Freshfields and Slaughter and May advise government on covid corporate finance facility March 25, 2020 The Treasury and the Bank of England have called up Magic Circle law firms Slaughter and May and Freshfields Bruckhaus Deringer to advise on the government’s emergency corporate covid financing facility (CCFF). The CCFF will purchase commercial paper, a debt instrument, from companies in order to boost their liquidity. It is available to UK companies [...]
PM warns Mike Ashley – obey the rules or face the consequences March 25, 2020 Prime Minister Boris Johnson has warned Sports Direct boss Mike Ashley to “obey the rules or to expect the consequences”, after the retailing heavyweight insisted staff must continue working during the coronavirus outbreak. During a bumper PMQs, Johnson was repeatedly asked about the situation facing workers, particularly self-employed, who currently have no additional support beyond [...]
Coronavirus: Upper Crust owner SSP launches major cash call and cuts jobs March 25, 2020 The owner of Upper Crust and Camden Food Co. SSP will issue new shares and slash jobs it said in a wide-ranging trading update on its strategy to survive the coronavirus slump. SSP will close outlets and reduce staff after encountering a 85 per cent plunge in business across its European sites amid the coronavirus [...]
Government and Bank of England urge banks to keep lending despite coronavirus uncertainty March 25, 2020 British banks must continue to provide loans during the coronavirus pandemic to ensure that previously viable companies do not fail due to the crisis, the government and Bank of England said. In a joint letter to the chief executives of major banks, Chancellor Rishi Sunak, Bank of England governor Andrew Bailey and the interim chief [...]
Halfords suspends dividend after forecasting a 25 per cent drop in sales March 25, 2020 Halfords has suspended its dividend to shore up its balance sheet after forecasting a 25 per cent drop in sales amid the coronavirus outbreak. The retailer anticipates a sharp drop in sales, of around £300m, following the government’s tightening of restrictions, but shares soared 56 per cent in morning trading before trading up 22.63 per [...]
The gender pay reporting rules have been waived due to coronavirus March 24, 2020 The annual reporting of gender pay gaps at UK businesses will not be required this year. The Equality and Human Rights Commission and Government Equality Office made the announcement as the country comes to terms with unprecedented restrictions to combat coronavirus. Last night, the Prime Minister announced wide ranging restrictions on social interaction to prevent [...]
Coronavirus: Global airlines body says disease will cost industry $252bn March 24, 2020 Industry body the International Air Transport Association has more than doubled its previous estimates of the revenue damage that the coronavirus epidemic will do to the world’s airlines, now setting the figure at $252bn (£214bn). Due to the stringent travel bans and border closures that have been implemented around the world as the result of [...]
UK government’s £330bn coronavirus package could be targeted by criminals March 24, 2020 The UK government’s £330bn emergency coronavirus aid package risks being targeted by organised crime, said a white collar crime lawyer. Risks will centre around false applications for small business grants of up to £25,000 each – and boiler room fraud operations could see money evaporate as organised crime gangs game the system, the lawyer said. [...]
Coronavirus: Government will not provide industry-wide airline rescue package March 24, 2020 The government will not provide a single support package for the UK’s airlines and airports, but will instead provide aid on a case-by-case basis. The decision is an apparent u-turn on the government’s original plan. Last week chancellor Rishi Sunak said he would be discussing a potential package for “specifically airlines and airports”. Instead, Sunak [...]
High-spending Rishi Sunak proves a hit among Brits March 24, 2020 Prime Minister Boris Johnson’s approval ratings have turned positive for the first time as the public “rallies to the flag” during the coronavirus outbreak – but he’s still far less popular than chancellor Rishi Sunak. The 39-year-old chancellor, who only took up the job last month, has surged in popularity as he oversees the largest [...]