Smith & Nephew
Smith & Nephew sales decline eases in June as more elective surgeries begin

Hip and knee reconstruction, sports injuries, and ENT businesses were hit hardest by the impact of the pandemic. Smith & Nephew PLC (LON:SN.) said sales have declined progressively less in May and June as coronavirus lockdowns were eased in most countries. Having already revealed that underlying revenue declined 47% in April, the hip and knee replacement specialist said […]

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Britain’s lockdown drives Tesco’s sales and costs higher

LONDON (Reuters) – Tesco (TSCO.L), Britain’s biggest retailer, saw underlying UK sales rise 8.7% in its first quarter to May 30, boosted by the coronavirus lockdown, but reiterated a flat profit outlook due to the costs of the crisis. The supermarket group cautioned costs would be at the upper end of previous guidance and also […]

johnson
National Grid keeps dividend lights on despite coronavirus hit

There was a £117mln impact from coronavirus on earnings from increased provisions for US bad debts, with another £400mln expected to hit profits in the current year. National Grid PLC (LON:NG.) has increased its dividend despite profits falling as it takes a hit from increased bad debts from the coronavirus (COVID-19) pandemic in its US business.  The energy delivery […]

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UK economy shrinks record 20.4% in April due to lockdown

The UK’s economy shrank by 20.4% in April – the largest monthly contraction on record – as the UK spent its first full month in lockdown. The Office for National Statistics (ONS) said the “historic” fall affected virtually all areas of activity. The contraction is three times greater than the decline seen during the whole of […]

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Johnson Matthey halves dividend and axes jobs as virus hits demand

LONDON (Reuters) – Chemicals maker Johnson Matthey (JMAT.L) halved its dividend on Thursday and said it would cut nearly a fifth of its workforce as the coronavirus pandemic hits demand for its car pollution filters. The company, one of Europe’s leading producers of autocatalysts, said the 2,500 layoffs, or 17% of its staff, were part […]

Aston Martin
Aston Martin chief leaves after 94% share price collapse

Struggling luxury UK carmaker Aston Martin has announced that chief executive Andy Palmer has stepped down. Tobias Moers is taking over from 1 August, with Keith Stanton filling the gap as interim chief operating officer. Mr Moers joins from Mercedes’ high-performance subsidiary AMG, where he is currently chief executive. Aston Martin was struggling before the […]

Lufthansa
Coronavirus: Lufthansa agrees €9bn rescue deal with Germany

Lufthansa has agreed a rescue deal worth €9bn (£8bn) with the German government that saves it from collapse. The German airline has been severely affected by a decline in travel due to the coronavirus and closed its budget airline Germanwings in April. The German government will take a 20% stake in the firm, which it intends […]

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OIL PRICES TUMBLE ON DEMAND COLLAPSE, BRENT AT 1999 LOWS

TOKYO (Reuters) – Oil prices slumped again on Wednesday, with Brent falling to the lowest since 1999, as the market struggled with a massive crude glut amid a collapse in demand for everything from gasoline to jet fuel caused by the coronavirus outbreak. Brent crude LCOc1, which fell 24% in the previous session, touched $15.98 […]