news--2020-04-27--Coronavirus: Small firms offered loans of up to £50,000 that are 100% backed by govt

The chancellor has announced a new coronavirus crisis aid scheme , offering small businesses up to £50,000 in loans that will be 100 % guaranteed by the government .
Rishi Sunak told MPs the `` bounce back '' loans were a consequence of many firms struggling to access credit during the COVID-19 lockdown to date .
He said the microloan scheme would be in place from next Monday , with applications to banks via a simple form .
Crucially , applicants will not face a viability test - but some fraud checks will have to be completed .
`` Businesses @ @ @ @ @ @ @ new bounce back loans for 25 % of their turnover up to a maximum of £50,000 with the government paying the interest for the first 12 months , '' the chancellor said .
Mr Sunak said the sums involved meant the government could meet the risks associated with the scheme as he rejected calls , made by business groups , for the taxpayer to guarantee 100 % of other emergency schemes .
There have been widespread reports of banks being slow and reluctant to lend to small and medium-sized businesses under the Coronavirus @ @ @ @ @ @ @ because they are liable for 20 % of the risk .
The chancellor defended the government against claims that the schemes fail to match the packages by other nations such as Switzerland in terms of cash and speed .
He insisted the UK 's measures should be looked at in their totality , to include things such as business rates holidays and VAT deferrals .
He argued the whole fiscal package was among the best available in the world .
`` Around half a million employers have already applied for help to pay @ @ @ @ @ @ @ jobs , '' he said .
Mr Sunak also told MPs more than 1.5 million new claims had been made for Universal Credit .
He added : `` I 've heard some calls for the government to underwrite all our loan schemes with 100 % guarantees .
I remain unconvinced by the case for doing that universally .
`` We should not ask the ordinary taxpayers of today and tomorrow to bear the entire risk of lending almost unlimited sums to businesses who may , in some cases , have very little prospect @ @ @ @ @ @ @ necessarily because of the impact of the coronavirus , '' the chancellor said .
The CBI , which had been among organisations demanding 100 % loan guarantees , said the new microloan scheme was `` transformational '' .
Its director general , Dame Carolyn Fairbairn , said : `` Sole traders , micro-firms and entrepreneurs will now have a simple route to fast finance to stay afloat , without red tape or time-consuming checks .
`` Thousands of businesses could be saved by this lifeline .
Banks now need to continue their work @ @ @ @ @ @ @ faster . ''

The chancellor has announced a new coronavirus crisis aid scheme, offering small businesses up to £50,000 in loans that will be 100% guaranteed by the government.
Rishi Sunak told MPs the "bounce back" loans were a consequence of many firms struggling to access credit during the COVID-19 lockdown to date.
He said the microloan scheme would be in place from next Monday, with applications to banks via a simple form.
Please use Chrome browser for a more accessible video player 2:00 'If you keep going, we will beat this'
Crucially, applicants will not face a viability test - but some fraud checks will have to be completed.
"Businesses will be able to apply for these new bounce back loans for 25% of their turnover up to a maximum of £50,000 with the government paying the interest for the first 12 months," the chancellor said.
Mr Sunak said the sums involved meant the government could meet the risks associated with the scheme as he rejected calls, made by business groups, for the taxpayer to guarantee 100% of other emergency schemes.
There have been widespread reports of banks being slow and reluctant to lend to small and medium-sized businesses under the Coronavirus Business Interruption Loan Scheme (CBILS) because they are liable for 20% of the risk.
The chancellor defended the government against claims that the schemes fail to match the packages by other nations such as Switzerland in terms of cash and speed.
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He insisted the UK's measures should be looked at in their totality, to include things such as business rates holidays and VAT deferrals. He argued the whole fiscal package was among the best available in the world.
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"Around half a million employers have already applied for help to pay the wages of over four million furloughed jobs," he said.
Image: Rishi Sunak announced the latest business support scheme in a statement to the Commons
Mr Sunak also told MPs more than 1.5 million new claims had been made for Universal Credit.
He added: "I've heard some calls for the government to underwrite all our loan schemes with 100% guarantees. I remain unconvinced by the case for doing that universally.
"We should not ask the ordinary taxpayers of today and tomorrow to bear the entire risk of lending almost unlimited sums to businesses who may, in some cases, have very little prospect of paying those loans back and not necessarily because of the impact of the coronavirus," the chancellor said.
The CBI, which had been among organisations demanding 100% loan guarantees, said the new microloan scheme was "transformational".
Its director general, Dame Carolyn Fairbairn, said: "Sole traders, micro-firms and entrepreneurs will now have a simple route to fast finance to stay afloat, without red tape or time-consuming checks.
"Thousands of businesses could be saved by this lifeline. Banks now need to continue their work in overdrive to get the loans flowing faster."


news--2020-04-26--Coronavirus: PM returns to work amid pressure to ease lockdown and cut COVID-19 deaths

