Coronavirus: Tesco to take hit of up to £925m due to COVID-19

Tesco has warned that it could take a hit of up to £925m due to the coronavirus, according to its latest set of results. The supermarket chain estimated the impact of the COVID-19 pandemic would be between £650m and £925m, including significant cost increases in payroll, distribution and store expenses. In its results statement, Tesco said the full financial impact […]

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U.S. economy will eventually reopen but with big changes: Kudlow

WASHINGTON (Reuters) – The Trump administration is aiming to reopen the U.S. economy when the nation’s top health experts give the go-ahead, but Americans’ lives will be drastically different, White House economic adviser Larry Kudlow said on Tuesday. Even when people in the United States return to work and school, they will likely have to stay home when they have […]

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MAS waives TDSR limits for borrowers seeking to defer mortgage repayments

SINGAPORE – Singapore’s central bank has clarified that some of the limits used to calculate the amount an individual can borrow to repay housing and consumer loans will not apply to deferred repayment measures announced last week. The Monetary Authority of Singapore (MAS) said on Tuesday (April 7) that for individuals, including sole proprietors, the total debt servicing ratio (TDSR) will […]

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Asian companies pose lower dividend risk due to stronger finances

(Reuters) – Asian firms appear better equipped to pay stable dividends compared with their western counterparts that are constrained by highly levered balance-sheets and a need to preserve cash during the coronavirus outbreak. As major global central banks push interest rates to near-zero, yield-seeking investors are on the hunt for assets that provide a stable income. Analysts say that while […]

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OPEC+ likely to agree to cut production if U.S. joins effort: sources

DUBAI/LONDON/MOSCOW (Reuters) – Major oil producers including Saudi Arabia and Russia are likely to agree to cut production at a Thursday meeting but only if the United States joins the effort, aimed at coping with the disastrous effect of the coronavirus on fuel demand, three OPEC+ sources told Reuters on Monday. Worldwide oil demand has dropped by roughly 30%, or […]

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Wall Street surges on hopes of slowing coronavirus deaths

NEW YORK (Reuters) – U.S. stocks surged on Monday, with each of the major indexes rallying more than 5%, after a drop in the daily death toll in New York, the country’s biggest coronavirus hot spot, fueled hopes a leveling off of the pandemic was on the horizon. On Sunday, New York, the biggest U.S. hot spot, reported virus-related deaths […]

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Stocks jump as virus deaths slow; oil falls on OPEC+ delay

NEW YORK (Reuters) – World stock markets jumped on Monday, encouraged by a slowdown in coronavirus-related deaths and new cases in some of the world’s hot spots, while a delay in talks between Saudi Arabia and Russia to cut supply sent oil prices tumbling again. Equities investors were encouraged as the death toll from the virus slowed across major European […]

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Coronavirus: Debenhams moves to protect itself from creditors

Debenhams has filed a notice of intent to appoint administrators as it moves to shield itself from creditors amid the coronavirus crisis. Sky News reported on Friday how the company’s owners remained confident in its future, despite the shutdown of its 142 stores because of social distancing restrictions, though the chain was exposed on a number of fronts including rent […]

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