Business travel firms call for government help to avoid 10,000 job cuts August 3, 2020 The UK’s business travel sector has called on the government to provide it with an emergency rescue package to help prevent up to 10,000 jobs being lost this year. The chief executive of industry body the Business Travel Association (BTA) has written to chancellor Rishi Sunak, transport secretary Grant Shapps and business secretary Alok Sharma [...]
Hammerson pins hopes on ‘£800m’ raise to survive crisis August 3, 2020 Retail landlord Hammerson is considering tapping investors for up to £600m in a bid to shore up its finances during the coronavirus crisis. Hammerson, which owns Birmingham’s Bullring shopping centre and Brent Cross in north London, also confirmed that it is in advanced talks to sell its 50 per cent stake in Via Outlets to [...]
Ethical capitalism can rebuild the world for the better August 3, 2020 The time has come for ethical capitalism — not as an optional extra, but as something that is critically important for consumer trust in business to flourish in the wake of the Covid-19 pandemic. The public is brassed off with businesses not paying their dues to society, and their voices are getting louder. They are [...]
London’s legal sector continues to lead the world August 3, 2020 Socially-distanced juries, virtual trials, and a mass shift to remote working — these are just some of the radical steps that have been taken to allow justice to be served during lockdown. Almost every part of our economy has had to adapt to Covid-19 and the legal system is no different. One constant throughout these [...]
Rupert Murdoch’s son quits News Corp over ‘editorial disagreements’ August 2, 2020 Media mogul Rupert Murdoch’s youngest son has quit the board of News Corporation citing “disagreements over editorial content”. James Murdoch, once considered a potential successor to his father’s media empire, announced his resignation in a bombshell letter, disclosed by News Corp in a regulatory filing over the weekend. “My resignation is due to disagreements over [...]
British Airways owner IAG seeks €2.75bn raise after €3.8bn loss July 31, 2020 British Airways owner International Consolidated Airlines (IAG) today confirmed it will seek to raise a huge €2.75bn (£2.49bn) to act as a coronavirus buffer. Major 25 per cent shareholder Qatar Airways has committed to participating in the raise, and will get two non-exec board members in exchange for its support. IAG said the cash will [...]
The Friday Interview: Tom Gosnell brings mead to the masses July 31, 2020 Each Friday, City A.M. Deputy Editor Andy Silvester speaks to the most interesting people in London’s hospitality scene. This week he’s in Peckham, where founder Tom Gosnell has built the capital’s only meadery – Gosnells – turning out modern twists on the ancient drink. In an unassuming industrial estate in Peckham, a quiet drinks revolution [...]
DEBATE: Is the plan to revitalise John Lewis likely to be a success? July 31, 2020 Is the plan to revitalise John Lewis likely to be a success? Emma Revell, head of communications at the Institute of Economic Affairs, says YES. Bricks and mortar retail was in decline well before coronavirus hit and large department stores were struggling to afford sky-high rents on their enormous buildings. By recognising the changes in [...]
We’ve relaxed the rules for the Coronavirus Business Interruption Loan Scheme to give our smallest firms a chance July 30, 2020 Our government-backed loan schemes have been a demonstration of what can happen when banks, the government and businesses work together. In a time of extreme disruption and uncertainty, we got much-needed support out to businesses when they needed it most. This protected jobs and livelihoods, and meant that when we were able to start safely [...]
Standard Chartered profit slumps as credit impairments mount July 30, 2020 Standard Chartered suffered a 33 per cent drop in pre-tax profit in the first half of the year as it braced itself for loans to go bad amid the coronavirus pandemic. The bank’s shares dropped 3.9 per cent after it said it expects “expect new waves of Covid-19 related challenge in the coming quarters”. The [...]