Boris Johnson will plunge into a hectic round of back-to-back meetings on coronavirus on his first day back in Downing Street after his life-threatening illness .
The prime minister is back at his desk in No 10 after a three-week absence and immediately faces massive decisions on the government 's next moves to stamp out the virus .
After chairing the daily COVID-19 `` war cabinet '' of senior ministers , Mr Johnson is expected to hold one-to-one talks with cabinet colleagues on the progress of their departments in his absence .
He is also expected to discuss plans for @ @ @ @ @ @ @ lockdown , possibly before the 7 May deadline when the government is legally obliged to announce its next review of the rules .
Mr Johnson is eager to return directly to the political frontline by chairing the Downing Street news conferences and taking part in Prime Minister 's Questions on Wednesday , provided his doctors give the go-ahead .
After spending the past fortnight at Chequers , Mr Johnson arrived back in Downing Street with no fanfare .
There was no motorcade , limousine or motorcycle outriders as he made a low-key return @ @ @ @ @ @ @ to Downing Street insiders , after his two weeks convalescing in the Buckinghamshire countryside he is `` back to his normal self , excited to be back in No 10 and ready to take personal charge of the government '' .
Allies claim he has `` got his bounce back '' , a fortnight after a stay in hospital which he claimed `` could have gone either way '' and prompted him to thank NHS doctors and nurses for saving his life in a video message .
Ministers are said to be delighted @ @ @ @ @ @ @ his illness and Tory MPs will be relieved that Mr Johnson is back in control after claims of a power vacuum at the heart of government while he was away .
: : Listen to Sophy Ridge on Sunday on Apple podcasts , Google podcasts , Spotify , Spreaker Mr Johnson faces a formidable in-tray as he gets back to work , however .
His to-do list includes : • Lowering the COVID-19 death rate : The government says the UK is past the peak in deaths , but reducing the number of @ @ @ @ @ @ @ priority • 100,000 tests per day by Thursday : The PM has just three days to reach Health Secretary Matt Hancock 's ambitious - critics say reckless - target of 100,000 tests a day • Stem the number of cases and deaths in care homes : This week will also bring more questions about the number of cases and deaths with COVID-19 in care homes • Lockdown restrictions : As the UK enters another week of lockdown , the decision of when to lift restrictions has split the cabinet and divided the business @ @ @ @ @ @ @ the prime minister has been away the battle against coronavirus has greatly changed .
When he went into hospital on 5 April , the number of UK deaths was under 5,000 .
Now it is over 20,000 .
Although Mr Johnson 's return means talks on moves to ease the lockdown will now gather pace , the government is still urging the public to obey the rules and stay at home .
At the latest No 10 news conference , Professor Stephen Powis of NHS England said that while the number of patients @ @ @ @ @ @ @ to fall , it could easily pick back up if the restrictions were relaxed .
Outlining the latest data on deaths , he said : `` My fear is that those curves wo n't continue to be on a downward trend , but will start to go on an upward trend .
We are not at a point where any of us can be absolutely confident that that 's not going to be the case .
`` We need to remind ourselves that this has been a really tough four weeks and we @ @ @ @ @ @ @ that have come from this .
We need to keep going . ''

Boris Johnson will plunge into a hectic round of back-to-back meetings on coronavirus on his first day back in Downing Street after his life-threatening illness.
The prime minister is back at his desk in No 10 after a three-week absence and immediately faces massive decisions on the government's next moves to stamp out the virus.
After chairing the daily COVID-19 "war cabinet" of senior ministers, Mr Johnson is expected to hold one-to-one talks with cabinet colleagues on the progress of their departments in his absence.
He is also expected to discuss plans for modifying - but not lifting - the lockdown, possibly before the 7 May deadline when the government is legally obliged to announce its next review of the rules.
Mr Johnson is eager to return directly to the political frontline by chairing the Downing Street news conferences and taking part in Prime Minister's Questions on Wednesday, provided his doctors give the go-ahead.
After spending the past fortnight at Chequers, Mr Johnson arrived back in Downing Street with no fanfare. There was no motorcade, limousine or motorcycle outriders as he made a low-key return in a people carrier.
But according to Downing Street insiders, after his two weeks convalescing in the Buckinghamshire countryside he is "back to his normal self, excited to be back in No 10 and ready to take personal charge of the government".
Allies claim he has "got his bounce back", a fortnight after a stay in hospital which he claimed "could have gone either way" and prompted him to thank NHS doctors and nurses for saving his life in a video message.
Ministers are said to be delighted that he has returned so swiftly after his illness and Tory MPs will be relieved that Mr Johnson is back in control after claims of a power vacuum at the heart of government while he was away.
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:: Listen to Sophy Ridge on Sunday on Apple podcasts, Google podcasts, Spotify, Spreaker
Mr Johnson faces a formidable in-tray as he gets back to work, however. His to-do list includes:
Lowering the COVID-19 death rate: The government says the UK is past the peak in deaths, but reducing the number of people dying with the disease remains a priority
100,000 tests per day by Thursday: The PM has just three days to reach Health Secretary Matt Hancock's ambitious - critics say reckless - target of 100,000 tests a day
Stem the number of cases and deaths in care homes: This week will also bring more questions about the number of cases and deaths with COVID-19 in care homes
Lockdown restrictions: As the UK enters another week of lockdown, the decision of when to lift restrictions has split the cabinet and divided the business and scientific communities
In the three weeks the prime minister has been away the battle against coronavirus has greatly changed. When he went into hospital on 5 April, the number of UK deaths was under 5,000. Now it is over 20,000.
Although Mr Johnson's return means talks on moves to ease the lockdown will now gather pace, the government is still urging the public to obey the rules and stay at home.
Please use Chrome browser for a more accessible video player 0:49 PM 'in good shape', says Hancock
Please use Chrome browser for a more accessible video player 2:03 Nurses talk about caring for PM in hospital
At the latest No 10 news conference, Professor Stephen Powis of NHS England said that while the number of patients in hospital with the disease was continuing to fall, it could easily pick back up if the restrictions were relaxed.
Outlining the latest data on deaths, he said: "My fear is that those curves won't continue to be on a downward trend, but will start to go on an upward trend. We are not at a point where any of us can be absolutely confident that that's not going to be the case.
"We need to remind ourselves that this has been a really tough four weeks and we don't want to lose the benefits that have come from this. We need to keep going."


news--2020-04-27--Coronavirus: GPs sent 'urgent alert' about increase in children with serious COVID-19-like symptoms

