Media playback is unsupported on your device Media captionChris Morgan, who runs a family cafe in Tredegar, says it will be a long time before things return to normal An economic downturn from coronavirus will fall “most heavily” on valleys towns and coastal communities in north Wales, according to a research group. The Centre for Towns says places already exposed… Read more →
Image copyright McLaren UK supercar maker and Formula 1 team McLaren plans to cut more than a quarter of its workforce after the coronavirus crisis hit sales and advertising revenue. The firm employs about 4,000 people, and of the 1,200 to be made redundant, the vast majority will be in the UK. Formula 1 racing has been suspended, while orders… Read more →
Image copyright Cece Philips Image caption Cece Philips gave up a career in advertising to try and make it as an artist “I don’t think it could have been a bigger change. I’ve gone from a large office in Soho to being at home painting in my bedroom.” The coronavirus pandemic prompted 24-year-old Cece Philips, a graduate from London, to… Read more →
Image copyright Getty Images Chinese e-commerce giant Alibaba said it has seen a “steady recovery” in the country since March, but warned that the path to an economic rebound remains uncertain. The firm’s sales grew 22% in the three months to 31 March, despite virus-related restrictions denting activity. The gain was stronger than expected, driven by demand for groceries, electronics… Read more →
Image copyright Getty Images Image caption The furlough scheme means the government is paying the wages of more than 6.3 million people The government borrowed £62.1bn in April, the highest monthly figure on record, according to official figures. It underlines the cost of coping with the coronavirus pandemic through jobs schemes and loans, and is double the forecast of many… Read more →
Image copyright Reuters Rolls-Royce has said it will cut 9,000 jobs and warned it will take “several years” for the airline industry to recover from the coronavirus pandemic. The firm, which makes engines for planes, said the reduction of nearly a fifth of its workforce would mainly affect its civil aerospace division. “This is not a crisis of our making.… Read more →
Image copyright Getty Images Large firms who borrow from the UK taxpayer will be banned from paying bonuses and dividends, according to the Treasury and the Bank of England. The limit on the Coronavirus Large Business Interruption Loan Scheme has been lifted from £50m to £200m. Firms who want more than £50m will face restrictions until the loan is repaid.… Read more →
Image copyright Getty Images The cost of the government’s efforts to combat the coronavirus pandemic has risen to £123.2bn, according to latest estimates from the government’s independent economics forecaster. The Office for Budget Responsibility’s previous estimate was £103.7bn. The increased cost of the government’s furlough scheme is the main cause. It now expects annual borrowing to equal 15.2% of the… Read more →
Image copyright Getty Images McLaren is considering raising money by mortgaging its historic car collection and factory to see it through the coronavirus crisis. The Formula One team owner and supercar maker has seen sales and F1 advertising revenues hit as countries globally went into lockdown. Cars on show at McLaren’s Surrey HQ include F1 winners from the 1980s and… Read more →
Image copyright Getty Images Federal Reserve chair Jerome Powell has warned that America faces a slow and painful economic recovery without additional government relief. The dark forecast from the head of the US central bank is a turnaround from early April, when he said he expected a robust rebound. It comes as lawmakers debate additional spending to shield the US… Read more →