Daily Mail owner DMGT predicts coronavirus financial hit as circulation falls March 26, 2020 Daily Mail owner DMGT has warned the coronavirus outbreak will adversely affect business as circulation fell in 2020. The media group said coronavirus has led to limited impact on performance to date. But DMGT has started to see the effects in its events and exhibitions and consumer media businesses. DMGT said financial performance for the [...]
Lloyd’s swings back to profit, but says coronavirus impact ‘uncertain’ March 26, 2020 Lloyd’s of London said today it is in a “strong” position to support people amid the coronavirus outbreak, as it swung back into profit for 2019. Lloyd’s swung from a £1bn loss in 2018 to a pre-tax profit of £2.5bn last year, it revealed today. But chief executive John Neal said the insurer’s “primary focus” [...]
Trump and Congress reach deal on $2 trillion coronavirus stimulus March 25, 2020 US senators and Trump administration officials have reached an agreement on a massive economic stimulus bill to alleviate the economic impact of the coronavirus outbreak, the negotiators said today. The Senate will vote on the $2 trillion (£1.69 trillion) package later in the day and the House of Representatives is expected to follow suit soon [...]
Construction on 22 Bishopsgate stops due to coronavirus March 24, 2020 Construction workers on the site of upcoming City skyscraper 22 Bishopsgate have downed tools today in response to the latest coronavirus restrictions. Multiplex, the contractor building the new Square Mile high rise, shut all its work sites today, after Boris Johnson implemented an effective three-week lockdown last night. The government said open air construction could [...]
Fintech bank Revolut launches in the US March 24, 2020 Revolut has today made its digital banking services available in the US, following months of testing and preparations in the country. The fintech scaleup, which has 10m registered users in the UK and Europe, said it has “tens of thousands” of US customers already signed up to its platform. Starting today, US residents will be [...]
M&A in the UK falls a third on coronavirus and recession fears March 20, 2020 Dealmaking in the UK fell off a cliff this month with outbound M&A dropping to a seven-year low, as activity slowed amid the coronavirus outbreak. The global pandemic has sent markets into a frenzy, fuelling fears of severe damage to the economy and forcing central banks to take drastic emergency stimulus measures since the financial [...]
Sequoia Capital seeking $7bn to invest in US and Asian funds March 19, 2020 Sequoia Capital is seeking $7bn for its latest set of venture capital funds, with a focus on start-ups in the US and Asia, as global markets are rocked by the coronavirus outbreak. The Silicon Valley firm is seeking commitments for multiple funds in the US, China and India, according to the Financial Times. The fundraising [...]
Treat customers fairly during coronavirus crisis, watchdog tells insurers March 19, 2020 Changes in how the public go about their lives because of the coronavirus pandemic must not make it harder for them to make insurance claims, the financial regulator has warned insurers. The Financial Conduct Authority (FCA) has urged firms to treat customers fairly and be transparent during the outbreak, noting that many consumers will be [...]
Manufacturing industry calls for tax deferment as part of coronavirus package March 19, 2020 The British manufacturing industry is calling for an immediate deferment of VAT, PAYE and National Insurance payments as part of a package of measures to tackle the impact of coronavirus. As the prospect looms of thousands of skilled employees being laid off, industry group Make UK has called on the government to delay taxes as [...]
Coronavirus: Lloyd’s of London to close underwriting room from today March 19, 2020 Insurance market Lloyd’s of London is to close its underwriting room from 4pm today because of the coronavirus crisis. Last Friday it closed its underwriting room, which is at the heart of its Lime Street headquarters, to simulate a shutdown and test its contingency systems. Lloyd’s has been trying to push the market to move [...]