GPs have been sent an `` urgent alert '' about an increasing number of children becoming severely ill with coronavirus-like symptoms .
The doctors were warned there has been a rise over the past three weeks in the number of children of all ages `` presenting with a multisystem inflammatory state requiring intensive care '' .
An initial alert about the coronavirus-like symptoms was issued to North London GPs then confirmed with an `` urgent alert '' to all doctors on Sunday by the Paediatric Intensive Care Society ( PICS ) .
Professor Stephen Powis , national medical director of @ @ @ @ @ @ @ being looked into as a `` matter of urgency '' .
But , speaking at the daily Downing Street briefing , Professor Powis said it was `` too early '' to establish a link and cautioned that this disease is `` very , very rare '' .
England 's chief medical officer , Professor Chris Whitty , said the possibility of a link between COVID-19 and the severe illness in children was `` certainly plausible '' .
PICS said parents should be `` assured that serious illness as a result of COVID-19 still @ @ @ @ @ @ @ in children '' .
The society , on behalf of NHS England , warned doctors that there has been a `` small rise '' in children presenting with toxic shock syndrome ( TSS ) or atypical Kawasaki Disease symptoms , including abdominal pain , gastrointestinal symptoms and cardiac inflammation .
The cases they have seen have also had `` blood parameters consistent with severe COVID-19 '' .
Some of the children presenting with symptoms have tested positive for COVID-19 and some may have had the virus previously , but others have not .
@ @ @ @ @ @ @ growing concern that a SARS-COV2-related inflammatory syndrome is emerging in children in the UK or that there may be another as yet unidentified infectious pathogen associated with these cases . ''
TSS is a severe illness brought on by bacterial toxins while Kawasaki Disease mainly affects children under the age of five and symptoms include a rash , swollen neck glands , dry , cracked lips , red fingers or toes and red eyes .
Kawasaki Disease causes the blood vessels to become inflamed and swollen which can lead to coronary arteries .
@ @ @ @ @ @ @ director for children and young people , said : `` Thankfully Kawasaki-like diseases are very rare , as currently are serious complications in children related to COVID-19 , but it is important that clinicians are made aware of any potential emerging links so that they are able to give children and young people the right care fast .
`` The advice to parents remains the same : If you are worried about your child for whatever reason , contact NHS 111 or your family doctor for urgent advice , or 999 in an @ @ @ @ @ @ @ you to go to hospital , please go to hospital . ''
: : Listen to the Daily podcast on Apple Podcasts , Google Podcasts , Spotify , Spreaker Professor Martin Marshall , chair of the Royal College of GPs , said GPs are keeping on top of new evidence and information as much as possible .
He said : `` In general practice , at least for the moment , we are encouraged that the cases in children are not increasing , but these particular symptoms sound concerning and we will be @ @ @ @ @ @ @ to ensure that we respond appropriately .
`` Parents should be reassured that the evidence currently suggests that COVID-19 is generally a mild disease in children , with a low morbidity and mortality rate .
If parents do have concerns about their child 's health , we would urge them to seek the appropriate medical advice , either contacting NHS 111 , their GP , or in emergencies dialling 999 . ''
Earlier this month , parents were urged to take their children to a doctor if they appear ill after a leading @ @ @ @ @ @ @ to the emergency department over fears they could contract COVID-19 .

GPs have been sent an "urgent alert" about an increasing number of children becoming severely ill with coronavirus-like symptoms.
The doctors were warned there has been a rise over the past three weeks in the number of children of all ages "presenting with a multisystem inflammatory state requiring intensive care".
An initial alert about the coronavirus-like symptoms was issued to North London GPs then confirmed with an "urgent alert" to all doctors on Sunday by the Paediatric Intensive Care Society (PICS).
Please use Chrome browser for a more accessible video player 2:28 How are children coping under lockdown?
Professor Stephen Powis, national medical director of NHS England, said the issue is being looked into as a "matter of urgency".
But, speaking at the daily Downing Street briefing, Professor Powis said it was "too early" to establish a link and cautioned that this disease is "very, very rare".
England's chief medical officer, Professor Chris Whitty, said the possibility of a link between COVID-19 and the severe illness in children was "certainly plausible".
PICS said parents should be "assured that serious illness as a result of COVID-19 still appears to be a very rare event in children".
The society, on behalf of NHS England, warned doctors that there has been a "small rise" in children presenting with toxic shock syndrome (TSS) or atypical Kawasaki Disease symptoms, including abdominal pain, gastrointestinal symptoms and cardiac inflammation.
The cases they have seen have also had "blood parameters consistent with severe COVID-19".
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Please use Chrome browser for a more accessible video player 0:53 Hancock announces NHS life assurance scheme
Some of the children presenting with symptoms have tested positive for COVID-19 and some may have had the virus previously, but others have not.
PICS added: "There is a growing concern that a SARS-COV2-related inflammatory syndrome is emerging in children in the UK or that there may be another as yet unidentified infectious pathogen associated with these cases."
TSS is a severe illness brought on by bacterial toxins while Kawasaki Disease mainly affects children under the age of five and symptoms include a rash, swollen neck glands, dry, cracked lips, red fingers or toes and red eyes.
Kawasaki Disease causes the blood vessels to become inflamed and swollen which can lead to coronary arteries.
Professor Simon Kenny, NHS national clinical director for children and young people, said: "Thankfully Kawasaki-like diseases are very rare, as currently are serious complications in children related to COVID-19, but it is important that clinicians are made aware of any potential emerging links so that they are able to give children and young people the right care fast.
"The advice to parents remains the same: If you are worried about your child for whatever reason, contact NHS 111 or your family doctor for urgent advice, or 999 in an emergency, and if a professional tells you to go to hospital, please go to hospital."
:: Listen to the Daily podcast on Apple Podcasts, Google Podcasts, Spotify, Spreaker
Professor Martin Marshall, chair of the Royal College of GPs, said GPs are keeping on top of new evidence and information as much as possible.
He said: "In general practice, at least for the moment, we are encouraged that the cases in children are not increasing, but these particular symptoms sound concerning and we will be working closely with our specialist paediatric colleagues to ensure that we respond appropriately.
"Parents should be reassured that the evidence currently suggests that COVID-19 is generally a mild disease in children, with a low morbidity and mortality rate. If parents do have concerns about their child's health, we would urge them to seek the appropriate medical advice, either contacting NHS 111, their GP, or in emergencies dialling 999."
Earlier this month, parents were urged to take their children to a doctor if they appear ill after a leading paediatrician said fewer children were being brought to the emergency department over fears they could contract COVID-19.


