Coronavirus: Norwegian Air passenger numbers fall 60 per cent in March April 6, 2020 Norwegian Air flew 60 per cent fewer passengers year-on-year in March as the low-cost carrier grounded planes in response to widespread travel bans due to coronavirus. Compared to last year, the airline flew only 1.15m passengers, meaning capacity was 40 per cent lower than had been planned. In a statement, the airline said: “The company [...]
Coronavirus: Rolls-Royce shares jump as engine maker shores up finances April 6, 2020 Shares in engine-making giant Rolls-Royce rose over 14 per cent this morning as the firm unveiled a raft of measures to shore up its finances during the coronavirus crisis. The blue-chip firm, which supplies engines to aerospace giants Airbus and Boeing, is paid by airlines according to the number of hours flown using its engines. [...]
HSBC Hong Kong shareholders mull legal action after dividend halted April 6, 2020 HSBC shareholders in Hong Kong are considering legal action and calling for a meeting with the bank’s management after it scrapped its dividend last week. HSBC and the UK’s other leading banks announced last Wednesday that they were cancelling their dividends after pressure from the Bank of England to conserve cash. Some of HSBC’s Hong [...]
Coronavirus: Angling Direct secures new credit facility to cope with outbreak April 6, 2020 Fishing supplies retailer Angling Direct announced this morning it has secured a new credit facility to help it cope with the impact of coronavirus. The company has agreed a £2.5m credit facility with Natwest after it was forced to furlough staff and close all of its stores after the UK entered a coronavirus lockdown. Angling [...]
UK construction sector has worst month since 2009 amid coronavirus lockdown April 6, 2020 UK construction sector output plunged at the fastest rate since the financial crisis in March as coronavirus containment measures shut down sites and caused new orders to slump, survey data has shown. The IHS Markit/Cips construction purchasing managers’ index (PMI) tumbled to 39.3 in March from 52.6 in February. This was the lowest since April [...]
Coronavirus: UK car registrations decline more than during 2008 financial crisis April 6, 2020 The total number of registrations of new cars fell 44.4 per cent in March, a steeper decline than during the financial crisis of 2008-2009, as car showrooms closed in line with the government’s guidance for tackling coronavirus. According to the Society of Motor Manufacturers and Traders (SMMT), 203,370 fewer cars were registered this year than [...]
Arrow Global shares jump despite scrapping dividend April 6, 2020 Debt purchasing group Arrow Global’s shares shot up almost 11 per cent today as it said it is well placed to survive the tumult of the coronavirus outbreak, despite cancelling its dividend. Arrow Global said it will not pay a final dividend of 8.7p for its 2019 financial year in order to shore up cash [...]
Eurozone construction activity falls at fastest rate for more than a decade April 6, 2020 Construction activity in the Eurozone contracted sharply in March as measures to contain the coronavirus outbreak hit activity and demand. The IHS Markit Eurozone construction PMI plunged from 52.5 in February to 33.5 in March, the steepest decline in construction activity since February 2009 during the financial crisis. The downturn in total activity was broad-based [...]
Coronavirus: The Restaurant Group boss to take 40 per cent pay cut April 6, 2020 The boss of Wagamama owner The Restaurant Group will take a 40 per cent pay cut as the casual dining company battles the financial impact of coronavirus. Chief executive officer Andy Hornby, who joined the company in August last year, will also forego his bonus of £98,000. The Restaurant Group finance chief Kirk Davis has [...]
Sage cancels £250m share buyback and scraps guidance April 6, 2020 Software company Sage Group today said it was cancelling a £250m share buyback and withdrawing its financial guidance after coronavirus hit its revenue, The company said it thinks organic recurring revenue growth will be below its guided range of eight-to-nine per cent and decline in other revenues will “accelerate significantly” in the second half, with [...]
