US stocks rise as investors focus on Chinese trade recovery April 14, 2020 US stocks have risen sharply in early trading as investors take heart in better-than-expected Chinese economic data and as state governors weigh up easing coronavirus lockdowns. The S&P 500 index was 2.3 per cent higher roughly an hour after the bell. The Dow Jones was up two per cent and the Nasdaq had risen 3.1 [...]
Renault quits China partnership to focus on Nissan alliance April 14, 2020 French car giant Renault has scrapped its joint venture with Chinese firm Dongfeng Motor Group due to weak sales at the loss-making partnership. A general slowdown of sales in the world’s biggest auto market will be compounded by this year’s coronavirus pandemic, which has led to a widespread shuttering of factories and showrooms across the [...]
Former BT chairman Mike Rake joins Huawei UK board April 14, 2020 Sir Mike Rake, former BT chairman and president of the Confederation of British Industry (CBI), has joined the UK board of controversial Chinese tech giant Huawei. The City stalwart has served as an adviser to Huawei since January 2019, helping the firm to fend off attacks from critics over national security concerns. The government has [...]
EDF withdraws financial guidance for 2020 and 2021 as coronavirus hits power demand April 14, 2020 French energy company EDF said today it was withdrawing its financial targets for 2020 and 2021 as a result of the coronavirus crisis. EDF said it was pulling all financial targets, including the lower end of the earnings Ebitda range of €17.5bn (£15.2bn) in 2020. “The economic turmoil that follows from the current sanitary crisis [...]
Asian stocks rise on Chinese trade data and easing of coronavirus measures April 14, 2020 Asian stocks rose this morning after better-than-expected trade data from China and as major economies began easing coronavirus restrictions. Data published today showing China’s exports in March fell only 6.6 per cent from the same period a year earlier – a smaller drop than the expected 14 per cent plunge – helped boost confidence. Imports [...]
Coronavirus: London’s future remains extremely bright April 9, 2020 In recent weeks, millions of us have begun to work from home for the first time. In the current climate of uncertainty, many wonder about the discrete workforce and supply chain that makes their daily life possible, and realise how we are all deeply interlinked, globally and locally. As millions of us make this transition, [...]
Coronavirus: What can the Chinese economic experience teach the rest of the world? April 9, 2020 The Coronavirus pandemic has brought unprecedented pressure upon the global economy, yet the length of this paralysis is key to answering many of the questions being asked. Albeit too early to properly assess what effects containment measures – initiated by governments across the world – are currently having, it is likely that these will intensify [...]
Coronavirus: Luxury brands braced for a bumpy ride April 7, 2020 It’s hard to erase the memory of red-and-white sale signs in the world’s most prestigious stores on Madison Avenue, New York, at the end of 2008. Stores that rarely offered discounts in their flagships slashed prices to move stock to very few shoppers. The luxury sector is not quite witnessing the same carnage as the [...]
Coronavirus: Retail funds might surprise the doomsayers April 6, 2020 A month ago, it would have been near impossible to predict the speed with which markets returns would fall as investors reacted to a spate of lockdowns across Europe and the US. As more and more countries are caught in the grip of the COVID-19 pandemic, economic output in a number of sectors has effectively [...]
COVID-19 has now triggered 215 profit warnings April 3, 2020 The headline number tells you that we’ve recorded 215 COVID-19 related profit warnings in 2020, as of 9am 2 April 2020. Of those 215 COVID-19 related warnings, almost 190 have come in the last three weeks. That’s significantly higher than any quarter we’ve recorded in the last 21 years. It’s almost as many as we’ve counted [...]