Coronavirus: British companies rush to mothball results after City watchdog calls for delay March 23, 2020 British companies are rushing to delay the publication of their results following an unprecedented call from the financial regulator for results to be suspended due to the coronavirus crisis. The Financial Conduct Authority (FCA) said late on Saturday that listed firms planning to report preliminary results in the next few days should mothball them for [...]
Former BoE governor Mervyn King: Coronavirus crash worse than financial crisis March 23, 2020 Former Bank of England governor Sir Mervyn King has said the impact of the coronavirus outbreak will be much worse than the 2008 financial crisis. King, who led the Bank during the crisis, also said the country should be prepared for much higher borrowing as a result of economic policies to limit the fallout from [...]
Government launches £330bn coronavirus business loan scheme March 23, 2020 The government has launched the first stage of a £330bn loan guarantee scheme for businesses, to help small and medium-sized firms borrow up to £5m to help them weather the impact of coronavirus. “Any viable business” with a turnover of up to £45m will be able to apply to banks for an 12-month interest-free loan, [...]
Coronavirus: FCA urges companies to delay publication of preliminary results March 22, 2020 The City watchdog today urged listed companies to suspend the publication of their interim results for at least two weeks. The Financial Conduct Authority (FCA) said: “The unprecedented events of the last couple of weeks mean that the basis on which companies are reporting and planning is changing rapidly.” It said companies needed to give [...]
Coronavirus: What does the chancellor’s support mean for businesses and employees? March 22, 2020 The Chancellor Rishi Sunak announced an unprecedented package of measures on Friday to support businesses and employers coping with the economic shock of coronavirus. What is available to companies and employees? How do they access this support? And where are the gaps in provision? Coronavirus business interruption loan scheme Focused on smaller businesses with a [...]
Goldman Sachs chief David Solomon gets 20 per cent pay rise to $27.5m for his work in 2019 March 21, 2020 Goldman Sachs chief executive David Solomon has been rewarded for his work leading the bank in 2019 with a 20 per cent pay rise. It sees his remuneration package reach a total of $27.5m, which includes $17.85m in performance-linked stock units. That comes on top of his $2m annual salary and a $7.65m cash bonus, the [...]
Coronavirus wage bailout: Government to cover 80 per cent of workers’ salaries up to £2,500 March 20, 2020 The government will pay up to 80 per cent, or £2,500, of the salaries of British workers hit by the UK coronavirus crisis in a huge wage bailout. Chancellor Rishi Sunak announced the extraordinary measures today after Prime Minister Boris Johnson ordered all pubs and restaurants, cafes and gyms to shut their doors tonight and [...]
GBP / EUR update March 20, 2020 As everywhere across the world, everything in the UK has been accelerating at pace and the pound has paid the price. Whilst not always at the bottom of the pile, sterling has been struggling and hit a 35-year low against the US dollar. Measures to address all aspects of the crisis were well-received by investors [...]
FTSE 100 climbs as global markets rally on unprecedented stimulus measures March 20, 2020 The FTSE 100 has climbed back into the green as investors eyed a fresh wave of government support for companies coming under financial strain due to the coronavirus pandemic. The blue chip index added over five per cent just after the open but then pared back gains to stand at just over one per cent [...]
Coronavirus live: Social distancing needs to be in place for most of a year, say government advisers March 20, 2020 1.35pm: Social distancing measures need to be in place for “most of a year” Scientists advising the government have said social distancing measures need to be in place for “at least most of a year” to combat the coronavirus outbreak. In a press conference last night, Prime Minister Boris Johnson said the UK could “turn [...]