Informa launches share issue and suspends dividend in coronavirus crisis move April 16, 2020 Exhibition and media group Informa today launched a share issue worth 20 per cent of its existing capital and suspended its dividend as it looked to bolster its balance sheet during the coronavirus crisis. The company, which is also applying for the Bank of England’s covid corporate finance facility, said the placing of up to [...]
Easyjet raises £1.9bn but faces £380m coronavirus loss April 16, 2020 Budget airline Easyjet said today that it had has raised £1.8bn-£1.9bn in extra cash to help it survive the shutdown caused by the coronavirus epidemic. But it could face first-half losses of up to £380m due to travel bans associated with the coronavirus lockdown, it warned. The airline said today that it had signed two [...]
Dunelm boss takes 90 per cent pay cut as retailer seeks coronavirus loan April 16, 2020 The chief executive of Dunelm will take a 90 per cent pay cut, the homeware retailer announced this morning as it confirmed it is eligible for a coronavirus loan. Chief executive Nick Wilkinson will be paid 10 per cent of his salary for at least three months, while chairman Andy Harrison and other non-executive directors [...]
Goldman Sachs profit nearly halves as coronavirus hits investment April 15, 2020 Profit at Goldman Sachs dropped more than 45 per cent in the first quarter of 2020 compared to a year earlier as the coronavirus slowdown hit the Wall Street giant’s asset management arm, its latest earnings report showed today. Goldman’s net earnings for the January to March period were $1.21bn (£970m), down 46 per cent [...]
Coronavirus: Businesses must seize the chance to be altruistic April 15, 2020 We recently interviewed the Manufacturing Director of a large company who told us that in response to the COVID-19 pandemic he had gathered all his suppliers and told them frankly: “We’ll face this together. We share everything.” This leader could easily have placed the entire burden of plummeting demand on the shoulders of suppliers by [...]
The City View from City A.M. with Dame Helena Morrissey April 14, 2020 Join Christian May, City A.M.’s Editor in Chief, for The City View – the daily podcast from City A.M. Subscribe to The City View Podcast: Apple / Google / Spotify / RSS On each edition of The City View podcast, Christian will discuss the most important business and finance stories of the day before introducing a [...]
Easyjet founder refers airline to watchdog over Airbus deal April 14, 2020 Easyjet founder Sir Stelios Haji-Ioannou has referred the airline to the Financial Conduct Authority (FCA) for not showing “the highest standards of disclosure and transparency” in its decision to defer the order of 24 new aircraft from Airbus. Haji-Ioannou has been locked in a spat with the budget carrier’s executives over a deal for 107 [...]
Moss Bros delays full-year results amid coronavirus crisis April 14, 2020 Menswear retailer Moss Bros has delayed the publication of its full year results due to the coronavirus pandemic. The company announced this morning that it will postpone its financial results for the year ending 25 January until late July. It had previously planned to publish its accounts in late May. Financial regulators said last month [...]
Coronavirus: Don’t be short-sighted on short-selling April 14, 2020 With Covid-19 sending the market into free fall, it seems that regulators across the globe are divided on what to do about short-selling. While some European countries such as Italy and Spain have introduced bans to protect certain vulnerable stocks from predatory hedge funds, others, like the FCA, have ruled out the possibility of a ban. [...]
Coronavirus: Don’t let the weather do more harm than good April 14, 2020 With the weather forecast looking good, London’s parks would normally be packed with people enjoying themselves in glorious sunshine. It is of course tempting to go outside, get together with friends or loved ones and enjoy our great open spaces. Unfortunately, however, we are not in normal times. That is why we are asking people [...]