Premier League clubs face a £1bn reduction in their revenues in 2019-20 because of the coronavirus pandemic, says financial services firm Deloitte.The 20 English top-flight clubs had a combined revenue of more than £5bn for the first time in 2018-19.But this season has been on hold since March, and the 92 remaining matches will be held behind closed doors. And Deloitte's Dan Jones expects "significant revenue reduction and operating losses" in European football.Deloitte says £500m of the reduction for Premier League clubs - in rebates to broadcasters and a loss of matchday revenue - will be "permanently lost", with the remainder "deferred" until 2020-21 if this season and next are completed.M
Manchester United say the coronavirus pandemic has cost them an initial £28m - and expect the final figure to be far higher.United revealed their third-quarter results to 31 March on Thursday.Chief financial officer Cliff Baty said they are set to hand back £20m in TV revenue to broadcasters even if the Premier League season is completed. United lost an additional £8m over the final three weeks of March, when they had three matches postponed.A total of 11 United matches have been postponed because of the pandemic.Speaking in a conference call after the latest financial results were released, Baty explained that Premier League television broadcasters would get £20m back from the club because o
Amazon says it will produce hundreds of thousands of face shields for medics and sell them at cost price in the US.The internet giant said engineers from its drone and hardware divisions had been tasked with developing the product.At first, it will sell them to healthcare professionals, before making them available to all Amazon customers.Amazon is not the first major US firm to use its resources to produce personal protective equipment (PPE). Apple began sending face shields to hospitals in March. Space X, HP and Ford also used their manufacturing resources to make and donate face shields and other types of protective equipment. Amazon said that it had donated 10,000 face shields in the US and was "on track" to deliver a further...
Barclays has warned the coronavirus pandemic could cost it some £2.1bn, largely due to customers being unable to repay their loans. The firm said it was setting the money aside to cover its "initial estimates" of the impact of the virus. The impairment charge meant its profits for the first three months of 2020 dived 38% to £913m, it said.On Tuesday rival lender HSBC reported a 50% fall in profits linked to the pandemic.HSBC had forecast that bad loans would rise to $ 3bn (£2.4bn) due to customers not being able to repay them during the crisis.'Developing economic downturn'Barclays said on Wednesday the impact of the pandemic "came late in what was until that point a good quarter".But it said that despite the challenging environment, it was well placed to
Researchers say the economic costs of a deadly pathogen affecting olive trees in Europe could run to over €20 billion.They've modelled the future worst impacts of the Xylella fastidiosa pathogen which has killed swathes of trees in Italy. Spread by insects, the bacterium now poses a potential threat to olive plantations in Spain and Greece. The disease could increase the costs of olive oil for consumers.Xylella is considered to be one of the most dangerous pathogens for plants anywhere in the world. At present there is no cure for the infection. It can infect cherry, almond and plum trees as well as olives. It has become closely associated with olives after a strain was discovered in trees in Puglia in Italy in 2013. The organism