US jobless claims hit 26m since coronavirus lockdown began April 23, 2020 The number of Americans making jobless claims surged again last week, meaning roughly 26m people made unemployment claims in a five-week period that has seen coronavirus wipe out all of the jobs created since the financial crisis. New jobless claims hit 4.4m last week, the US Labor Department said today. This was a slight fall [...]
UK less than a quarter of the way to 100,000 coronavirus tests target April 23, 2020 The government has reached less than a quarter of target of 100,000 daily coronavirus tests target with just one week to go until the deadline. There were 22,814 Covid-19 tests administered in the 24 hours to 9am yesterday, which is well short of health secretary Matt Hancock’s target of 100,000 tests a day by the [...]
CBILS application process ‘soul destroying’, says director of film industry business April 23, 2020 The process of applying to the lenders administering the coronavirus business interruption loan scheme (CBILS) has been “soul destroying,” the director of a small film industry business has said. Diane Nyiry of Devon-based Cine Power International told City A.M.: “I have been shocked at the way the banks have been behaving, they haven’t been very [...]
Pressure grows from backbench Tory MPs to ease coronavirus lockdown April 23, 2020 Backbench Conservative MPs have begun to speak out about the length of the UK’s coronavirus lockdown, warning that prolonged social distancing measures will have irreparable damage on the economy. Several Tory MPs raised concerns about the prolonged lockdown in a Westminster select committee hearing this morning, with one warning that many businesses are “on the [...]
Green light for £250m Netflix and Amazon film studio complex in Kent April 23, 2020 Developers have been given the green light to build a £250m film complex in Kent to provide much-needed studio space for streaming giants such as Netflix (NFLX) and Amazon (AMZN). Local councillors last night approved plans for Ashford International Film Studios, which will boast 240,000 square feet of production space. Derelict railway works The complex, [...]
Coronavirus loans double to £2.8bn but only half are approved April 23, 2020 Banks have approved less than half of applications for coronavirus loans, as industry figures warn firms risk missing out. Loans for businesses increased £1.45bn in the week from 14 April to 21 April. It brings total lending under the Coronavirus Business Interruption Loan Scheme (CBILS) to £2.8bn, according to UK Finance data. Over 9,000 loans [...]
Blackmore Bond topples into administration owing £45m April 23, 2020 Mini-bond investment firm Blackmore Bond has collapsed into administration. The joint administrators, Geoff Bouchier and Benjamin Wiles of Duff & Phelps, were appointed yesterday. Blackmore was founded in Manchester in 2016. It issued mini-bonds to retail investors with a minimum investment of £5,000. The company used the money to invest in a portfolio of property [...]
Bank of England policymaker: UK economy in worst slump ‘in centuries’ April 23, 2020 The UK economy is experiencing the fastest and deepest contraction in “the past century or possibly several centuries” during the coronavirus lockdown, a Bank of England rate-setter has said. However, Bank monetary policy committee (MPC) member Gertjan Vlieghe, also said that “in principle” the economy “should return approximately to the pre-virus trajectory” if it is [...]
Tullow Oil shares jump as firm sells Uganda assets for $575m April 23, 2020 Tullow Oil has sold its last remaining stakes in its Uganda business to French major Total, the first step in its plan to bolster its fragile finances. The deal will see Total pay the Africa-focused oil firm $575m (£465.2m) for its Ugandan assets, the first move in a portfolio management programme aiming to raise $1bn. [...]
Law firms face ‘bloodbath’ in upcoming coronavirus recession April 23, 2020 Advisers who worked on some of the largest UK law firm collapses predict a “bloodbath” for the legal industry as a result of the coronavirus economic crisis. Andy Hosking of Quantuma, who acted as administrator to King & Wood Mallesons Europe (KWM) and Ince & Co, said: “You are going to see a bloodbath in [...]
