The CEO Perspective: How is COVID-19 defining business purpose? May 1, 2020 When the dust settles, will business emerge having played its part and who will have stayed true to their purpose? As leaders strive to steer their corporate ships through unimaginably stormy waters, there’s an understandable need to focus solely on the management of immediate, operational and financial issues. But in the midst of uncertainty, companies [...]
RBS profit nearly halves due to coronavirus uncertainty May 1, 2020 The Royal Bank of Scotland (RBS) saw its profit nearly halve in the first quarter of 2020 due to the ongoing uncertainty caused by the coronavirus outbreak. Despite the fall, the bank insisted it was in a “strong positon” to deal with a significant economic downturn. Shares in the bank rose 1.6 per cent in [...]
Coronavirus small business loan lending tops £4.1bn but concerns remain over scheme April 30, 2020 Coronavirus business interruption loan scheme (CBILS) lending has topped £4.1bn, according to bank industry body UK Finance. Over £1.33bn of loans were approved in the week to 28 April. The number of loans provided through the scheme has increased by 8,638 over the same period to a total of 25,262, an increase of over 50 [...]
Societe Generale plunges to first quarter loss on bad loan provisions April 30, 2020 Societe Generale posted a first-quarter loss today, blaming provisions for bad loans which jumped threefold as a response to the coronavirus crisis. The French banking giant said it lost €326m (£283m) during the quarter, compared to a €686m profit last year. Revenue fell 16.5 per cent to €5.17bn and underlying net income fell 90.8 per [...]
Shell cuts dividend as earnings halve in first quarter April 30, 2020 Oil giant Shell today reduced its dividend by 66 per cent after earnings fell by 46 per cent in the first quarter due to the coronavirus crisis. The decision to reduce the dividend is the first time the firm has done so since World War Two, and means it has relinquished its position as the [...]
Lloyds first quarter profit crashes 95 per cent on coronavirus April 30, 2020 Lloyds Banking Group posted a huge 95 per cent fall in profit for the first quarter of 2020 today as the coronavirus crisis took hold in the UK. Profit before tax slumped to £74m from £1.6bn the previous year as Lloyds took a massive impairment charge of £1.43bn as it expects bad loans to mount [...]
The City View podcast, from City A.M., with Hetan Shah, chief executive of the British Academy April 30, 2020 In this episode of the City View podcast Christian is joined by Hetan Shah, formerly director of the Royal Statistical Society now chief executive of the British Academy – the National Academy for Humanities and Social Sciences. Subscribe to The City View Podcast: Apple / Google / Spotify / RSS Hetan discusses the role that economics, [...]
Brexit Steves face off: Baker slams Barclay’s Treasury committee performance April 29, 2020 Tory backbencher Steve Baker has hit out at Treasury minister Steve Barclay for avoiding questions in a fiery House of Commons committee hearing. Baker, a prominent Eurosceptic, said afterward that Barclay, a former Brexit secretary, “avoided saying anything new or noteworthy” and that the Treasury would be happy as a result of his performance. Barclay [...]
FTSE 100 jumps as Gilead reports positive data on coronavirus drug trial April 29, 2020 The FTSE 100 closed at its highest in seven weeks after drugmaker Gilead reported positive results from its trials for a coronavirus drug. The blue-chip FTSE 100 index rose 2.13 per cent higher to finish at 6,085 points, the first time it has surpassed the 6,000 mark since 11 March. Read more: FTSE 100 jumps [...]
Global stocks jump on coronavirus drug hopes April 29, 2020 US stocks have risen sharply at the open and European stocks have turned higher after Gilead said it had seen positive signs from its experimental coronavirus drug remdesivir. Markets climbed despite the sharpest fall in US GDP since the financial crisis. The US’s Dow Jones index was up 1.8 per cent while the S&P 500 [...]