The Bank’s first work on the possible impact sees little scarring despite the largest annual decline in GDP for 300 years looming. A Bank of England scenario sees UK GDP falling 14% this year, its worst annual slump for more than 300 years, and the jobless rate hitting 8% as the coronavirus crisis ravages the economy. The Bank released its …

The 15 outlets are largely based in and around London and the South East, and include three in Luton and two in Chelmsford. McDonald’s has announced which restaurants it plans to reopen next Wednesday for the first time since the coronavirus lockdown. The 15 sites, which will all be for delivery only from 13 May, are largely based in and …

The banking giant’s first quarter profits fell by a steeper than expected 48% as it counted the cost of the global crisis. HSBC has warned a “severe” coronavirus scenario could cost it as much as $11bn (£8.7bn) this year as it reported a sharp fall in quarterly profit due to the pandemic. The banking giant saw earnings dip to $3.2bn …

Virgin Australia has entered voluntary administration in the hope of emerging from the COVID-19 crisis in a “stronger financial position”. Australia’s second-largest airline made the announcement on Tuesday in a statement to the Australian Securities Exchange. It confirmed the appointment of a team of administrators from Deloitte and said it wanted to “recapitalise the business and help ensure it emerges …

Oil prices plunged further on Monday April 20, as storage space ran low for the glut of crude no longer needed by economies hard hit by Coronavirus.   The price of crude oil fell to $11, crashing almost 40 percent in a market flooded with crude and slammed by evaporating demand in the face of the coronavirus pandemic. At 8:54 a.m. EDT …

Labour cautions that the devil may be in the detail as the Chancellor reveals the latest package of financial support for firms. The Chancellor has revealed a £1.25bn scheme to protect innovative companies who can “power our growth” following the coronavirus pandemic. As the previously announced Job Retention Scheme for furloughed workers opened for applications, Rishi Sunak said the government …

Stocks closed sharply higher on Friday, completing two weeks of consecutive gains after policymakers ramped up talk of reopening the coronavirus-battered economy, while a major drugmaker’s progress with a COVID-19 treatment fueled optimism about the potential to keep the virus in check. The Dow, S&P 500 and Nasdaq all posted back-to-back weekly gains, the first time since the week ended …

The International Monetary Fund (IMF) has announced it has granted debt relief to over 25 poor member countries. The International Monetary Fund (IMF) is an organization of 189 countries, that helps foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment  and reduce poverty around the world. Created in 1945, the IMF is governed by and accountable …

South Asia faces its worst economic performance in 40 years because of the coronavirus, the World Bank has said. The effects will unravel decades of progress in the region’s battle against poverty. Economies such as India, Bangladesh, Sri Lanka and Pakistan have reported relatively few virus cases but experts fear they could be the next hotspots. The South Asia region …

Up to 500 job losses are expected at British Steel after a deal over pay and conditions for workers was struck with the Chinese buyer. Unions, which point out “significant numbers” had recently left the business, said an agreement was reached following 10 days of “extremely challenging” negotiations with the industrial giant Jingye. The firm is seeking to buy the business from …

Britain’s biggest high street banks have been left unable to process foreign currency orders following the cyber attack on Travelex, which provides services for them. Royal Bank of Scotland, Lloyds Banking Group, Barclays and HSBC are among more than a dozen major banks having problems after the New Year’s Eve ransomware attack. While customers are still being offered services in …

John Lewis said its boss was stepping down and Marks & Spencer shares have slumped after both retailers delivered grim Christmas trading updates. Each saw sales fall over a tough festive period for the high street – capping a gloomy 2019 which was the worst on record for the retail sector. Supermarket giant Tesco bucked the trend, but even then only managed …