Downturns this deep can take a long time to recover from, financially and mentally April 16, 2020 The stock market has declined by 25% or more on 11 occasions since 1871. The median recovery time from this point has been 1.8 years. Investors who shifted to cash after the 1929 crash faced a 34-year wait to break even, compared with 15 years for those who remained invested and less than 7 years [...]
First of UK ventilators wins approval as private sector ramps up production April 16, 2020 Regulatory approval has been granted for thousands of new ventilators through the government’s private sector call to arms. Penlon’s Prima ES02 model is the first to be green lit by the Medicines and Healthcare products Regulatory Agency (MHRA), as a part of the “Ventilator Challenge”, a month after the rallying cry was issued. The government has [...]
Informa launches share issue and suspends dividend in coronavirus crisis move April 16, 2020 Exhibition and media group Informa today launched a share issue worth 20 per cent of its existing capital and suspended its dividend as it looked to bolster its balance sheet during the coronavirus crisis. The company, which is also applying for the Bank of England’s covid corporate finance facility, said the placing of up to [...]
Storage firm Big Yellow suffers drop in occupancy due to UK coronavirus lockdown April 16, 2020 Storage provider Big Yellow suffered a drop in occupancy after the coronavirus lockdown was announced as customers rushed to collect their belongings. There was a spike in activity after the government imposed coronavirus lockdown measures, with a net overall occupancy loss of 23,000 sq ft in the final two weeks of March, compared to a [...]
Tesla to face shareholder lawsuit Elon Musk’s ‘funding secured’ tweet April 16, 2020 Tesla boss Elon Musk must face a shareholder lawsuit over a tweet in which he stated the company had secured funding for a go-private deal worth $72bn (£58bn), a judge has ruled. Shareholders have filed a suit alleging the billionaire founder attempted to defraud them with a 2018 tweet that read: “Am considering taking Tesla [...]
One in four UK firms temporarily closed due to coronavirus April 16, 2020 A quarter of UK firms have closed or paused trading as coronavirus ravages the economy, new figures have shown. For those businesses still open, on average more than 20 per cent of staff have been furloughed using the government’s job retention scheme, the Office for National Statistics (ONS) said. The figures, which cover the period [...]
IMF: UK must extend Brexit trade deal deadline during coronavirus April 16, 2020 The UK must move to extend its Brexit trade deal deadline while the global economy faces coronavirus uncertainty, according to the head of the International Monetary Fund (IMF). UK chief negotiator David Frost and his EU counterpart Michel Barnier confirmed yesterday that trade talks will re-commence next week, without any extension to the 31 December [...]
Coronavirus: Amazon to close warehouses in France after court order April 16, 2020 Amazon has been forced to close its warehouses in France after it was ordered to only deliver essential goods such as food and medical supplies during the coronavirus crisis. The US retail giant will close its six warehouses in France from today until at least 20 April following the court order. Around 10,000 permanent and [...]
Coronavirus: UK banks expect surge of business loan defaults April 16, 2020 The UK’s banks and building societies expect to see a surge of businesses defaulting on their loans in the coming months, survey data has shown, as coronavirus sends the economy into a deep recession. Small businesses are expected to be the worst hit, with expectations of defaults hitting their highest since the financial crisis for [...]
Easyjet raises £1.9bn but faces £380m coronavirus loss April 16, 2020 Budget airline Easyjet said today that it had has raised £1.8bn-£1.9bn in extra cash to help it survive the shutdown caused by the coronavirus epidemic. But it could face first-half losses of up to £380m due to travel bans associated with the coronavirus lockdown, it warned. The airline said today that it had signed two [...]
