Global car sales set to fall in 2020 as coronavirus fears grip February 26, 2020 Moody’s has lowered its forecast for global car sales for 2020 as the continued coronavirus outbreak reduces demand and disrupts automotive supply chains around the world. The ratings agency expects global automobile unit sales to decline 2.5 per cent in 2020, narrowing from a 4.6 per cent drop in 2019, but worsening from the 0.9 [...]
Peugeot owner PSA roars to record profit as group prepares for Fiat merger February 26, 2020 Peugeot manufacturer PSA Group offset a slump in vehicle sales across European markets as it posted a record profit in 2019, ahead of its merger with Fiat Chrsyler later this year. However the firm said that an industrial shutdown in China as a result of the coronavirus outbreak could knock its supply chain, leading to [...]
FTSE 100 falls further after ‘bloodbath’ as coronavirus weighs on stocks February 25, 2020 The FTSE 100 fell below 7,100 points for the first time since October last year as fears of a coronavirus pandemic continued to weigh down stocks a day after global markets plunged. After starting the day with a marginal rise, the FTSE 100 finished the day nearly two per cent lower at 7,017 points. Germany’s [...]
Car dealers confident for coming year as Brexit fears dwindle February 25, 2020 An overwhelming majority of UK car dealerships are confident about the outlook for their business, despite a challenging 2019 for the motor industry. A new survey by Close Brothers Motor Finance shows that 98 per cent of dealers were optimistic about the future, with almost two-thirds (63 per cent) describing themselves as “very confident”. The [...]
British Airways extends China flight cancellations until after Easter February 25, 2020 British Airways (BA) has extended its suspension of flights to China until after Easter, the airline announced, after increased fears over the spread of the deadly coronavirus. BA, which had previously said it would cancel all flights to and from Beijing and Shanghai until 1 April, has now said it is extending the ban for [...]
FTSE 100 plunges 3.4 per cent as Italy confirms seventh coronavirus death February 24, 2020 The FTSE 100 plunged more than three per cent on Monday as a rapid uptick in coronavirus cases outside China rattled investors and devastated European stocks. London’s blue-chip index fell as much as 3.7 per cent to 7,119 points today, as Italy confirmed a seventh person has died from the coronavirus. The FTSE 250 index [...]
Dechra profits double as pharma firm remains on track to hit targets February 24, 2020 Veterinary products firm Dechra Pharmaceuticals today revealed it doubled its profit in the six months to the end of 2019. Profit before tax jumped 117 per cent to £19.5m for the first half of Dechra’s financial year, up from £9m in the corresponding period of 2018. Meanwhile, operating profit was £23.3m, up from £17m in [...]
Coronavirus: Primark owner ABF warns of long-term supply issues February 24, 2020 Primark’s owner today said it was considering ramping up production from suppliers outside of China in a bid to avoid a hit from the coronavirus outbreak. Associated British Foods (ABF) expects Primark will drive higher operating profit and sales for the six months to the end of February compared to the same period a year [...]
David Davis: Huawei deal is ‘worst intelligence decision since Cambridge Five’ February 23, 2020 Former Tory cabinet minister David Davis has lambasted the government’s 5G deal with Chinese tech firm Huawei, branding it the “worst intelligence decision since MI6’s recruitment of Kim Philby”. Davis, who served as Brexit secretary under Theresa May, warned the verdict posed a huge risk to national security and likened it to the appointment of [...]
Coronavirus and climate change impact Asian currencies February 21, 2020 SGD: Comments from the Monetary Authority of Singapore (MAS) which suggested that the Singapore dollar may depreciate has put pressure on the currency. The news came alongside confirmation that the coronavirus had reached Singapore, a factor which MAS believes will have an impact on growth, stalling the recovery after a challenging 2019 which saw the [...]