news--2020-04-27--Coronavirus: PM's trademark optimism tinged with fear of more victims and economic destruction

Boris Johnson is a man changed by a disease he described today as an `` unexpected and invisible mugger '' , strangling the life from its victims indiscriminately and with frightening speed .
Walking steadily to the podium in Downing Street was a prime minister apparently torn between two sides of himself .
The trademark boundless optimism still there but tinged by talk of mourning and death .
His long-held libertarian streak coloured by a fear that releasing the country from lockdown too soon could lead to more victims and economic destruction on an unprecedented scale .
Determined to project @ @ @ @ @ @ @ of Captain Tom Moore whose fundraising effort has inspired the nation , and spoke of `` our apparent success '' .
But under the surface his message was cautious , warning the country is poised at a moment of `` maximum risk '' and lingering on the spectre of death more than once .
He said `` sheer grit and guts '' have got the UK through the first stage of the virus , suggesting progress has been made .
But just as quickly he warned the public not to give up now @ @ @ @ @ @ @ unleash `` a new wave of death '' .
When seconds later he claimed `` we have so nearly succeeded '' , his audience could be forgiven for wondering if they were listening to the same speech .
The tension between these two versions of the prime minister run through the heart of the battle to conquer the virus itself .
Mr Johnson wants the public to be buoyed by how far the country has come and by the considerable success of an NHS coping , with spare capacity should it be required @ @ @ @ @ @ @ positivity , it is his default position .
But even the most optimistic among us ca n't deny the power and unpredictability of COVID-19 .
Without proper testing , tracking and tracing a second peak could creep up on the country and overwhelm the health service before anything could be done to stop it .
Even tweaking small aspects of the lockdown may have unpredictable results which could take weeks to wrestle control over again .
Businesses are struggling and mental health , domestic violence and underlying conditions are pressing concerns too .
@ @ @ @ @ @ @ now walk a fine line between these issues to chart a way forward in which , inevitably , more people will die .
He wo n't do this alone , promising more transparency and closer working with opposition leaders and business - a nod perhaps to the scale of the task ahead and the power that will be needed to persuade the public to support whatever comes next .
His speech was the result of a need , clearly understood by those in Downing Street , for the public to see the prime @ @ @ @ @ @ @ at least on the way there .
But his blonde hair , grown longer after weeks without a trim , could n't hide the pallid complexion left behind after battling a virus which is still killing hundreds every day .
Mr Johnson , like the country , is keen to put the worst behind him ; but this will a long , hard recovery and we 're not there yet .

Boris Johnson is a man changed by a disease he described today as an "unexpected and invisible mugger", strangling the life from its victims indiscriminately and with frightening speed.
Walking steadily to the podium in Downing Street was a prime minister apparently torn between two sides of himself.
The trademark boundless optimism still there but tinged by talk of mourning and death.
Please use Chrome browser for a more accessible video player 8:42 In full: PM's statement on first day back
His long-held libertarian streak coloured by a fear that releasing the country from lockdown too soon could lead to more victims and economic destruction on an unprecedented scale.
Determined to project positivity, Mr Johnson conjured the spirit of Captain Tom Moore whose fundraising effort has inspired the nation, and spoke of "our apparent success".
But under the surface his message was cautious, warning the country is poised at a moment of "maximum risk" and lingering on the spectre of death more than once.
He said "sheer grit and guts" have got the UK through the first stage of the virus, suggesting progress has been made.
But just as quickly he warned the public not to give up now as releasing lockdown measures too early would unleash "a new wave of death".
When seconds later he claimed "we have so nearly succeeded", his audience could be forgiven for wondering if they were listening to the same speech.
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The tension between these two versions of the prime minister run through the heart of the battle to conquer the virus itself.
Mr Johnson wants the public to be buoyed by how far the country has come and by the considerable success of an NHS coping, with spare capacity should it be required. The prime minister falls back on positivity, it is his default position.
But even the most optimistic among us can't deny the power and unpredictability of COVID-19.
Without proper testing, tracking and tracing a second peak could creep up on the country and overwhelm the health service before anything could be done to stop it.
Even tweaking small aspects of the lockdown may have unpredictable results which could take weeks to wrestle control over again.
Businesses are struggling and mental health, domestic violence and underlying conditions are pressing concerns too.
Mr Johnson knows this and he must now walk a fine line between these issues to chart a way forward in which, inevitably, more people will die.
He won't do this alone, promising more transparency and closer working with opposition leaders and business - a nod perhaps to the scale of the task ahead and the power that will be needed to persuade the public to support whatever comes next.
His speech was the result of a need, clearly understood by those in Downing Street, for the public to see the prime minister is, if not recovered, at least on the way there.
But his blonde hair, grown longer after weeks without a trim, couldn't hide the pallid complexion left behind after battling a virus which is still killing hundreds every day.
Mr Johnson, like the country, is keen to put the worst behind him; but this will a long, hard recovery and we're not there yet.


news--2020-04-27--Coronavirus: The irony for banks as they face pressure over COVID-19 loans

