Virgin Atlantic set to ask for government bailout March 27, 2020 Virgin Atlantic is set to ask the UK government for a package of commercial loans and guarantees worth hundreds of millions of pounds. The airline will be among the first to do so, according to the Financial Times, after the government said this week it would only help the struggling aviation industry as a “last [...]
UK coronavirus death toll jumps 31 per cent to 759 March 27, 2020 The UK coronavirus death toll has jumped 31 per cent to 759, the biggest daily increase yet. As of 9am today, 182 people across the UK had died in the previous 24 hours after contracting coronavirus. The number of confirmed cases rose to 14,579, with a total of 113,777 people being tested so far. On [...]
UK coronavirus: Matt Hancock tests positive March 27, 2020 Health secretary Matt Hancock has tested positive for coronavirus, Downing Street has said, just an hour after Prime Minister Boris Johnson also revealed a positive diagnosis. The minister, responsible for coordinating the NHS response to the UK coronavirus outbreak, said he has had only mild symptoms. He will self-isolate until next Thursday, when he will [...]
Heathrow’s credit rating downgraded amid coronavirus uncertainty March 27, 2020 Heathrow Airport’s long-term credit rating has been downgraded amid the reduced demand and ongoing uncertainty caused by the coronavirus outbreak. Credit rating agency Standard & Poor has announced today it is lowering Heathrow’s long-term ratings on Class A and Class B debt by one notch. Heathrow Funding Limited retains investment grade credit ratings on the [...]
Menzies puts majority of 17,500 staff on wage bailout scheme March 27, 2020 John Menzies has been forced to reduce its global workforce by 17,500 jobs as it tries to stay afloat amid the fallout caused by the coronavirus outbreak. In a trading update released this morning, the aviation services firm said it had seen “significant ongoing reductions in activity for our core operations”. It said that the [...]
Rishi Sunak unveils self-employed economic relief package March 27, 2020 The government has upped its response to the coronavirus crisis by vowing to pay low and middle income self-employed workers 80 per cent of their average monthly profits in a package expected to cost the Treasury £9bn. Chancellor Rishi Sunak announced the much anticipated relief package yesterday, giving self-employed workers the same support announced for furloughed payrolled workers last week. Sunak [...]
The capital is key to rebuilding the economy March 27, 2020 Nothing since the three-day week has so disrupted British daily life as the Covid-19 pandemic, and it is hard, sometimes, to imagine a world after it. Even the optimistic projections have us stuck at home — or worse, in hospital — for weeks if not months on end. But right on cue the Global Financial [...]
We need Alan Turing’s innovative mindset to make it through coronavirus March 27, 2020 Alan Turing designed the curiously named Bombe machine during the early stages of World War II. A forerunner to the computer, the Bombe was able to rapidly intercept messages, quickly decode them, and thereby allow allied forces to react within hours rather than weeks. Stories from the world of codebreaking today bring to vivid life [...]
Coronavirus: P&O Ferries temporarily lays off workers March 26, 2020 P&O Ferries will reportedly temporarily furlough more than 1,000 workers, using the government’s recently announced job retention scheme to pay staff during the coronavirus crisis. Workers will be paid their basic salaries, with the government funding 80 per cent and P&O topping up the rest. The English Channel operator said on Wednesday that it will [...]
International Energy Agency chief warns oil demand could sink 20 per cent March 26, 2020 Global demand for oil could fall by 20 per cent as 3 billion people around the world live in lockdown. Head of the International Energy Agency Fatih Birol, who made this prediction, also called on Saudi Arabia to rectify the situation. Brent crude, currently at $26 a barrel, has been driven to record lows because [...]