Norwegian Air offered 3bn krone rescue package from officials March 19, 2020 Norway’s government has ridden to the rescue of beleaguered Norwegian Air with the offer of a credit guarantee of 3bn krone. Shares in the low-cost carrier soared on the news, jumping 18 per cent over the course of the day. City A.M understands that the 3bn package is part of a 6bn krone package Norwegian [...]
Meggitt to help make ventilators but won’t give earnings guidance this year March 19, 2020 Meggitt has heeded the government’s call to help make ventilator by leading a consortium of firms in the sector in this effort. But the defence and engineering firm announced it could not give earnings guidance for the rest of the year, due to coronavirus uncertainty. Meggitt is one of Britain’s biggest companies with expertise in [...]
Uber shares surge by almost 40 per cent after torrid week March 19, 2020 Uber’s stock price has surged by nearly 40 per cent today, after its chief executive said the company would have billions in cash at the end of the year even in the worst case scenarios. Dara Khosrowshahi told analysts today that the ride-sharing app would have $4bn in cash at the end of 2020, and [...]
Banks hope to keep trading floors open if London faces stricter coronavirus lockdown March 19, 2020 Global banks are hoping to keep their London trading floors open amid the worsening coronavirus pandemic and are confident that traders would be designated “key workers” if the capital is placed on formal lockdown. Five major banks told City A.M. they were planning to continue operations with their traders split between core sites in the [...]
Coronavirus: Netflix downgrades streaming quality after EU plea March 19, 2020 Netflix has said it will downgrade video streaming qualities on its platform in a bid to save network space. The US streaming giant said it will cut bitrates in Europe for 30 days, which is expected to reduce traffic by 25 per cent. It comes after the EU asked Netflix to restrict high definition (HD) [...]
Ollie Phillips: Re-writing history by helping England Sevens win in New Zealand is my career highlight March 19, 2020 A year beforehand I would never have thought that 2009 would contain the highlight of my rugby playing career. I wasn’t involved with the England Sevens team for the majority of the 2007-08 season, but Ben Ryan brought me back into the fold for the final two tournaments of the season. I had brought some [...]
Hurricane Energy and Capital Drilling boost profit despite coronavirus chaos March 19, 2020 Energy firms have shown some signs of riding out the coronavirus epidemic today as Hurricane Energy swung back into profit. Hurricane Energy, whose operations focus on oil drilling off the Shetland Isles, posted revenue of $170.3m (£147m) for 2019. It recorded profit after tax of $58.7m compared to a 2018 loss after tax of $60.9m. [...]
Coronavirus: Italy death toll surpasses China despite lockdown March 19, 2020 More people have now died of coronavirus in Italy than in China, where the disease was first recorded, after the death toll in the country rose by 427 in the last 24 hours. According to the latest figures, 3,405 people have now died from the disease in Italy, ahead of 3,245 in China. The increase [...]
British startups slam competition watchdog over ‘power grab’ March 19, 2020 British startups have accused the competition watchdog of mounting an “old-fashioned power grab” after it called for beefed up powers to crack down on tech firms. In its annual report published today, the Competition and Markets Authority (CMA) said there was evidence of “growing market concentration and rising profit margins” in several sectors of the [...]
Coronavirus: PM urges Brits to be ‘reasonable’ and responsible as he says ‘tide will turn’ in 12 weeks March 19, 2020 Brits have been urged to be reasonable and responsible as the government continues to grapple with the coronavirus outbreak as it begins to peak. Prime Minister Boris Johnson said he believed covid-19 could be under control by the summer – but only if people follow the social distancing measures already set out. If not, he [...]
