tumbles by two-thirds as oil demand dries up April 28, 2020 BP’s underlying profit fell by two-thirds in the first quarter as the coronavirus crisis destroyed global demand for oil. The oil giant’s underlying cost replacement profit, its preferred reporting metric, dropped from $2.4bn (£1.9bn) to $0.8bn year-on-year. Shares in BP fell a little over one per cent this morning. The figures For the quarter, the [...]
Lenders grant 1.6m mortgage payment holidays to homeowners April 28, 2020 Lenders have granted 1.6m mortgage payment holidays to homeowners facing financial difficulties due to the coronavirus outbreak. Chancellor Rishi Sunak announced in March that households with mortgages would be entitled to three-month payment holidays. Over a third of payment holidays approved so far were done in the first week of the UK’s lockdown. One in [...]
Guinness owner Diageo to raise $2.5bn through bond offering April 28, 2020 Guinness owner Diageo plans to raise $2.5bn through a bond offering, weeks after it was forced to scrap its share buyback scheme due to the coronavirus pandemic. The drinks giant, which also owns Smirnoff vodka and Johnnie Walker whisky, said the bond offering consisted of $750m 1.375 per cent fixed rate notes due 2025, $1bn [...]
Ministers in talks with business leaders over return to work strategy April 28, 2020 Ministers have held talks with business groups and trade unions over plans to kickstart the economy once the coronavirus lockdown has been lifted. Business secretary Alok Sharma has chaired a string of meetings with top industry figures in recent days amid concerns many employees will be reluctant to return to work due to health fears. [...]
There is hope amidst the despair in hospitality if pragmatism wins out April 28, 2020 One is forgiven for being a little bleak about the prospects of the hospitality industry at the moment. There is a general view amongst restaurant operators that the rest of 2020 will essentially be a write off in terms of trading. Reopening of food and beverage (F&B) businesses this year will be slow, gradual and [...]
Coronavirus: Do governments have any economic bullets left? April 28, 2020 From Beijing to London to New York, the trajectory of confirmed COVID-19 cases and its subsequent impact on economic growth has set off alarm bells across the world. China, which has contributed tremendously to global growth over recent decades, has seen its economy contract for the first time in more than 40 years, while Europe [...]
Small businesses are the heart of the nation – and they need real support April 28, 2020 Dialogue is key during a crisis; it helps us to make the right decision by understanding the problems and challenges we face. That’s why I have been speaking to our customers every day, businesses like Danish Camp, a riverside visitor centre based in Bedford and Wheely Tots a local charity in North London. These conversations [...]
Marks & Spencer scraps 2021 dividend and warns of prolonged coronavirus disruption April 28, 2020 Marks & Spencer (M&S) has cancelled next year’s dividend in order to save £210m as the retailer warned of prolonged disruption to trading. The high street giant said it was preparing a “never the same again” programme to make permanent changes to ways of working, which will be unveiled when the company publishes its full-year [...]
With the Lockdown continuing globally, online technology is saving the day April 28, 2020 Price Watch The crypto market has had a yet another positive week and at the time of writing, Bitcoin (BTC) was trading at US$7,725.05 / GB£6,230.63; Ethereum (ETH) is at US$196.19 / GB£158.10; Ripple (XRP) is at US$0.1977 / GB£0.1589; Binance (BNB) is at US$16.37 / GB£13.16 and Cardano (ADA) is significantly up by circa [...]
Economies in free fall as hopes fade for a V-shaped recovery April 28, 2020 Amongst the arguments about a lack of protective clothing for health workers and whether governments were too slow to react to the spread of Covid-19, the latest figures show that the pandemic is gradually coming under control. The rate of growth in new infections and fatalities around the world is slowing and the curves are [...]
