News That Matters

Tag: loss

Coronavirus: Shearings collapses with loss of 2,500 jobs

Coronavirus: Shearings collapses with loss of 2,500 jobs

Business
The owner of Shearings, the coach holidays provider, has crashed into administration, resulting in the immediate loss of 2,500 jobs and thousands of customers' holidays being cancelled.EY, the administrator to Specialist Leisure Group (SLG), confirmed late on Friday afternoon that it had made more than 2,000 staff redundant who had previously been furloughed under the government's job retention scheme. The news adds to the fast-growing toll of job losses across the economy as the coronavirus crisis continues to wreak havoc with industries such as leisure and travel.SLG's operations include brands such as UK Breakaways, Coast & Country Hotels, Bay Hotels, Country Living Hotels, and Wallace Arnold Travel, has ceased trading with immediate effect.The hotel chains will not reopen following...
Coronavirus symptoms: UK adds loss of smell and taste to list

Coronavirus symptoms: UK adds loss of smell and taste to list

Health
Loss of smell or taste have been added to the UK's list of coronavirus symptoms that people should look out for and act upon. Until now, only a fever and cough were triggers for people to shut themselves away in self-isolation in case they had and could spread the infection. Ear, nose and throat doctors had been warning for weeks that more symptoms should be included. Scientific advisers told the government to update the advice. If you or someone you live with has any of these symptoms - a new, continuous cough, fever or loss of smell or taste - the advice is stay at home for seven days to stop the risk of giving coronavirus to others. Coronavirus: What should I do if I have symptoms?Loss of smell and taste may still be signs of other respiratory infect...
Young working professionals to cut down expenses as post-Covid world brings uncertainty, job loss

Young working professionals to cut down expenses as post-Covid world brings uncertainty, job loss

Finance
MUMBAI: As the country enters the final week of the third phase of the COVID-19-induced lockdown, public sentiment is getting into negative territories with over 50 per cent of those polled having a negative outlook on income. What is more, younger and those in the middle-income consumers are more worried about their income post-COVID, loan repayments and spending, says an international survey. According to a survey by international consultancy Boston Consulting Group, as much as 85 per cent of those in the poll are worried about servicing loans post-moratorium, while more than 40 per cent are planning to cut down spending in the next six months as they fear about their jobs and income. The survey, carried out during the third phase of lockdown (May 4-17) among 1,300 consumers in metros ...
Uber plunges to $2.9bn loss but ‘encouraged’ as lockdowns ease

Uber plunges to $2.9bn loss but ‘encouraged’ as lockdowns ease

Business
Uber has reported a loss of $ 2.9bn (£2.3bn) for the first quarter as the coronavirus took its toll but said it saw encouraging signs in markets beginning to open up after lockdowns.The Silicon Valley firm said its ride-hailing business had been "hit hard by the ongoing pandemic" though its smaller Uber Eats division was buoyed by a surge in food deliveries. Uber's results come a day after it announced that it was to cut 3,700 jobs as the coronavirus had resulted in a slump in ride bookings.But shares rose in after-hours trading following latest results, as chief executive Dara Khosrowshahi said bookings in the US started to recover last week as some states reopen following lockdowns.Mr Khosrowshahi said: "While our rides business has been hit hard by the ongoing pandemic, we have taken qu
Govt increases loss coverage for micro loan defaults to 75% from 50% earlier

Govt increases loss coverage for micro loan defaults to 75% from 50% earlier

Finance
New Delhi: The finance ministry has increased coverage of a lender’s loss in case of loan default under the Credit Guarantee Fund for Micro Units (CGFMU) scheme to 75%, from 50% earlier. The amendment to the scheme, notified on Thursday, is aimed at incentivising lending to micro businesses which are bearing the brunt of the coronavirus outbreak and the ensuing nationwide lockdown. “It will incentivise lending institutions to give credit as their losses from defaults on loans will be protected to the extent of 75%,” said Anil Gupta, head of financial sector ratings at ICRA. The CGFMU scheme, announced in April 2016, covers micro loans up to Rs 10 lakh extended under the Pradhan Mantri Mudra Yojana. Lenders can pay a fee for the portfolio of loans they want to be covered by the guarantee,