Hiscox faces legal action over coronavirus business interruption claims April 22, 2020 The Night Time Industries Association, which represents bars and clubs across the UK, has launched legal action against Hiscox, alleging the insurer has refused to pay out for claims during the coronavirus pandemic. The organisation is arranging class action against the insurer, which it said has denied liability under its business interruption policy. All night [...]
Gordon Brothers buys Laura Ashley brand and archives April 22, 2020 Gordon Brothers has bought the Laura Ashley brand out of administration, however the future of its 147 high street stores is still undecided. The clothing and home retailer’s archives and intellectual property were also included in the deal, the US advisory firm announced today. Gordon Brothers said it will partner with the existing management team [...]
Chris Whitty: Social distancing measures likely in place until next year April 22, 2020 There is only an “incredibly small probability” of a coronavirus vaccine being available for public use or a full lifting of social distancing restrictions in the next calendar year, according to the UK’s chief medical officer. Professor Chris Whitty said at today’s Covid-19 press conference that Britons should be prepared for some form of social [...]
UK banks slammed by Tory backbencher for not acting in national interest April 22, 2020 The UK’s banking sector has been criticised for not working in the national interest as some banks move to rapidly raise overdraft interest fees. Tory backbencher Peter Bone slammed the nation’s banks at today’s Prime Minister’s Questions (PMQs) for hiking interest rates on overdrafts while many struggle during the coronavirus crisis. Some banks have increased [...]
Coronavirus: Moss Bros shares dive as bidder looks for exit April 22, 2020 Shares in Moss Bros plunged more than 20 per cent today after the menswear firm said Brigadier Acquisition Company was seeking to pull out of a £22m deal to take it private due to coronavirus. The suit retailer said this morning that it had been informed by Brigadier, which owns Crew Clothing, that it is [...]
Exclusive: Growing divide in Boris Johnson’s Brexit unit over trade deal extension April 22, 2020 There is a growing divide in opinion within the government’s Brexit trade deal negotiating unit over whether to seek an extension to the 31 December deadline during the coronavirus crisis. Civil servants are increasingly frustrated that the government refuses to countenance the idea of an extension, while political appointees are keen to press home the [...]
US crude oil inventories near all-time highs as demand dries up April 22, 2020 US crude oil inventories neared record levels today as producers continued to pump despite a near-total collapse in demand. Crude inventories rose by 15m barrels in the week to April 17 to 518.6m barrels, putting them within striking distance of an all-time record of 535m barrels set in 2017. Rystad Energy analysts had predicted an [...]
A letter from France: Coronabonds are inevitable April 22, 2020 The coronavirus outbreak has led, perhaps understandably, to countries becoming more inward looking in an effort to try to contain the impact on the virus on their economies and societies. But once the fog has lifted and the reconstruction efforts begins, solidarity, rather than nationalism will be the name of the game. While the idea may shock our British cousins, and give them another reason [...]
Monzo applies for US banking licence in bid to tap giant market April 22, 2020 UK challenger bank Monzo has applied for a US banking licence so it can offer a full suite of services in the world’s biggest financial market. The fintech firm, known for its pink “hot coral” cards and sleek app, applied to the US authorities for a licence on Monday in the most important step in [...]
Exclusive: UK tech startup confidence slumps amid Covid-19 crisis April 22, 2020 Confidence levels among tech startups have slumped since the start of the year as the coronavirus crisis takes its toll on the UK’s thriving tech sector. Just 32 per cent of businesses are confident or very confident that their turnover will increase in the year ahead, City A.M. can reveal. This marks a quarterly drop [...]