Major banks have been making big provisions to cover sour loans as the coronavirus crisis has accelerated The COVID-19 crisis has thrown up many unexpected surprises for investors .
The latest cropped up late on Sunday evening when Deutsche Bank , for years one of the biggest under-performers in European banking , unexpectedly said it would make a profit during the first quarter of 2020 rather than the loss that had been expected .
Deutsche 's shares shot up by almost 12 % as a result .
The news comes as the wider European banking sector prepares to report quarterly @ @ @ @ @ @ @ interest than usual .
The profitability of a bank normally reflects the health of the economies in which it operates and , with most of Europe going into lockdown towards the end of the quarter , the performance of the banking sector is therefore being closely watched .
Deutsche 's unexpected profitability during the quarter - the bank lost a thumping €5.3bn in 2019 - probably reflects one particular factor .
This is the volatility in markets that accompanied the spear of COVID-19 during the first three months of the year and which @ @ @ @ @ @ @ of Wall Street 's leading banks recently .
The share price reaction to Deutsche 's update - the full results come this Wednesday - rather reflects the rose-tinted way in which some investors , particularly in stock markets , are currently looking at the world .
News that Deutsche 's capital base will be slightly lower than Christian Sewing , its chief executive , has been targeting was more or less overlooked .
On the other side of the world , just as Deutsche was inspiring some optimism among investors , another lender @ @ @ @ @ @ @ Australia Bank ( NAB ) , the biggest lender to small businesses Down Under , was busily chopping its dividend to shareholders to its lowest level for three decades as it reported a 51 % drop in half-year earnings .
For good measure , NAB also announced it was seeking to tap investors for A $ 3.5bn ( £1.82bn ) .
NAB , whose chief executive is the former Royal Bank of Scotland CEO Ross McEwan , brought forward its results by 10 days - making it the first of the big four @ @ @ @ @ @ @ how COVID-19 has affected the sector .
The decision to pay a dividend , albeit a reduced one , has raised eyebrows because Australia 's banking regulator recently asked lenders not to declare distributions to shareholders until the impact of coronavirus had become clear .
Perhaps it should have taken the more robust stance of the Bank of England 's Prudential Regulation Authority ( PRA ) in this country which , at the beginning of the month , more or less ordered UK lenders not to pay their latest dividend .
The move @ @ @ @ @ @ @ a calculated risk by NAB as it seeks to recover from one of the country 's biggest financial scandals .
However , as the man parachuted to clean up the mess in which NAB previously found itself , Mr McEwan may have calculated he still enjoys sufficient goodwill from Australia 's financial regulators to pay a dividend .
He was also at pains to point out that , with 48 % of NAB 's shares owned by retail investors , to have cut the dividend altogether would have caused genuine financial pain to @ @ @ @ @ @ @ on their dividends from the banks .
And now attention turns to the UK banking sector with all of the big four - Barclays , HSBC , Lloyds and NatWest/RBS - due to report quarterly earnings .
Investors will be looking , firstly , for confirmation that the UK banking sector is as resilient and well-capitalised for this crisis as the market has been assuming .
To that end , the market will be looking to see how much the banks set aside to cover loans to customers - both household and business @ @ @ @ @ @ @ repaid .
Similar provisions by the US banks came to $ 25.4bn for the industry as a whole and sharply depressed profits .
But the level of provisioning for the UK banks is proving troublesome .
The front page story in today 's edition of the Financial Times reported that the banks are being urged by the PRA not to be overly conservative in their provisioning because this would hit their capital levels and , in the process , reduce the amount available to them to lend .
That is important because a @ @ @ @ @ @ @ will be the amount of money being lent , in particular , to small businesses .
The banking sector has been coming under fire in some quarters for the apparently slow uptake of loans under the government 's Coronavirus Business Interruption Loan Scheme ( CBILS ) - partly because , initially , the banks were asking business owners for personal guarantees .
The government acted quickly to prevent them from doing so , with loans of £200,000 or less , but another stumbling block proved to be the fact that the loans were @ @ @ @ @ @ @ by the Treasury .
Rishi Sunak , the chancellor , sought to tackle that on Monday by applying a 100 % government guarantee to all loans issued between £2,000-£50,000 .
Those microloans also remain interest free for the first year .
That will not overcome all the problems .
The ability of banks to process loan applications has also , in some cases , been hampered by high levels of staff illness and self-isolation .
Yet there is also a sense that some of the banks have been dragging their feet in getting @ @ @ @ @ @ @ .
As the business section of The Sunday Times put it this weekend , Lloyds Banking Group `` is not pulling its weight '' .
The latest industry figures suggest that , while Lloyds has 19 % of the small business banking market , it has approved just 12 % of the value of all loans under the CBILS scheme .
Barclays , with an 18 % share of the business banking market , is punching slightly above its weight , having made loans accounting for 21 % of the value of all @ @ @ @ @ @ @ hero of the hour so far has been NatWest .
It has a 20 % share of the business banking market and has , so far , accounted for more than 40 % of all loans under the CBILS scheme both by value and by volume .
So Lloyds , in particular , is likely to come under heavy scrutiny this week .
Bankers who were around during the financial crisis , meanwhile , may be pondering the irony of the situation in which the industry finds itself .
Back in 2008 , @ @ @ @ @ @ @ too much money and for not being cautious enough in doing so .
This time around , it seems , they are in the dog house for not lending enough and for being too cautious .

