British Land scraps dividend and defers £40m in rent March 26, 2020 British Land has suspended its dividend and will defer £40m in rents this quarter and spread repayment in response to the coronavirus outbreak. The firm is deferring March quarter day rents and spreading repayment over the six quarters from September 2020. The financial impact of this is expected to be £40m. The company added it [...]
Coronavirus: City of London Corporation defers rent payments for tenants March 25, 2020 The City of London Corporation is deferring this quarter’s rental payments for commercial tenants worst affected by the coronavirus pandemic. The Corporation, a major landlord in the Square Mile and beyond, is deferring rent payments for the March quarter for all retail, hospitality, small office, and serviced office tenants. Supermarkets, banks, pharmacies and building societies [...]
Debate: Is it appropriate for businesses to invoke a ‘wartime spirit’ during the coronavirus outbreak? March 25, 2020 As the coronavirus outbreak curtails practically every aspect of our daily lives, some have compared efforts to fight it to the fabled “wartime spirit” of World War II. Is this appropriate, asks City A.M.? Yes, says Rob Nowell, global marketing director at Edge by Ascential Around 80 years ago, World War II caused entire sectors [...]
UK retailers most pessimistic since financial crisis amid coronavirus outbreak March 25, 2020 UK retailers are at their most pessimistic since the financial crisis as sales of non-essential goods plummet due to coronavirus containment measures, a survey has shown. However, grocers and other food firms have seen a surge in demand as Brits stockpile during the coronavirus lockdown, the CBI said today. This divergence of fortunes for Britain’s [...]
Halfords suspends dividend after forecasting a 25 per cent drop in sales March 25, 2020 Halfords has suspended its dividend to shore up its balance sheet after forecasting a 25 per cent drop in sales amid the coronavirus outbreak. The retailer anticipates a sharp drop in sales, of around £300m, following the government’s tightening of restrictions, but shares soared 56 per cent in morning trading before trading up 22.63 per [...]
Coronavirus: Government goes to war with City Hall over London Tube restrictions March 24, 2020 The government and City Hall are at war over Transport for London’s decision to restrict the Tube’s services, which has forced remaining commuters to cram into available carriages. Last week, TfL shut 40 stations and reduced the usual weekday service with some lines only running a train every 10 minutes. The Waterloo & City shuttle [...]
Mulberry warns it will swing to a loss as coronavirus hits handbags March 24, 2020 Luxury fashion brand Mulberry has become the latest brand to warn on the impact of the coronavirus on trading, as it anticipates losses in the second half of the year. The brand said it would suspend payouts to shareholders as recent trading in its stores, particularly in the UK, had been severely impacted by the [...]
Global stocks set to rise sharply on Fed’s bond-buying pledge March 24, 2020 Global stocks rose overnight despite fears US President Donald Trump’s administration’s economic stimulus package faces further delays. Asian stocks surged in Tuesday trading that saw Japan’s Nikkei leap seven per cent higher and Hong Kong’s Hang Seng index jump 4.6 per cent. That came despite the Senate again blocking Trump’s near $2 trillion (£1.7 trillion) [...]
Getting through the Covid-19 pandemic will require markets as well as strong government March 24, 2020 Covid-19 is a major shock to our system. With the UK speeding towards lockdown and much of Europe in similar or worse straits, this crisis — as with most crises — is causing people to look to their governments. This is both understandable and necessary. Rishi Sunak’s excellent pledges (and performances) last week reassured tens [...]
Stockpiling: Shoppers buying ‘a few extra items’ driving shelf shortages March 23, 2020 Empty supermarket shelves have been caused by customers adding an extra few items to their baskets and making more trips rather than stockpiling, according to the latest data. The average spend per supermarket trip jumped 16 per cent in the week ending 17 March to £22.13 compared to the same week a month ago. Meanwhile, [...]