Google to cut marketing budgets by up to half and freeze hiring April 24, 2020 Google is said to be slashing its marketing budgets by as much as half as the tech giant begins to feel the impact of the coronavirus crisis. In internal emails seen by CNBC, Google told marketing employees the budgets would be cut in the second half of the year, while new hiring would be frozen [...]
Hopes dashed as Gilead’s coronavirus drug remdesivir fails in first trial April 24, 2020 A coronavirus drug that had lifted the hopes of governments and investors has failed in its first trial, casting gloom over markets and raising the prospect that a treatment could be a long way off. Remdesivir, an experimental antiviral drug from US pharmaceutical firm Gilead, did not improve coronavirus patients’ condition or reduce the virus’ [...]
FCA confirms three-month freeze for car finance payments April 24, 2020 The Financial Conduct Authority (FCA) has confirmed a three-month payment freeze for car finance payments, ruling out repossessions of vehicles during the coronavirus pandemic. Firms will freeze payments for customers facing difficulties meeting finance or leasing payments due to coronavirus. The financial watchdog said firms should also not take steps to end the agreement or [...]
Pearson holds dividend as school closures hit revenue April 24, 2020 Education publisher Pearson today said it will pay out a dividend for 2019 even as the closure of schools and test centres pushed down revenue in the first quarter. The FTSE 100-listed firm reported a five per cent decline in year-on-year revenue in the first three months of the year, which it said was a [...]
Oil prices rally loses steam after week of massive losses April 24, 2020 Global oil prices eased their rally this morning but remained on track for a huge weekly loss after unprecedented levels of volatility left producers and traders alike bruised. Worldwide standard Brent crude rose 1.9 per cent this morning to stand at $21.73, while US benchmark West Texas Intermediate (WTI) gained nearly two per cent to [...]
UK retail sales ‘obliterated’ in record fall over coronavirus April 24, 2020 UK retail sales plunged by their biggest fall on record in March, official data showed today as retailers counted the cost of the coronavirus lockdown. While food sales surged, overall UK retail sales plummeted 5.1 per cent last month compared to February, according to the Office for National Statistics (ONS). That was much bigger than [...]
Gatwick Airport says passenger numbers will take up to four years to recover April 24, 2020 Gatwick Airport said today that it would take three to four years for passenger numbers to recover to pre-coronavirus levels. Before the coronavirus decimated global air traffic, the UK’s second-busiest airport had seen passenger numbers rise to 37m in the nine months ending in December 2019. Subsequently, Gatwick has been forced to take dramatic steps [...]
IG revenues grow amid sustained period of market volatility April 24, 2020 IG has reported “exceptionally high” revenues reflecting increased levels of client trading amid a sustained period of market volatility. High levels of volatility have persisted through March and into April. As such, revenue in the first 36 trading days of the fourth quarter is estimated to be around £173m. This compares to £139.8m in the [...]
Persimmon will start reopening construction sites next week April 24, 2020 Persimmon has announced a phased restart to work on its construction sites from next week, as the housebuilding sector starts to return to work. The housebuilder said it will start to open up sites from 27 April “in response to the UK government’s objective of getting the construction sector back to work.” Following the announcement [...]
