Businesses ‘have disappeared in the blink of an eye’
We already know that the government plans to provide wage subsidies of 80% of salaries (up to £2,500 per month) for staff kept on by employers during the pandemic. But Chancellor Rishi Sunak is expected to set out measures to help self-employed workers facing financial...
Nike turns to digital sales during China shutdown
Sportswear firm Nike has seen online sales rise by more than 30% in China as it rides out its coronavirus store shutdowns. The US firm has shut the majority of its stores globally, but says 80% have now reopened in China. “We expect the next...
Coronavirus: Construction firms split as shutdown calls grow
A growing number of construction companies have said they will stop all essential work to help fight the coronavirus, but others continue to operate amid confusion over the government’s advice. Housebuilder Persimmon has joined others in pledging to down tools, while most work has stopped...
What BITEX Trader and the stock market tells us about the consequences of COVID-19
The outbreak of the novel coronavirus (COVID-19) will go down in history as a major example of a neglected risk. The topic “infectious diseases” was ranked tenth in terms of impact in the World Economic Forum’s Global Risk Report 2020 (WEF 2020, published on 15...
Stock futures gain ground as Congress moves closer to a stimulus deal
U.S. equity futures are pointing to a higher open when Wall Street begins trading on Tuesday as congressional and White House officials emerged from grueling negotiations at the Capitol over the $2 trillion coronavirus rescue package saying they expected to reach a deal Tuesday. This...
Global stocks fall again despite coronavirus action
European stock markets have taken further hits over fears of the economic impact from the coronavirus pandemic. London’s FTSE 100 index sank more than 4%, while main indexes in Frankfurt and Paris were down more than 3%. Earlier, Asian stock markets had fallen sharply. Crude...
Global economy will suffer for years to come, says OECD
The world will take years to recover from the coronavirus pandemic, the Organisation for Economic Co-operation and Development has warned. Angel Gurría, OECD secretary general, said the economic shock was already bigger than the financial crisis. He told the BBC it was “wishful thinking” to...
Budget airline Ryanair says it will ground nearly all flights from next week due to coronavirus
Budget airline Ryanair says it will ground nearly all its flights from next week due to the coronavirus crisis gripping Europe. The industry has been heavily hit by the outbreak as governments have scrambled to close borders and lockdown citizens. It comes after Flybe, which...
Brexit: British government spent at least €5 billion preparing for leaving the EU
The UK’s National Audit Office (NAO) has released a report showing that government departments spent at least £4.4 billion (€5.08 billion) preparing for the United Kingdom’s exit. In the 32-page report, published on Friday (March 6), the office said it had asked all 18 central...
Geneva Motor Show 2020: Swiss car showcase cancelled over coronavirus
The Geneva Motor Show was cancelled after the Swiss government put an immediate ban Friday on all public and private events involving more than 1,000 people in order to halt the spread of the new COVID-19 coronavirus. The ban on big events will last until...
Europe’s biggest companies need to spend twice as much on reducing emissions: report
European companies spent €124 billion on reducing their carbon footprint in 2019 – but a report claims that is just half what they needed to spend if the EU is to reach its net-zero carbon target by 2050. The CDP, a UK-based organisation specialising in...
Delivering success through digitalisation
Once only the largest firms could afford to pay for the best digital tools, but rapid advances in online technology, smart computing and artificial intelligence mean that even the smallest companies can now take advantage of the latest systems to boost their business. Driving a...
Bank of England cuts interest rates from 0.25% to 0.1% amid coronavirus-sparked economic turmoil
The Bank of England has slashed its key interest rate to 0.1%, its lowest-ever level, amid global economic turmoil sparked by the coronavirus pandemic. The bank’s Monetary Policy Committee says the unanimous decision is part of moves “to meet the needs of UK businesses and...
COVID-19 spread prompts Federal Reserve to slash rates in surprise move
In a surprise move, the Federal Reserve cut its benchmark interest rate by a sizable half-percentage point Tuesday in an effort to support the economy in the face of the spreading coronavirus. Chairman Jerome Powell noted that the coronavirus “poses evolving risks to economic activity.”...
Asian markets open in freefall amid coronavirus fears
Global stock exchanges suffered historic crashes as coronavirus panic gripped the financial world. On Friday morning, stock markets across Asia opened to a freefall in numbers, with benchmarks in Japan, Thailand and India sinking as much as 10% after Wall Street suffered its biggest drop...