Thomas Cook: Taxpayers will pay for next tour firm collapse, says watchdog March 19, 2020 The collapse of Thomas Cook has left the government’s tourism industry fund severely depleted, meaning taxpayers would have to foot the bill if another tour operator falls into insolvency. Thomas Cook’s shock insolvency and the subsequent repatriation of thousands of customers cost the government at least £156m, according to the National Audit Office (NAO). The [...]
UK agrees measures to protect households’ energy supply March 19, 2020 The government and energy companies have agreed emergency measures to safeguard vulnerable households through the Covid-19 pandemic. From today, customers with pre-payment meters who cannot add credit will be able to contact their supplier to agree other options to keep their power on. These could include being sent pre-topped up cards, nominating a third party [...]
Coronavirus: Joules scraps dividend as sales fall March 19, 2020 High street retailer Joules has cancelled its dividend payment in a bid to save cash as sales plunge due to coronavirus. Joules said the decision to scrap its proposed interim dividend will save the firm £700,000 as it attempts to “manage the near term challenges” caused by the outbreak. The brand has suffered a decline [...]
COVID-19: A framework for business response March 19, 2020 | City Talk COVID-19 is fundamentally affecting companies’ ability to operate and plan. The sheer extent of government and central bank support unveiled in the last few days underlines the unique combination of challenges created by this crisis and the degree to which this will impact every part of our lives. Outlined below is a summary of the [...]
Next warns of coronavirus blow to online and high street sales March 19, 2020 High street titan Next has warned coronavirus will produce a “very significant” sales blow in the coming year as travel restrictions dramatically damage the retail sector. Next, considered an economic bellwether, said it is now preparing for a “significant downturn” in 2020. “When the pandemic first appeared in China, we assumed that the threat was [...]
Burberry sales down 50 per cent as coronavirus spreads globally March 19, 2020 Luxury British brand Burberry this morning warned that sales have halved as coronavirus has decimated consumer demand. Sales have dropped between 40 per cent to 50 per cent since 24 January, as the outbreak has spread across the world, forcing Burberry to close around 40 per cent of its stores globally. In Europe, the Middle [...]
DEBATE: Is there a case for the UK government bailing out airlines in the midst of the coronavirus crisis? March 19, 2020 Is there a case for the UK government bailing out airlines in the midst of the coronavirus crisis? YES, says Rob Burgess, editor of headforpoints.com, the UK’s biggest frequent flyer website. There are many reasons not to bail out companies — it is wrong to reward stupidity, bad management, corruption, or those who failed to [...]
TfL to shut 40 Tube stations as Londoners told ‘don’t travel’ over coronavirus March 19, 2020 As many as 40 Tube stations are set to close today as London attempts to curb the spread of coronavirus across the capital. Transport for London (TfL) announced the partial shutdown of the Tube late last night, warning passengers it will come into effect from this morning. “Up to 40 London Underground stations that do [...]
It’s time to self-isolate from social media’s armchair experts March 19, 2020 You can tell whether a news story is really, properly serious by the degree to which people develop instant expertise. Back in 2008, all sorts of people who didn’t know an asset from a debt suddenly started holding forth confidently about balance sheet liabilities and CDO-Squareds. A few years later, in the wake of the [...]
Coronavirus: New York Stock Exchange to shift fully to online trading from 23 March March 18, 2020 The New York Stock Exchange (NYSE) will temporarily close its trading floors and move fully to electronic trading from Monday, its owner Intercontinental Exchange said after an employee and a trader were tested positive for the coronavirus. They were last in the exchange building on 13 March, the company said today. The facilities to be closed [...]