Bank of England to name recipients of coronavirus loans May 19, 2020 The Bank of England has said it will start naming the companies that use its coronavirus lending facility in a bid to increase transparency about which firms are being bailed out. Firms using the Bank’s covid corporate financing facility (CCFF) will also be expected to start “showing restraint” on dividend payments, share buy-backs and senior [...]
Coronavirus loan cap increased to £200m for mid-sized firms May 19, 2020 The Treasury has raised the amount mid-sized companies can borrow through the coronavirus loan scheme to £200m, up from £50m. The changes to the coronavirus large business interruption loan scheme (CLBILS) come into force next week, ministers said. The CLBILS scheme is targeted at mid-sized companies that do not qualify for the Bank of England’s [...]
Crypto AM: Shines its Spotlight on Electroneum May 19, 2020 Imagine a cryptocurrency for social impact that solves many of the issues the 1.7 billion unbanked people around the world face today. Now envision one with the potential to empower hundreds of millions anywhere with instant access to the global digital economy unlocking for them the opportunity to earn crypto and use it to live [...]
Slumping economy, surging stock market– what’s going on? May 18, 2020 While tens of millions of Americans were losing their jobs, the stock market in April produced its best monthly return in over 30 years. We look at what’s behind this apparent disconnect. 36 million Americans filed for unemployment claims over the past eight weeks. US GDP plunged by 4.8 per cent in the first quarter [...]
Kindness at the heart of City’s mental health efforts May 18, 2020 Even amid the anxiety and sad stories that have engulfed many of our daily lives, rays of light – acts of kindness that have made the news and that we have ourselves experienced first-hand – have still managed to cut through. It’s no surprise that the links between kindness and mental wellbeing are well-established in [...]
British Airways, Next and ITV at risk of credit rating downgrades May 15, 2020 Some of the UK’s biggest companies are at risk of having their credit ratings downgraded and becoming “fallen angels”, ratings agency S&P has said, raising the possibility of a sharp rise in borrowing costs in the midst of the worst downturn since the 1930s. Big names such as Next, British Airways and ITV are in [...]
When will the UK economy recover from coronavirus? May 15, 2020 The UK economy is set for its worst contraction since at least the Great Depression this year as the coronavirus lockdown brings activity to a halt. There’s little doubt about that. There is doubt about what comes next, however. Economists have made huge numbers of predictions, using an array of letters to describe the recovery. [...]
The office is changing – and that means a shift in the real estate market, too May 15, 2020 When businesses emerge from lockdown, many will seek ways to reduce their operating costs to maintain margins in a post-COVID-19 world, when revenue generation is likely to be appreciably more challenging. Real estate often represents the second largest operating cost of most businesses, after staff salaries. It’s regrettably very likely, then, that headcount and office [...]
BBC Four faces closure as TV bosses battle £125m Covid-19 shortfall May 14, 2020 BBC Four is set to be axed as the corporation’s bosses look to cut costs and divert dwindling funds to attract younger audiences. Executives are preparing to shutter the channel and divert some of its budget to BBC Three, its key focus for winning over 16 to 34-year-olds, the Telegraph reported. The highbrow channel, which [...]
House price decline hurts Just Group’s solvency ratio May 14, 2020 Specialist pension provider Just Group posted a drop in its solvency ratio today after interest rates plunged around the world over the economic fallout of coronavirus. The insurer told investors its Solvency II coverage ratio has dropped three points to 138 per cent at the end of April 2020. European Solvency II rules stipulate how [...]