Markets live: FTSE 100 tumbles as US GDP blow hits Wall Street July 30, 2020 The FTSE 100 slumped below the 6,000 mark after data showed the US economy suffered its biggest contraction on record amid the coronavirus pandemic and banks’ second-half results disappointed investors. The UK’s blue-chip index slid 2.9 per cent to 5,951 points in afternoon trading. The FTSE 250, comprised of slightly smaller firms, fell 1.8 per [...]
Lloyds swings to loss as it sets aside extra £2.4bn for bad loans July 30, 2020 UK banking giant Lloyds swung to a £600m pre-tax loss for the first half of the year today as coronavirus cost it an extra £2.4bn. The provision for loan losses was bigger than the £1.5bn analysts had anticipated. It took total provisions for the first half of the year to £3.8bn. Read more: Barclays braces [...]
The City View: Surrey cricket chief Richard Gould July 29, 2020 Subscribe to The City View Podcast: Apple / Google / Spotify / RSS Today Andy Silvester is joined by Richard Gould, chief executive of Surrey County Cricket Club. Richard talks about the business of sport, the trial events at the Kia Oval and the future of cricket as it looks to attract new audiences. Andy also looks at Barclays results and Jes [...]
Markets live: FTSE 100 rises as investors eye Fed decision July 29, 2020 The FTSE 100 hung on to gains and US stocks rose as investors eyed potential stimulus from the US Congress and Federal Reserve and a torrent of earnings reports delivered mixed results. London’s blue-chip index rose 0.1 per cent to 6,135 points. The FTSE 250 of smaller firms fell 0.1 per cent, however. Read more: [...]
How badly will coronavirus hit UK house prices in 2020? July 29, 2020 Property experts hope a stamp duty holiday and relaxed lockdown restrictions will protect UK house prices from a sharp coronavirus fall this year. At the height of lockdown, experts predicted that UK house prices could fall by as much as 10 per cent this year due to the impact of coronavirus. However, chancellor Rishi Sunak [...]
Barclays urges staff back to the office as HSBC eyes September return July 29, 2020 Barclays boss Jes Staley has indicated he wants employees to return to the office, as HSBC reportedly tells its staff they can work in Canary Wharf from September. Speaking to Bloomberg TV today, Staley said: “It is important to get people back together in physical concentrations.” He has previously said big city offices “may be [...]
Coronavirus pushes Santander to €11bn loss July 29, 2020 Santander suffered a record loss of €11bn (£10bn) in its latest half-year, it revealed today, as coronavirus provisions tanked its bottom line. The figures A massive €12.6bn impairment relating to coronavirus meant Santander swung to a €10.8bn loss for the first half of 2020. Underlying profit before tax halved to €3.8bn year on year. And [...]
Barclays braces for pandemic blow with extra £1.6bn cushion July 29, 2020 Barclays has set aside £1.6bn to insulate itself against further loan losses in the coronavirus-hit second quarter of 2020, it revealed today, a higher sum than analysts expected. Bank forecasts had pointed to a £1.42bn total but the £1.6bn figure for April to June brings Barclays’ total provisions to £3.7bn. That sum could reach £5.79bn [...]
Wizz Air shareholders revolt against CEO bonus July 29, 2020 Wizz Air shareholders have voted down its directors’ executive pay for the year, a week after shareholders raised concerns about a possible bonus payment to its chief executive. CEO Jozsef Varadi was set to receive a £485,000 bonus despite Wizz Air missing its profit target for the year to 31 March. More than half of [...]
Rishi Sunak’s deputy says targeted relief an option after furlough scheme ends July 28, 2020 Treasury minister Steve Barclay has ruled out extending the government’s furlough scheme past October, but left the door open for targeted relief to some sectors. The scheme is due to end on 31 October, with government payments decreased in September and October. Barclay said today that there would be no extension to the scheme, echoing [...]