Airlines call on government to extend furlough scheme beyond June April 27, 2020 The UK’s airlines have written to chancellor Rishi Sunak warning him that carriers could face a “renewed cash crisis” if the coronavirus job retention scheme is not extended beyond June. In a letter, Tim Alderslade, chief executive of sector body Airlines UK, said: “There is a danger that should the CJRS be withdrawn prematurely, carriers [...]
Deutsche Bank might temporarily miss capital target as impact of coronavirus hits April 27, 2020 Deutsche Bank announced first-quarter results were above market expectations, but warned it might temporarily miss its capital requirement target in light of the coronavirus crisis. In an unscheduled update on Sunday, the German lender said it expects to report group profit before tax of €206m (£179.6m)and net income of €66m (£57.54m). Revenue is expected to [...]
Coronavirus: Asian markets rebound as Bank of Japan expands stimulus package April 27, 2020 Asia’s premier markets opened strongly this morning after the Bank of Japan announced it would buy an unlimited amount of government bonds in order to protect the country’s economy from the coronavirus pandemic. The Nikkei rose 2.8 per cent to 19,803.76, the Hang Seng picked up two per cent to 24,304.32 and the MSCI, which [...]
Coronavirus: The City’s third sector has shone amid pandemic April 27, 2020 The coronavirus outbreak is an unfolding global health emergency that requires us all to play our part. We are seeing people from all walks of society across London and the UK coming together to tackle COVID-19 – be it through fundraising activities, volunteering in the community, or by simply checking in on a lonely neighbour [...]
Coronavirus: Firms must adapt to survive April 26, 2020 As companies slowly transition from shock to survival during what is arguably history’s biggest peacetime crisis, it is becoming increasingly clear that the coronavirus pandemic has the potential to completely transform how the world does business. During an initial ‘Shock Phase’, which started around the middle of March and ended towards the middle of April, [...]
Coronavirus: First Group receives £300m from Bank of England April 24, 2020 Transport operator First Group today announced it had received £300m from the Bank of England to help deal with the financial damage of the coronavirus pandemic. First is currently running its bus services at 40 per cent of normal capacity, although passenger numbers have dropped 90 per cent, the firm said. The company’s rail franchises [...]
Investors believe coronavirus lockdown will return with a rocky road to recovery April 24, 2020 The majority of investors believe the coronavirus lockdown will return, implying a precarious road to economic recovery. A Peel Hunt survey of investors and corporate managers reveals uncertainty over timing and severity of the lockdown, but the strong view is that it will likely return. Last week the foreign secretary Dominic Raab extended the UK’s [...]
Mike Ashley’s Frasers Group misses out on coronavirus loan, settles Belgian tax bill April 24, 2020 Mike Ashley’s Frasers Group’s application for a coronavirus loan has been rejected, it admitted today, as it finally settled a €674m (£588m) Belgian tax bill. Frasers Group (formerly Sports Direct) saw it application for a government bridging loan denied, sending shares down 2.4 per cent. The Covid Corporate Financing Facility (CCFF) scheme is open to [...]
Law firms face ‘bloodbath’ in upcoming coronavirus recession April 23, 2020 Advisers who worked on some of the largest UK law firm collapses predict a “bloodbath” for the legal industry as a result of the coronavirus economic crisis. Andy Hosking of Quantuma, who acted as administrator to King & Wood Mallesons Europe (KWM) and Ince & Co, said: “You are going to see a bloodbath in [...]
UK borrowing higher than expected before coronavirus lockdown April 23, 2020 The UK went over its borrowing target for the most recent financial year, it revealed today, but coronavirus spending is set to dwarf its budget deficit. Borrowing between April 2019 and March 2020 rose to £48.7bn, compared to forecasts of £47.4bn, according to the Office for National Statistics (ONS). But a swathe of public spending [...]