Coronavirus: Luxury brands braced for a bumpy ride April 7, 2020 It’s hard to erase the memory of red-and-white sale signs in the world’s most prestigious stores on Madison Avenue, New York, at the end of 2008. Stores that rarely offered discounts in their flagships slashed prices to move stock to very few shoppers. The luxury sector is not quite witnessing the same carnage as the [...]
Nationwide further tightens criteria for new mortgages as coronavirus crisis bites April 1, 2020 Building society Nationwide has further tightened its lending criteria, excluding bonus, overtime and commission as income it recognises for new mortgage applications. The move follows its decision yesterday to withdraw its offering for low deposit borrowers. Nationwide yesterday withdrew mortgages above 75 per cent loan-to-value (LTV) from its online and broker channels and restricted them [...]
M&A crashes across the globe as coronavirus freezes economic activity March 31, 2020 Dealmaking has plunged across the world as the calamitous health and economic impact of coronavirus sends M&A into the deep freeze. Data from Refinitiv showed global M&A activity in the first quarter is down 28 per cent on the same quarter last year at $697bn (£560bn). By number of deals, worldwide M&A has fallen 14 [...]
Nationwide pulls sales of mortgages for small deposit holders March 31, 2020 Nationwide is temporarily pulling its mortgage offering for low-deposit borrowers including first-time buyers as Britain’s biggest building society grapples with the impact of coronavirus on the housing market. Nationwide said that from Tuesday it would withdraw all fixed-rate and tracker mortgages above 75% loan-to-value (LTV) from sale for remortgage, first-time buyers, and new house purchases. [...]
How vertical farming can future-proof our food supply chain to withstand crises March 31, 2020 The spread of Covid-19 across the globe has brought to light many new challenges, from insufficiencies in healthcare to the stability of the global economy. Equally as important, but less talked about, is whether our global food supply chain is able to withstand the impact of pandemics — now and in the future. It is [...]
Facebook unveils $100m support package for news industry March 30, 2020 Facebook today said it will invest $100m (£80.6m) to support the news industry as the coronavirus crisis decimates advertising revenue. The social media firm said $25m will be given as emergency grant funding for local news through the Facebook Journalism Project, while $75m will be granted as additional marketing spend for news organisations around the [...]
Coronavirus: What to do if your house is on the market, and how prices might be affected March 27, 2020 The spread of Coronavirus has taken us all by surprise, with the unprecedented UK-wide lockdown posing a whole host of questions about how life’s milestones should be handled. Today, the government published guidance stating that people should avoid conducting viewings and delay moving house, even if the contracts have been exchanged. But what can you [...]
UK coronavirus: Government warns Brits not to move house March 27, 2020 The government has told people not to move house amid the UK coronavirus crisis as the housing market enters a standstill. Last night the government said: “We urge parties involved in home moving to adapt and be flexible to alter their usual processes. “There is no need to pull out of transactions, but we all [...]
Covid-19 creates a perfect storm for debt crises March 24, 2020 The coronavirus epidemic means that the global economy will experience a severe shock this year. In addition to the human and social impact of the epidemic, output is stalling around the world. Quarantine measures, illness, and negative consumer and business sentiment suppress demand. At the same time, the closure of some factories and disruption to [...]
ECB intends to be ‘significant’ buyer in commercial debt market March 24, 2020 The European Central Bank intends to become a major buyer of commercial debt when it enters the market, according to ECB policymaker Francois Villeroy de Galhau. In an interview with French website Wansquare, Villeroy said the central bank plans to enter the market for commercial paper — a type of short-term unsecured debt issued by [...]