European Commission proposes 30-day travel ban on people entering EU March 16, 2020 European Commission chief Ursula von der Leyen has proposed a 30-day ban on incoming foreign travel to the European Union as leaders battle to limit the spread of the coronavirous outbreak. Von der Leyen said: “The less travel, the more we can contain the virus. Therefore, I propose to the heads of state and government [...]
Coronavirus: Law and accountancy firms move to remote working in face of covid-19 pandemic March 16, 2020 A string of big legal and accountancy firms have triggered emergency remote working plans this week, sending thousands of workers home as the coronavirus crisis rages. Big Four audit firm Deloitte is asking all its UK staff to work from home tomorrow, while KPMG is allowing staff to work from home if they choose. Magic [...]
Lockheed Martin boss Hewson to step down March 16, 2020 The boss of Lockheed Martin, the world’s largest defence contractor, will leave the company Marillyn Hewson, who has led the company since 2013, announced the decision on LinkedIn. Lockheed Martin shares are down six per cent today to $303 Lockheed Martin manufacturers a full range of equipment for the US military and its allies, including [...]
Sadiq Khan to attend coronavirus Cobra meeting March 16, 2020 Sadiq Khan will attend today’s coronavirus Cobra meeting at Downing Street, after being shut out of earlier talks. City Hall confirmed today that Khan will be at the meeting, which will see Boris Johnson and the UK’s health chiefs discuss stricter measures to combat the spread of Covid-19. The first ministers of Scotland, Wales and [...]
EU watchdog tightens short-selling rules as coronavirus sell off worsens March 16, 2020 Hedge funds and other investors will have to give regulators more information about the stocks they are betting against, the European Union’s market watchdog has announced, warning that the stock market rout triggered by coronavirus could last weeks. The European Securities and Markets Authority (ESMA) lowered the threshold for reporting short-selling — essentially a bet [...]
Travelex owner Finablr in danger of collapse as shares suspended March 16, 2020 Payments company Finablr has warned it is in danger of collapsing as trading in its shares was frozen by the Financial Conduct Authority (FCA). In a dramatic update to the stock exchange this morning, the Travelex owner said it had found around $100m (£81m) of undisclosed financing, which meant it no longer had any certainty [...]
Investment companies increase dividends in falling markets March 16, 2020 Global markets have been spooked by the coronavirus outbreak in recent weeks, but 21 investment companies have increased their dividends for more than two decades. The Association of Investment Companies (AIC) has today published a list of its 21 “dividend heroes” which have consistently increased their dividends for 20 or more years. City of London [...]
Coronavirus: Audit regulator says financial results could be delayed as it holds weekly calls with big accountancy firms March 16, 2020 The audit watchdog the Financial Reporting Council (FRC) said today it was holding weekly calls with large accountancy firms amid worries the coronavirus epidemic could disrupt audits and delay financial reports. The FRC issued updated guidance for auditors today which it said may be “facing practical difficulties in carrying out audits as a result of [...]
Monzo, Revolut and Starling Bank gear up for coronavirus lockdown March 16, 2020 Preparations at the UK’s top three digital banks for an eventual shutdown due to the spread of coronavirus are well underway, as most staff work from home and remote rehearsals take place. Most staff at both Monzo and Revolut’s offices around the world are now working from home, while at Starling Bank it is an [...]
Revolut finance chief steps down after five months March 16, 2020 David MacLean is stepping down as chief financial officer of Revolut after just five months in the role. City A.M. understands that MacLean is leaving the company, which recently tied with Klarna as Europe’s most valuable fintech startup, for personal reasons. Revolut has appointed an interim chief financial officer, but has not yet appointed MacLean’s [...]
