UK banks ‘draw up code of conduct’ for coronavirus business loan defaults July 6, 2020 UK banks are reportedly drawing up a code of conduct for pursuing businesses that default on government-backed coronavirus interruption loans, amid concerns that a high proportion of the loans will never be repaid. Industry body UK Finance and the state-owned British Business Bank (BBB) have begun talks with commercial lenders in the hope of setting [...]
UK car sales sink 35 per cent in June despite post-lockdown restart July 6, 2020 UK new car sales plunged a third in June despite the easing of lockdown measures, new data showed today, after worse falls in April and May. New car registrations sank 34.9 per cent in June year on year, according to the Society of Motor Manufacturers and Traders (SMMT). But that marked what the body called [...]
Commuting in the post-Covid world July 3, 2020 It’s a cliche to say that the Covid-19 pandemic has changed everything — we need to get over this and embrace “the new normal”. But change needs more than an embrace: it needs to be understood and thought-through, not rushed into headlong because everyone else is doing it. And nowhere is such consideration more necessary [...]
RBS chairman calls on Bank of England to lift dividend curbs July 3, 2020 The chairman of Royal Bank of Scotland (RBS) has called on the Bank of England to lift curbs on dividends by the autumn to make lenders more attractive to investors. The BoE had told lenders in March to scrap buybacks and dividends until the end of 2020 to bolster their finances in the face of [...]
Power of Inclusion events continue to raise awareness July 1, 2020 In the second of the popular Power of Inclusion events we continued to raise awareness of structural barriers and internal beliefs that stop those from diverse socioeconomic backgrounds progressing in their careers. The session focussed on recruitment and what it looks like to hire the best talent there is irrespective of their background or route into [...]
Exclusive: Elixirr seeks London IPO to end coronavirus drought June 19, 2020 Management consultancy firm Elixirr, whose clients have included Barclays, O2 and RBS, is seeking a London IPO, ending a two-month drought in flotations on the London Stock Exchange. Elixirr will seek a listing on London’s junior AIM exchange this summer, City A.M. can reveal. The company, founded in 2009, plans to go on an equity-funded [...]
Wood Group profits to fall by a fifth amid ‘unparalleled challenges’ for market June 19, 2020 Wood Group has predicted that first half profits will tumble by nearly one-fifth, amid the “unique and unparalleled challenges” presented by the coronavirus pandemic. The engineering giant said that the slump in oil prices led to delays in order intake. It added that first half revenues would be down about 11 per cent on the [...]
Cruise firm CMV seeks rescue deal or risks going under June 17, 2020 Cruise firm Cruise and Maritime Voyages (CMV) is in a race against time to secure emergency funding after the coronavirus crisis left it struggling to remain afloat. Sky News reported that Essex-based CMV, which employs 4,000 people, is in last-ditch negotiations with creditors and lenders after another rescue deal fell through. The previous talks were [...]
UK Finance boss quits over Amanda Staveley remarks June 16, 2020 UK Finance chief Stephen Jones has resigned just days after apologising to staff for sexist remarks made in 2008 about financier Amanda Staveley. Sky News first reported that Jones had offered his resignation, which UK Finance confirmed had been accepted. Jones said: “I have apologised to Ms Staveley and to my colleagues for the comments [...]
UK Finance chief in apology to staff over 2008 Staveley remarks June 13, 2020 UK Finance boss Stephen Jones has apologised to his staff for “wrong” and “inappropriate” remarks made about financier Amanda Staveley in 2008. In an internal memo seen by Sky News, Jones yesterday said he could not defend the remarks, understood to have been made as Ms. Staveley was negotiating a cash call on behalf of [...]