Coronavirus: New York and London slip up in financial centres ranking March 26, 2020 The world’s leading financial centres saw their ratings tumble in an annual survey today as the global coronavirus pandemic saw investors flee for the relative stability of western Europe. New York and London kept their top two positions in the Global Financial Centres Index list, which measures the competitiveness of the world’s financial centres. But [...]
Intu sees rent payments dive amid UK coronavirus crisis March 26, 2020 Struggling retail landlord Intu has received less than a third of rent due for its second quarter as retailers struggle to pay the bills amid the UK coronavirus crisis. That forced it to abandon 2020 guidance as its incredibly low shares dropped three per cent to under 4p. The government has ordered almost all shops [...]
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” [...]
UK retail sales miss expectations before March’s coronavirus hit March 26, 2020 UK retail sales slumped 0.3 per cent in February to miss expectations of a small rise of 0.2 per cent. And core UK retail sales dropped 0.5 per cent on a monthly basis, deeper than expected in February, despite few businesses seeing the coronavirus-led slowdown that has wrought havoc in March. Excluding fuel, UK retail [...]
Zoopla: Coronavirus could send UK house prices plunging March 26, 2020 UK house prices could plunge dramatically as the coronavirus outbreak causes demand to dry up, Zoopla has warned. The spread of Covid-19 is already having a big effect on the market, causing a 40 per cent drop in demand for housing in the seven days to 22 March, according to data from property website Zoopla. [...]
Coronavirus: The government’s job retention scheme needs some more tweaking March 26, 2020 With businesses ordered to close and workers to self-isolate, the government is attempting to protect the wages of those impacted to avoid them breaking quarantine to go job-hunting. The Coronavirus Job Retention Scheme (CJRS), which offers payments to affected workers of 80 per cent of income, capped at £2,500 a month, provides some security, but [...]
Debate: Are the emergency powers granted to the government in the Coronavirus Bill too long-lasting? March 26, 2020 Yesterday, the Lords passed the Coronavirus Bill, which gives the government never-before-seen powers in a bid to halt the outbreak. However, they will only be reviewed every six months. City A.M. asks whether this is too long-lasting. Yes, says Silkie Carlo, director of Big Brother Watch Emergency powers are needed – but with an emergency [...]
Time for a staycation? Mortgage payment holidays explained March 26, 2020 As part of its plan to reduce the economic damage done by staying at home during the coronavirus outbreak, the government has granted a holiday on what is many people’s biggest outlay: mortgage payments. For three months, those who are paying off their mortgage will get a temporary break from their monthly payments, one of [...]
Coronavirus crisis is putting the public good back at the heart of commerce March 26, 2020 Conservative chancellors are not usually known for their inspirational quotes. Rishi Sunak, however, channelled the mood of the nation when he unveiled his bold package to tackle the coronavirus crisis. Ending his speech on a stirring note, he set out how history would judge our response, highlighting the acts of kindness and decency that would [...]
Coronavirus: Pursue profit at all costs or stand by your staff? The world has its eye on business March 26, 2020 How times have changed. It is remarkable to think that it was just eight weeks ago that business and political leaders from around the world gathered in the Alpine town of Davos. The 50th World Economic Forum was dominated by discussion of the climate crisis, global trade and artificial intelligence. US President Donald Trump declared [...]