Sky's Ian King looks ahead to the bank reporting season in the UK as some of the world's largest lenders report a COVID-19 strain.
Coronavirus: The irony for banks as they face pressure over COVID-19 loans
Major banks have been making big provisions to cover sour loans as the coronavirus crisis has accelerated
The COVID-19 crisis has thrown up many unexpected surprises for investors.
The latest cropped up late on Sunday evening when Deutsche Bank, for years one of the biggest under-performers in European banking, unexpectedly said it would make a profit during the first quarter of 2020 rather than the loss that had been expected.
Deutsche's shares shot up by almost 12% as a result.
The news comes as the wider European banking sector prepares to report quarterly results - the results are of more interest than usual.
The profitability of a bank normally reflects the health of the economies in which it operates and, with most of Europe going into lockdown towards the end of the quarter, the performance of the banking sector is therefore being closely watched.
Deutsche's unexpected profitability during the quarter - the bank lost a thumping €5.3bn in 2019 - probably reflects one particular factor. This is the volatility in markets that accompanied the spear of COVID-19 during the first three months of the year and which helped boost profits in the trading operations of Wall Street's leading banks recently.
The share price reaction to Deutsche's update - the full results come this Wednesday - rather reflects the rose-tinted way in which some investors, particularly in stock markets, are currently looking at the world.
Image: Deutsche Bank had been expected to remain loss-making on the first quarter of the year
News that Deutsche's capital base will be slightly lower than Christian Sewing, its chief executive, has been targeting was more or less overlooked.
On the other side of the world, just as Deutsche was inspiring some optimism among investors, another lender was providing more sobering news.
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National Australia Bank (NAB), the biggest lender to small businesses Down Under, was busily chopping its dividend to shareholders to its lowest level for three decades as it reported a 51% drop in half-year earnings. For good measure, NAB also announced it was seeking to tap investors for A$3.5bn (£1.82bn).
NAB, whose chief executive is the former Royal Bank of Scotland CEO Ross McEwan, brought forward its results by 10 days - making it the first of the big four Australian lenders to give an idea of how COVID-19 has affected the sector.
The decision to pay a dividend, albeit a reduced one, has raised eyebrows because Australia's banking regulator recently asked lenders not to declare distributions to shareholders until the impact of coronavirus had become clear.
Perhaps it should have taken the more robust stance of the Bank of England's Prudential Regulation Authority (PRA) in this country which, at the beginning of the month, more or less ordered UK lenders not to pay their latest dividend.
Please use Chrome browser for a more accessible video player 2:24 Economy faces 'unprecedented' jolt
The move will be seen in some quarters as a calculated risk by NAB as it seeks to recover from one of the country's biggest financial scandals.
However, as the man parachuted to clean up the mess in which NAB previously found itself, Mr McEwan may have calculated he still enjoys sufficient goodwill from Australia's financial regulators to pay a dividend. He was also at pains to point out that, with 48% of NAB's shares owned by retail investors, to have cut the dividend altogether would have caused genuine financial pain to many Australian households and retirees who rely on their dividends from the banks.
And now attention turns to the UK banking sector with all of the big four - Barclays, HSBC, Lloyds and NatWest/RBS - due to report quarterly earnings.
Investors will be looking, firstly, for confirmation that the UK banking sector is as resilient and well-capitalised for this crisis as the market has been assuming. To that end, the market will be looking to see how much the banks set aside to cover loans to customers - both household and business customers - that may now not be repaid.
Similar provisions by the US banks came to $25.4bn for the industry as a whole and sharply depressed profits.
But the level of provisioning for the UK banks is proving troublesome.
The front page story in today's edition of the Financial Times reported that the banks are being urged by the PRA not to be overly conservative in their provisioning because this would hit their capital levels and, in the process, reduce the amount available to them to lend.
Please use Chrome browser for a more accessible video player 3:10 Banks raise interest on many mortgages
That is important because a second area investors will be watching closely will be the amount of money being lent, in particular, to small businesses.
The banking sector has been coming under fire in some quarters for the apparently slow uptake of loans under the government's Coronavirus Business Interruption Loan Scheme (CBILS) - partly because, initially, the banks were asking business owners for personal guarantees.
The government acted quickly to prevent them from doing so, with loans of £200,000 or less, but another stumbling block proved to be the fact that the loans were 80% and not 100% guaranteed by the Treasury.
Rishi Sunak, the chancellor, sought to tackle that on Monday by applying a 100% government guarantee to all loans issued between £2,000-£50,000. Those microloans also remain interest free for the first year.
Please use Chrome browser for a more accessible video player 9:46 Sunak announces small business loan scheme
That will not overcome all the problems. The ability of banks to process loan applications has also, in some cases, been hampered by high levels of staff illness and self-isolation.
Yet there is also a sense that some of the banks have been dragging their feet in getting money out to those who need it.
As the business section of The Sunday Times put it this weekend, Lloyds Banking Group "is not pulling its weight".
The latest industry figures suggest that, while Lloyds has 19% of the small business banking market, it has approved just 12% of the value of all loans under the CBILS scheme.
Barclays, with an 18% share of the business banking market, is punching slightly above its weight, having made loans accounting for 21% of the value of all loans under the CBILS scheme.
The hero of the hour so far has been NatWest. It has a 20% share of the business banking market and has, so far, accounted for more than 40% of all loans under the CBILS scheme both by value and by volume.
So Lloyds, in particular, is likely to come under heavy scrutiny this week.
Bankers who were around during the financial crisis, meanwhile, may be pondering the irony of the situation in which the industry finds itself. Back in 2008, UK banks were accused of having lent too much money and for not being cautious enough in doing so. This time around, it seems, they are in the dog house for not lending enough and for being too cautious.


news--2020-04-21--Coronavirus: UK only formally asked Turkey for PPE shipment help on Sunday - after telling Britons i

Coronavirus: UK only formally asked Turkey for PPE shipment help on Sunday - after telling Britons it was on its way

