HSBC first quarter profit halves on coronavirus pandemic April 28, 2020 HSBC saw coronavirus rip its first quarter profit in half today as it counted a huge $2.4bn jump in credit losses as a result of the pandemic. The bank’s share price declined 1.7 per cent to 409.3p in early trading as it revealed profit before tax sank 48 per cent year on year to $3.21bn. [...]
It’s official: Coronavirus killed UK house prices’ Brexit recovery April 22, 2020 Signs of recovery in UK house prices at the start of the year have been brought to an abrupt halt by the coronavirus crisis. Figures from the Land Registry and the ONS show inflation fell back to 1.1 per cent in February after climbing to an eight-month high of 1.5 per cent in January. The [...]
Coronavirus: UK economy could shrink by 35 per cent in second quarter April 14, 2020 The UK economy could shrink by 35 per cent in the second quarter of this year and unemployment could hit 10 per cent as coronavirus lockdown measures take a devastating toll, Britain’s budget watchdog has warned. The Office for Budget Responsibility (OBR) said such a slowdown could send the budget deficit to its highest level [...]
JP Morgan’s profit dives on coronavirus credit provisions April 14, 2020 JP Morgan said today that its profit for the first quarter was 68 per cent down on a year previously after it set aside $6.8bn (£5.4bn) in coronavirus-related credit provisions. The bank reported net earnings of $2.9bn, down from $9.2bn for the same period last year. JP Morgan said reported revenue for the quarter was [...]
Coronavirus: City watchdog proposes credit card payment freeze April 2, 2020 The UK’s financial watchdog has proposed that banks freeze loan and credit card bills and cancel overdraft interest payments for people hit financially by coronavirus. The Financial Conduct Authority (FCA) said it will carry out a “brief consultation” on the plans. If accepted, they will come into force on 9 April. The FCA made a [...]
Nearly 1m people apply for Universal Credit as coronavirus lockdown paralyses economy April 1, 2020 Nearly 1m people in the UK have applied for Universal Credit in the two weeks since Prime Minister Boris Johnson implemented strict lockdown measures, the government said today. There are normally around 100,000 applicants per two week period – in the last two weeks there were 950,000. The government has moved 10,000 staff to process [...]
Airbnb to pay $250m to hosts losing out to coronavirus cancellations March 31, 2020 Airbnb will pay $250m to hosts for two and a half months of reservations that have been cancelled in the wake of the coronavirus. In a letter to hosts, chief executive Brian Chesky said hosts would receive 25 per cent of their normal cancellation fee for stays booked between 14 March and 31 May, if [...]
New FCA boss to hold crisis coronavirus meeting with banks March 29, 2020 The interim boss of the City watchdog is set to hold crisis talks tomorrow with the Bank of England and the heads of the high street banks to try and plot a course through the economic chaos triggered by coronavirus. Chris Woolard said he wanted the industry to work out how to protect people unable [...]
Animal Crossing: New Horizons review: Sedate island escapism never felt so necessary March 27, 2020 Having had the enviable job of writing about video games for most of my adult life, there’s still one question I struggle to articulate a satisfying answer to: what do you actually do in Animal Crossing? Nintendo’s sedate island life simulator doesn’t have a real objective. You have a mortgage to pay down but your [...]
Coronavirus to bring UK house prices growth to ‘juddering halt’ March 25, 2020 The coronavirus outbreak is set to bring UK house prices to a “juddering halt” in the coming months, a top economist warned today. UK house prices fell 1.1 per cent between December and January. But they were 1.3 per cent up on the previous year, data released today showed. The Office for National Statistics said [...]