FCA extends credit card payment freeze until October July 1, 2020 A credit card payments freeze could be extended for another three months for customers still suffering from the economic impact of coronavirus, the financial watchdog said today. After imposing a three-month pause on repayments for those struggling amid the fallout of the pandemic on the economy, the Financial Conduct Authority (FCA) has said firms must [...]
Aston Martin seeks to raise £152m to bolster finances June 26, 2020 Aston Martin today said it will ask investors to snap up £152m of new shares to help it become roadworthy once more amid sinking sales and the coronavirus pandemic. Britain’s luxury car manufacturer said the equity raise, planned for the end of June, would be equivalent to around 20 per cent of its existing issued [...]
Car production slump continues in May despite factories restarting June 26, 2020 The country’s car manufacturers produced a mere 5,314 vehicles in May as output stalled for the second consecutive month due to coronavirus. New data from the Society of Motor Manufacturers and Traders (SMMT) showed that although two-thirds of the country’s car plants restarted work last month, output was severely curtailed due to social distancing requirements [...]
FCA proposes extending coronavirus consumer credit payment holiday June 19, 2020 The Financial Conduct Authority (FCA) has proposed allowing consumers to extend a payment freeze on their credit cards by a further three months to support borrowers struggling financially amid the coronavirus pandemic. Under the proposals from the markets watchdog, those who have not yet asked for a payment freeze on credit cards or for an [...]
OECD: UK economy to take world’s biggest hit from Covid-19 June 10, 2020 The UK will suffer the largest economic hit from the coronavirus pandemic among major nations this year, the Organisation for Economic Cooperation and Development (OECD) has warned. Predicting that the UK economy could contract between 11.5 and 14 per cent in 2020, the organisation said Covid-19 represents the biggest peacetime economic downturn in a century [...]
UK car industry flatlines as just 197 cars built in April May 29, 2020 The UK car industry made just 197 cars in April as the shuttering of factories due to the coronavirus pandemic sent production flatlining. Total production dropped 99.7 per cent, with the lowest number of cars built in one month since the Second World War, according to new data from the Society of Motor Manufacturers and [...]
Jaguar Land Rover in talks over government loan May 25, 2020 Jaguar Land Rover is reportedly in talks with the government to secure a loan due to the financial impact of Covid-19. The carmaker submitted the largest bespoke loan request of the coronavirus crisis to ministers in recent weeks, according to Sky News. Jaguar Land Rover has seen sales plunge by more than 30 per cent [...]
Nissan weighing 20,000 job cuts as car sales struggle May 22, 2020 Japanese car company Nissan is reportedly considering cutting 20,000 jobs with a focus on Europe and developing countries as car sales plunge following coronavirus crisis. The potential cuts come as Nissan prepares to announce its updated mid-term strategy next week. Profits at Nissan have been struggling for the last three years and the coronavirus has [...]
Close Brothers’ securities division helps to offset coronavirus impact May 22, 2020 A strong performance in Close Brothers Group’s securities division partially offset the impact of the coronavirus on the banking group in the third quarter. Winterflood Securities experienced a substantial increase in trading volumes since the coronavirus outbreak. The figures In Close Brothers’ banking division, the loan book reduced slightly in the third quarter. It decreased [...]
SMMT: UK coronavirus crisis wipes out April car sales May 5, 2020 New car sales have tanked 97 per cent amid the UK coronavirus crisis, according to new stats from an industry body today. That effectively means new UK car sales ground to a halt in April, the Society of Motor Manufacturers and Traders said. Just 4,321 cars were sold over the month – 70 per cent [...]