Admiral chief executive and co-founder to retire as it announces record profit March 5, 2020 Insurer Admiral said today that its chief executive and co-founder David Stevens would retire from the business in the next year. The company has appointed UK and European insurance head Milena Mondini de Focatiis as his successor. Admiral also today announced record profit before tax of £526.1m for 2019. Earnings per share rose eight per [...]
Flybe collapse: Travel sector reacts as regional airline goes bankrupt March 5, 2020 Beleaguered Flybe collapsed into administration in the early hours of this morning, as its long-running bid for survival finally ran out of fuel. In a statement, the regional airline said: “All flights operated by Flybe have been cancelled with immediate effect”. The firm added that a slump in demand caused by the coronavirus outbreak had [...]
Saga warns travel business hit by coronavirus-related cancellations and fall in bookings March 5, 2020 Over 50s travel and insurance business Saga warned today that coronavirus-inspired cancellations and low demand in its travel arm could hit its full year earnings. The cruise ship-operator said it had seen a “higher level of cancellations for departures in the near-term and more generally a lower level of bookings for departures further out”. It [...]
IMF provides $50bn for countries hit by coronavirus outbreak March 5, 2020 The International Monetary Fund has announced $50bn (£39bn) of emergency funding for countries hit by the coronavirus epidemic. The IMF warned last night that the Covid-19 outbreak, which has reached 70 of the organisation’s 189 member countries, has already pushed global growth for 2020 below last year’s level. “Global growth in 2020 will dip below [...]
John Lewis cuts bonus and puts stores at risk of closure March 5, 2020 New John Lewis Partnership boss Sharon White this morning slashed workers’ bonuses and announced store closures as the struggling retailer posted a dive in profits for 2019. The figures John Lewis cut its bonus to two per cent today, down from three per cent last year, the lowest pay out to partners in 67 years. [...]
Domino’s targets London expansion March 5, 2020 Pizza takeaway chain Domino’s this morning reported a drop in profit for 2019 as it revealed a strategy to target further growth in London. The figures UK and Ireland sales increased 4.8 per cent to £1.21bn in the 52 weeks ended 29 December. However like-for-like sales growth slipped to 3.7 per cent from 4.6 per [...]
Let’s celebrate female business success March 5, 2020 I was lucky to grow up around strong women who ran their own businesses. My grandma ran a haberdashery business and my mum still runs a catering firm. Entrepreneurialism surrounded me, and I got to see how rewarding it can be — not just for the people who set up businesses, but for their families, [...]
Aviva shares rise on record profit but insurer takes £500,000 coronavirus hit March 5, 2020 Insurance giant Aviva this morning reported a jump in profit but said it had taken a £500,000 hit from coronavirus claims. Shares rose 3.42 per cent as the company announced record profit, but it also warned that the outbreak of coronavirus had exacerbated the “significant uncertainty” at the beginning of the year. So far Aviva has [...]
The Democrats appear to learn the right lesson March 5, 2020 Last Friday evening, Bernie Sanders addressed an energetic, excitable crowd of nearly 5,000 in the Massachusetts city of Springfield, drumming up support ahead of the Super Tuesday round of Democrat primaries. Even more impressively, he then persuaded more than 13,000 supporters to turn out in freezing conditions to an outdoor rally in Boston Common last [...]
New Bank governor seems open to battle of ideas March 5, 2020 Andrew Bailey will take the governor’s seat at the Bank of England later this month amid a global health emergency that threatens to undermine the world economy and shape the Bank’s course of action for many months to come. So pressing is the issue that Bailey has effectively started work early, telling the Treasury Select [...]