Britain only made a formal request to Turkey over a consignment of personal protective equipment on Sunday - the day after a cabinet minister announced the `` very significant additional shipment '' was already heading to the UK , Turkish sources have told Sky News .
Robert Jenrick , the housing secretary , said at the daily Downing Street press briefing on Saturday that 84 tonnes of the gear , including 400,000 urgently needed clinical gowns , would arrive in the UK from Turkey the following day .
It failed to materialise , but no explanation for the delay was @ @ @ @ @ @ @ told Sky News that no formal request was made to the Turkish authorities - who were not supplying the shipment , but whose help was sought to get it to the UK - until Sunday .
Gavin Williamson , the education secretary , said at the government 's daily briefing on Sunday that he `` hoped '' the delivery would arrive the next day .
That did not happen , either .
A Royal Air Force transport plane is sitting on the tarmac in Turkey awaiting the personal protective equipment ( PPE ) @ @ @ @ @ @ @ on Monday afternoon .
The hope had been it would pick up the first instalment of gear and return home by early on Tuesday morning .
But it appears the flight was simply to `` pre-position '' the A400M aircraft in Turkey to be able to ship the first instalment of 84 tonnes of cargo as soon as it is ready .
The delay has caused embarrassment for the government , which is already under significant pressure because of a shortage of gowns and other protective gear worn by frontline staff as they @ @ @ @ @ @ @ Listen to the All Out Politics podcast on Apple Podcasts , Google Podcasts , Spotify , Spreaker A government source said on Monday night that a commercial supplier in Turkey had been lined up to deliver the material over the weekend but something went wrong so officials were forced to ask the Turkish government for help .
A second UK source said the speed of manufacturing and paperwork may be causing the delays .
Another factor could be the need to check goods meet safety and quality standards .
On the Turkish side @ @ @ @ @ @ @ from the UK related to the PPE consignment was not made until Sunday and the Turkish authorities immediately assisted .
The sources also revealed that the manufacturer of the goods bound for the UK only submitted a request to the Turkish ministry of health on Monday for permission to export the gear .
Since last month , such permission is needed for PPE exports .
`` The Turkish state is not responsible for any delay .
We are ready to help in any way we can , '' one source said .
The @ @ @ @ @ @ @ never a problem from the Turkish authorities .
On the contrary , all permissions have been issued very swiftly . ''
The source added : `` It 's ridiculous to think that a country last week was helping the UK by donation and this week it is preventing ( the export of PPE ) . ''
Ankara gifted 250,000 pieces of personal protective equipment - 14 tonnes - to Britain over the Easter weekend .
With a round trip of about 12 hours , the RAF aircraft that has flown to Turkey could @ @ @ @ @ @ @ on Tuesday morning if it is able to load up straight away .
But that appears unlikely .
Instead it could face a wait on the tarmac .
A second military plane is scheduled to fly to Turkey early on Tuesday to help bring back the PPE and a third could travel later in the morning , according to the defence source .
Those timings could slip or the number of flights be reduced depending upon how much can be fitted onto the aircraft .
The chief executive of the NHS Confederation , @ @ @ @ @ @ @ delays on the shipment from Turkey `` makes a difficult situation worse '' .
Niall Dickson said : `` It would have been better had the government not made the announcement in the first place . ''

Britain only made a formal request to Turkey over a consignment of personal protective equipment on Sunday - the day after a cabinet minister announced the "very significant additional shipment" was already heading to the UK, Turkish sources have told Sky News.
Robert Jenrick, the housing secretary, said at the daily Downing Street press briefing on Saturday that 84 tonnes of the gear, including 400,000 urgently needed clinical gowns, would arrive in the UK from Turkey the following day.
It failed to materialise, but no explanation for the delay was given.
In fact two sources have told Sky News that no formal request was made to the Turkish authorities - who were not supplying the shipment, but whose help was sought to get it to the UK - until Sunday.
Gavin Williamson, the education secretary, said at the government's daily briefing on Sunday that he "hoped" the delivery would arrive the next day.
That did not happen, either.
A Royal Air Force transport plane is sitting on the tarmac in Turkey awaiting the personal protective equipment (PPE) after departing from an airbase in Oxfordshire on Monday afternoon.
The hope had been it would pick up the first instalment of gear and return home by early on Tuesday morning.
But it appears the flight was simply to "pre-position" the A400M aircraft in Turkey to be able to ship the first instalment of 84 tonnes of cargo as soon as it is ready.
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The delay has caused embarrassment for the government, which is already under significant pressure because of a shortage of gowns and other protective gear worn by frontline staff as they treat patients with coronavirus.
:: Listen to the All Out Politics podcast on Apple Podcasts, Google Podcasts, Spotify, Spreaker
A government source said on Monday night that a commercial supplier in Turkey had been lined up to deliver the material over the weekend but something went wrong so officials were forced to ask the Turkish government for help.
A second UK source said the speed of manufacturing and paperwork may be causing the delays. Another factor could be the need to check goods meet safety and quality standards.
Image: On Saturday Robert Jenrick said the Turkish PPE would arrive on Sunday
On the Turkish side, two sources said a formal request from the UK related to the PPE consignment was not made until Sunday and the Turkish authorities immediately assisted.
The sources also revealed that the manufacturer of the goods bound for the UK only submitted a request to the Turkish ministry of health on Monday for permission to export the gear.
Since last month, such permission is needed for PPE exports.
"The Turkish state is not responsible for any delay. We are ready to help in any way we can," one source said.
The second source said: "There was never a problem from the Turkish authorities. On the contrary, all permissions have been issued very swiftly."
The source added: "It's ridiculous to think that a country last week was helping the UK by donation and this week it is preventing (the export of PPE)."
Ankara gifted 250,000 pieces of personal protective equipment - 14 tonnes - to Britain over the Easter weekend.
With a round trip of about 12 hours, the RAF aircraft that has flown to Turkey could arrive back in the UK by early on Tuesday morning if it is able to load up straight away.
But that appears unlikely. Instead it could face a wait on the tarmac.
A second military plane is scheduled to fly to Turkey early on Tuesday to help bring back the PPE and a third could travel later in the morning, according to the defence source.
Those timings could slip or the number of flights be reduced depending upon how much can be fitted onto the aircraft.
The chief executive of the NHS Confederation, which represents organisations across healthcare, said delays on the shipment from Turkey "makes a difficult situation worse".
Niall Dickson said: "It would have been better had the government not made the announcement in the first place."


news--2020-04-27--Kim Jong Un: North Korean leader is 'alive and well', says South Korea

South Korea has said Kim Jong Un is `` alive and well '' , casting doubts again on speculation that the North Korean leader is seriously ill after undergoing heart surgery .
`` Our government position is firm , '' Moon Chung-in , the top foreign policy adviser to South Korean President Moon Jae-in , told CNN .
`` Kim Jong Un is alive and well .
He has been staying in the Wonsan area since 13 April .
No suspicious movements have so far been detected . ''
Kim , 36 , was last seen in public on 11 @ @ @ @ @ @ @ Workers ' Party politburo .
But when the country celebrated the birthday of his late grandfather and state founder Kim Il Sung four days later , he was absent .
Since then there have been conflicting accounts about his whereabouts and health , fanned by his heavy smoking , apparent weight gain since taking power and family history of cardiovascular problems .
CNN last week reported that Kim was in `` grave danger '' following the surgical procedure , citing an anonymous US official .
Daily NK , a website run mostly by @ @ @ @ @ @ @ week that Kim was recovering at a villa in Hyangsan County in North P'yongan province after having surgery on 12 April .
News agency Newsis cited South Korean intelligence sources on Friday as reporting that a special train for Kim 's use had been seen in Wonsan , while the dictator 's private plane remained in Pyongyang .
The agency reported that Kim may be sheltering from COVID-19 , the respiratory disease caused by the coronavirus .
A report by 38 North , a Washington-based project that monitors North Korea , said : @ @ @ @ @ @ @ prove the whereabouts of the North Korean leader or indicate anything about his health but it does lend weight to reports that Kim is staying at an elite area on the country 's eastern coast . ''
Reporting from inside North Korea is notoriously difficult because of tight controls on information within the secretive state .
Kim , a third-generation hereditary leader who came to power after his father 's death in 2011 , has no clear successor in his nuclear-armed country .
This could present a major international risk .
He has @ @ @ @ @ @ @ media before .
Kim vanished for more than a month in 2014 and North Korean state TV later showed him walking with a limp .

