Market shock: how did investors react to the impact of Covid-19? August 17, 2020 Coronavirus brought a decade-long US bull market to an end and sparked a sudden stock market collapse. A surprising proportion of investors responded by taking on more risk. Faced by of one of the biggest economic shocks in history it is little surprise that the vast majority of investors reacted by changing their portfolios. What [...]
Tata Motors denies it plans to sell its stake in Jaguar Land Rover August 17, 2020 Tata Motors has denied reports it plans to sell its stake in Jaguar Land Rover after talks with the government to secure a rescue package broke down. Talks with the carmaker and Tata Steel, which are both owned by the Indian conglomerate Tata Group, broke down after the Treasury concluded the group did not qualify [...]
Bank of England paper says banker bonus cap can reduce excessive risk-taking August 14, 2020 The European Union’s cap on banker bonuses introduced after the financial crisis a decade ago can help to curb excessive risk-taking, a Bank of England study showed today. Britain had unsuccessfully opposed the cap, but bankers in London have been nurturing hopes that it could be discarded now that the country has left the EU [...]
Easyjet shares sink on France quarantine despite £203m aircraft sale August 14, 2020 Shares in low cost carrier Easyjet fell 5.5 per cent this morning as the government announced travellers from France would have to quarantine on return to the UK. The news came as the airline siad that it had completed the sale and leaseback of 23 aircraft, raising an extra £608m to bolster its liquidity amid [...]
British life insurers paid £90m in coronavirus death claims by the end of May August 13, 2020 British life insurers paid £90m in claims for coronavirus deaths in the three months to the end of May, the Association of British Insurers (ABI) said today. Insurers received 7,000 life insurance claims from families of people who died from covid-19 and 83 per cent have been paid so far, the ABI said. Every life [...]
National Express falls to £30m loss as coronavirus decimates demand August 13, 2020 Coach operator National Express swung to a £30m loss in the first half of 2020 after the coronavirus pandemic sent passenger demand plummeting 80 per cent. Despite the drop in passenger numbers, the bus firm said it still managed to secure 50 per cent of revenue in the period, recording cash flow of £270m over [...]
City calls for deeper tax relief as UK sinks into recession August 12, 2020 Business groups have called on the government to take “bold action” after the UK economy plunged into recession last quarter as GDP contracted by 20.4 per cent between April and June, the biggest single quarter decline on record. With vast swathes of the economy closed due to the coronavirus lockdowns, activity flatlined in April, before [...]
Rishi Sunak says ‘hard times are here’ as UK plunges into worst recession on record August 12, 2020 Chancellor of the Exchequer Rishi Sunak today warned that “hard times are here” after the UK’s GDP contracted by 20.4 per cent in the last three months, plunging it into the worst recession on record. Speaking to Sky News, Sunak warned that “many more people” would lose their jobs as a result of the recession, [...]
Markets live: US stocks near record high on stimulus hopes as FTSE 100 soars August 11, 2020 The FTSE 100 jumped today as US stimulus hopes offset bleak new data that showed a surge in UK job losses during the coronavirus crisis. The blue-chip index was up 2.42 per cent at 6,197 points at midday, before closing up 1.71 per cent at 6,154 in a bullish day for western markets. The gains [...]
Boris Johnson warns of ‘bumpy’ months ahead after decade-high job losses August 11, 2020 Prime Minister Boris Johnson has said there will be bumpy months ahead, after cuts to jobs in the UK rose to a decade-high today. “We always knew that this was going to be a very tough time for people losing their jobs,” Johnson told reporters when asked about the data. “Clearly there are going to [...]