China ‘using Covid cover’ to seize control of Imagination Technologies April 14, 2020 A state-owned Chinese investor is exploiting the coronavirus crisis to seize control of Imagination Technologies, the British chipmaker’s former boss has warned. Sir Hossein Yossaie, who served as chief executive until 2016, has written to ministers urging them to block China Reform Holdings from taking control of the company’s board, Sky News reported. Yossaie also [...]
Renault quits China partnership to focus on Nissan alliance April 14, 2020 French car giant Renault has scrapped its joint venture with Chinese firm Dongfeng Motor Group due to weak sales at the loss-making partnership. A general slowdown of sales in the world’s biggest auto market will be compounded by this year’s coronavirus pandemic, which has led to a widespread shuttering of factories and showrooms across the [...]
Barclays halts job cuts while coronavirus crisis ongoing April 14, 2020 Barclays has halted new job cuts while the coronavirus is ongoing the bank said in a memo. Barclays said it is also supporting staff in the process of being made redundant, the memo seen by Reuters said. The lender said it would support staff by paying up to 80 per cent of an employee’s wages [...]
Coronavirus: Oasis and Warehouse on the brink of collapse April 14, 2020 High street retailers Oasis and Warehouse are reportedly on the brink of collapsing into administration, putting more than 2,000 jobs at risk. The fashion chains are set to appoint Deloitte as administrator as soon as this afternoon or tomorrow, Sky News reported, making them the latest casualty of the coronavirus crisis. The Oasis and Warehouse [...]
UK coronavirus deaths jump by 778 to pass 12,000 April 14, 2020 Another 778 Brits have died to take the UK coronavirus death toll to 12,107 as the daily infection count climbed, official data revealed today. Another 5,252 Brits had tested positive for coronavirus by 5pm yesterday, the Department for Health revealed. England counted another 744 coronavirus deaths today to bring the country’s total to 11,005. London [...]
Coronavirus: Global economy to suffer worst year since 1930s April 14, 2020 The global economy will shrink by three per cent in 2020 as coronavirus triggers the worst economic collapse since the Great Depression, the International Monetary Fund (IMF) said today. Although the IMF said growth will rebound in 2021 to 5.8 per cent, it said predictions were uncertain and the size of the recovery will depend [...]
Coronavirus set to cost the world’s airlines up to $314bn April 14, 2020 The coronavirus pandemic will cost global airlines up to $314bn (£249.6bn) in revenues, industry body the International Air Transport Association (IATA) has said. The figure reflects a 55 per cent fall in passenger revenues year-on-year, with air traffic expected to decline by 48 per cent. In March IATA had estimated a hit of $252bn, which [...]
Easyjet founder refers airline to watchdog over Airbus deal April 14, 2020 Easyjet founder Sir Stelios Haji-Ioannou has referred the airline to the Financial Conduct Authority (FCA) for not showing “the highest standards of disclosure and transparency” in its decision to defer the order of 24 new aircraft from Airbus. Haji-Ioannou has been locked in a spat with the budget carrier’s executives over a deal for 107 [...]
JP Morgan’s profit dives on coronavirus credit provisions April 14, 2020 JP Morgan said today that its profit for the first quarter was 68 per cent down on a year previously after it set aside $6.8bn (£5.4bn) in coronavirus-related credit provisions. The bank reported net earnings of $2.9bn, down from $9.2bn for the same period last year. JP Morgan said reported revenue for the quarter was [...]
Can inclusion efforts help business resiliency during the COVID-19 crisis? April 14, 2020 When business continuity plans kick in, as they have for the COVID-19 crisis, what happens to diversity and inclusion efforts at investment organisations? Do they fall away as ‘nice-to-haves’ or are they seen as contributing to a cultural edge of resiliency? Evidence from a meeting as the unprecedented global lockdown took hold – by conference-call, of [...]
