Debenhams calls in administrators to avoid legal claims April 6, 2020 Debenhams has filed a notice of intention to appoint administrators in a bid to avoid legal action from creditors amid the coronavirus pandemic. The embattled department store chain said it has hired FRP Advisory as it prepares to enter a “light touch” administration, which will be the second time it has appointed administrators in less [...]
US stocks jump as investors cheer apparent coronavirus slowdown April 6, 2020 US stocks have surged in early trading as investors are encouraged by an apparent slowdown in the spread of coronavirus. The S&P 500 jumped 4.9 per cent while the Dow Jones was up 5.2 per cent. The Nasdaq climbed 4.8 per cent. Stocks were higher in Europe too. The UK’s FTSE 100 was up 2.8 [...]
Coronavirus: The City is doing its part April 6, 2020 Two weeks of staying at home has taken its toll on all of us whether we know it or not. Yes, we may have all got used to living life through the lens of technology, but video conferencing can only partly make up for the activities and day-to-day interactions we all crave and take for [...]
Ed Miliband returns to Labour shadow cabinet under Keir Starmer April 6, 2020 Former Labour leader Ed Miliband has returned to the frontbench as shadow business and energy secretary in Sir Keir Starmer’s new look shadow cabinet. Miliband will join Anneliese Dodds, announced as shadow chancellor yesterday, and new shadow international trade secretary Emily Thornberry in Labour’s key economic and business portfolios. Starmer appears to have purged the [...]
Coronavirus: Easyjet secures £600m in Bank of England funding April 6, 2020 Easyjet has secured £600m in commercial paper from the Bank of England’s (BoE) new Covid Corporate Funding Facility as the low-cost carrier seeks to strengthen its liquidity during the ongoing coronavirus crisis. Shares in the firm rose 13 per cent after the announcement. Airlines have been among the businesses hardest hit by the pandemic, which [...]
JP Morgan mulls historic dividend suspension amid ‘bad’ coronavirus recession April 6, 2020 JP Morgan Chase’s boss Jamie Dimon has said the Wall Street giant could suspend its dividend for the first time in history and that he foresees a “bad recession” for the US economy amid the coronavirus pandemic. Dimon also warned shareholders in his annual letter that the bank’s profit will be down “meaningfully in 2020”. [...]
BT gives staff pay rise as chief executive donates salary April 6, 2020 BT has handed out a share bonus to all staff and pledged not to cut jobs during the coronavirus crisis as the telecoms giant faces a surge in demand for its services. Each of BT’s 100,000 employees will be awarded £500 in shares in June, while thousands of non-managerial staff will be given a 1.5 [...]
Freshfields suspends partner profit distribution and freezes pay April 6, 2020 Magic Circle law firm Freshfields Bruckhaus Deringer has suspended partner profit share for the fourth quarter and frozen pay across the firm to help weather the economic crisis triggered by coronavirus. The firm has also deferred decisions on staff bonuses until later in the year. A Freshfields spokesperson said: “We are focused on supporting our [...]
Easyjet founder warns airline could run out of money by August April 6, 2020 Easyjet’s founder and largest shareholder, Sir Stelios Haji-Ioannou, has warned that unless a £4.5bn order for new Airbus planes is scrapped the carrier will run out of money by August. The Greek businessman is also seeking the removal of Easyjet chief financial officer Andrew Findlay. Haji-Ioannou said sacking Findlay “is the only way of preventing [...]
Pressure builds on social media firms to stamp out ‘crazed’ 5G conspiracy theories April 6, 2020 Social media firms are under fierce pressure to stamp out misinformation about 5G amid fears the spread of conspiracy theories is putting lives at risk. Phone masts have been set alight in locations across the UK due to posts circulating online falsely claiming that there is a link between mobile phone technology and the coronavirus [...]
