FTSE 100 gains cool despite coronavirus cases starting to fall April 7, 2020 The FTSE 100 finished the day up two per cent after cooling gains in US stocks forced the London index down from a three per cent high. However, it still posted its second day of gains as traders became optimistic that Europe could soon relax its coronavirus lockdowns as the rate of new cases slowed. [...]
Coronavirus: Global airlines warn that up to 25m jobs at risk April 7, 2020 Aviation industry body the International Air Transport Association has said that up to 25m jobs could be at risk due to the global slump in travel as a result of the coronavirus outbreak. According to IATA chief executive Alexandre de Juniac, worldwide demand has slumped 70 per cent due to the crisis, with the figure [...]
Demand for UK bonds surges as government funds coronavirus spree April 7, 2020 Investor demand for UK government bonds was its highest for three years today as Britain sold £3.25bn worth of debt to help fund its unprecedented coronavirus support programmes. Buyers bid 3.05 times the £3.25bn available of the 0.125 per cent return three-year Gilt (UK government bond). It sold at an average yield of 0.204 per [...]
Easyjet founder threatens to sue bosses over Airbus contract April 7, 2020 Easyjet founder Sir Stelios Haji-Ioannou has threatened to sue the company’s board as the spat over a £4.5bn order of planes from Airbus rumbles on. The Greek-Cypriot businessman told the Telegraph that if any of the £300m the airline has spent in the last three weeks has gone to Airbus, “I will sue the directors [...]
Wirex achieves profitability by maintaining 3 million registered customers in 130 countries April 7, 2020 As the sun shines down on the deserted great City of London and the presses stay silent during this unprecedented lockdown with the NHS diligently fighting COVID-19, the crypto markets remain open demonstrating that the digital economy will play a vital role going forward. It strikes me that if we had had a Central Bank [...]
Coronavirus and the economy: your questions answered April 6, 2020 Chief Economist & Strategist Keith Wade chatted to us about coronavirus and its economic impact. Here are your nine questions answered. Q1: How do you think that the virus will affect the global economy? It is going to have a very significant impact. The virus could create a fall in GDP unlike anything that we [...]
Coronavirus: Easyjet secures £600m in Bank of England funding April 6, 2020 Easyjet has secured £600m in commercial paper from the Bank of England’s (BoE) new Covid Corporate Funding Facility as the low-cost carrier seeks to strengthen its liquidity during the ongoing coronavirus crisis. Shares in the firm rose 13 per cent after the announcement. Airlines have been among the businesses hardest hit by the pandemic, which [...]
JP Morgan mulls historic dividend suspension amid ‘bad’ coronavirus recession April 6, 2020 JP Morgan Chase’s boss Jamie Dimon has said the Wall Street giant could suspend its dividend for the first time in history and that he foresees a “bad recession” for the US economy amid the coronavirus pandemic. Dimon also warned shareholders in his annual letter that the bank’s profit will be down “meaningfully in 2020”. [...]
Freshfields suspends partner profit distribution and freezes pay April 6, 2020 Magic Circle law firm Freshfields Bruckhaus Deringer has suspended partner profit share for the fourth quarter and frozen pay across the firm to help weather the economic crisis triggered by coronavirus. The firm has also deferred decisions on staff bonuses until later in the year. A Freshfields spokesperson said: “We are focused on supporting our [...]
Coronavirus: The banks must step up to the plate April 6, 2020 It’s all down to the banks, now. Not necessarily a phrase to induce confidence a mere eleven years after the banking crisis, but it is true. The Chancellor has pulled out all the stops to provide support mechanisms for companies and employees during the Covid -19 crisis. His rapid actions in the first phase [...]