FTSE 100 loses more than £200bn after worst week since 2008 as coronavirus fears grip global markets February 28, 2020 The FTSE 100 has shed a reported £206bn after suffering its worst week since the 2008 financial crisis as new cases of coronavirus pummelled global stock markets. London’s blue-chip index closed at 3.18 per cent down for the day to end a dire week for listed companies who have issued warnings on the coronavirus outbreak. [...]
Coronavirus risks UK economic downgrade, Mark Carney warns February 28, 2020 The UK faces the prospect of faltering economic growth as a result of the coronavirus outbreak, Bank of England governor Mark Carney warned today. The Bank has already spotted a squeeze on world supply chains from the coronavirus epidemic that started in China at the turn of the New Year, Carney said. While it is [...]
Keir Starmer is reminding Labour what winning looks like February 28, 2020 For Labour members, the interminable leadership contest has been a never-ending ordeal. Increasingly desperate pleas from the candidates have been interrupted only by a line of unwatchable TV debates. For everyone else, it has barely registered. Coronavirus, floods, and the internal battles within Downing Street have far overshadowed the question (as Have I Got News [...]
Netflix UK shows ‘not aligned to British taste’, say top media analysts February 27, 2020 Netflix’s UK shows are “not necessarily aligned to British taste” and cannot be compared to the BBC’s home-grown dramas, according to top media analysts. In a note issued today, Enders Analysis threw its weight behind the BBC’s value to the wider creative economy and blasted “naive” comparisons between the public service broadcaster and Silicon Valley [...]
FRC tells Big Four auditors to accelerate break-up plan February 27, 2020 The Financial Reporting Council (FRC) has told the Big Four to accelerate the ring-fencing of their audit businesses by strengthening independent governance and improving financial transparency. The regulator wrote to Deloitte, EY, KPMG and PwC this week to set out details of the ‘operational separation’ blueprint, according to Sky News. The FRC is reported to [...]
Debenhams to give councils ultimatum on business rates February 26, 2020 Debenhams is set to give councils an ultimatum in a bid to secure business rate cuts as it works out which of its stores are next for the chop. The beleaguered department store chain will tell councils that a failure to cut its rates bills could cause them to shut the Debenhams in the area, [...]
Direct Line to cut 800 jobs across the UK as it seeks to reduce costs February 26, 2020 Insurer Direct Line is planning to cut 800 jobs across the UK as it seeks to reduce costs. The insurer told staff today about the planned cuts which were first reported by Sky News. The cutting of 800 jobs equates to just over seven per cent of Direct Line’s workforce of about 11,000 people. One [...]
Ted Baker sheds 160 jobs in cost cutting drive February 26, 2020 Struggling fashion brand Ted Baker has announced it will cut 160 jobs in a bid to reduce costs after a “challenging year”. The retailer said today that a reorganisation of head office and business functions would result in 102 redundancies, while 58 jobs that are currently vacant will not be filled. It expects the shake-up [...]
Italy coronavirus: Sicily case confirmed as Covid-19 moves south February 25, 2020 The coronavirus outbreak in Italy is moving south as Sicily confirmed its first case. The number of confirmed cases in Italy has now risen abocve 280, making it the hardest hit nation in Europe. Authorities reported that a woman had tested positive for the virus in Sicily, the first case south of Rome. Regional governor [...]
Banking watchdog calls in PwC for Goldman Sachs reporting probe February 25, 2020 The UK’s banking watchdog has reportedly called in a Big Four accountancy firm to examine Goldman Sachs’ regulatory reporting in its London operation. The Prudential Regulation Authority (PRA) has hired audit firm PwC to carry out a so-called skilled person’s report on Goldman Sachs International, Sky News reported. The appointment follows concerns about supervision at [...]