South Korea has said Kim Jong Un is "alive and well", casting doubts again on speculation that the North Korean leader is seriously ill after undergoing heart surgery.
"Our government position is firm," Moon Chung-in, the top foreign policy adviser to South Korean President Moon Jae-in, told CNN.
"Kim Jong Un is alive and well. He has been staying in the Wonsan area since 13 April. No suspicious movements have so far been detected."
Please use Chrome browser for a more accessible video player 0:53 'China would like to see N Korea more docile'
Kim, 36, was last seen in public on 11 April at a meeting of the ruling Workers' Party politburo.
But when the country celebrated the birthday of his late grandfather and state founder Kim Il Sung four days later, he was absent.
Since then there have been conflicting accounts about his whereabouts and health, fanned by his heavy smoking, apparent weight gain since taking power and family history of cardiovascular problems.
CNN last week reported that Kim was in "grave danger" following the surgical procedure, citing an anonymous US official.
Daily NK, a website run mostly by North Korean defectors, also said last week that Kim was recovering at a villa in Hyangsan County in North P'yongan province after having surgery on 12 April.
Image: South Koreans in Seoul watch a news report on the speculation about the North Korean leader's health
News agency Newsis cited South Korean intelligence sources on Friday as reporting that a special train for Kim's use had been seen in Wonsan, while the dictator's private plane remained in Pyongyang.
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The agency reported that Kim may be sheltering from COVID-19, the respiratory disease caused by the coronavirus.
A report by 38 North, a Washington-based project that monitors North Korea, said: "The train's presence does not prove the whereabouts of the North Korean leader or indicate anything about his health but it does lend weight to reports that Kim is staying at an elite area on the country's eastern coast."
Image: Satellite images show what may be the train belonging to Kim Jong Un in Wonsan. Pic: Airbus Defence & Space and 38 North/Pleiades © CNES 2020, Distribution Airbus DS
Reporting from inside North Korea is notoriously difficult because of tight controls on information within the secretive state.
Kim, a third-generation hereditary leader who came to power after his father's death in 2011, has no clear successor in his nuclear-armed country. This could present a major international risk.
He has disappeared from coverage in North Korean state media before.
Kim vanished for more than a month in 2014 and North Korean state TV later showed him walking with a limp.


news--2020-02-26--Virus turbulence could give airlines cover to make cuts

Some attribute the saying to Niccolo Machiavelli while others credit it to Sir Winston Churchill .
Either way , as the coronavirus continues to spread around the world , the expression `` never let a good crisis go to waste '' is front of mind for many businesses right now .
Unsurprisingly , it is the aviation sector taking the advice closest to heart , with two of Europe 's biggest players announcing cutbacks on Wednesday on the back of the outbreak .
Lufthansa , Germany 's largest airline and the third-largest in Europe by stock market value , unveiled @ @ @ @ @ @ @ suspend new hires and offer employees unpaid leave in an attempt to mitigate the financial impact of coronavirus .
It will also look at offering employees the option to go part-time and suspend training courses .
And it was revealed that KLM , which is the Dutch arm of Air France-KLM , Europe 's fifth-largest carrier by market value , is to delay all IT and property projects that have not yet got underway and will be suspending hiring in certain departments .
Elsewhere in the aviation sector , the Scandinavian carrier SAS @ @ @ @ @ @ @ suspend all flights to Beijing and Shanghai , which was later extended to the end of next month , would cost it SEK200m ( £16m ) .
Like SAS , Lufthansa had already cancelled all flights to and from mainland China - including those of its subsidiaries SWISS and Austrian Airlines - until the end of its winter flight schedule on 28 March .
It said that , along with changes on its routes to and from Hong Kong , a total of 13 of its aircraft would be grounded .
The carrier @ @ @ @ @ @ @ possible to estimate the expected impact of the current developments on earnings .
`` The group will be commenting on this matter at the press briefing for the annual results on 19 March . ''
Shares of Lufthansa fell by 1.8 % on the news .
The measures from KLM , meanwhile , emerged in a letter from Erik Swelheim , the airline 's chief financial officer , sent to senior managers on Tuesday .
KLM has already suspended its flights to mainland China until the end of March while its parent company @ @ @ @ @ @ @ €200m ( £168m ) from its profits this year .
In his letter to colleagues , Mr Swelheim wrote : `` The impact [ of coronavirus ] on KLM 's revenues will be very significant and only partly mitigated by lower costs and a lower fuel price .
`` We urge you all to reduce your cost levels to a minimum level to ensure safe operations .
Only 'must do ' expenditure is allowed . ''
He warned that , while KLM was yet to change any of its routes to and from @ @ @ @ @ @ @ disruption .
Air France-KLM 's shares fell by nearly 1 % .
The point about not wasting a crisis is that several of these carriers , notably Air France-KLM and Lufthansa , have been grappling for years to reduce their headcount but have been prevented from doing so by the unions .
The current situation may give them the cover to take more dramatic action .
The difficulty all airlines currently have , however , is in trying to quantify the potential hit to their balance sheet .
Rickard Gustafson , chief executive @ @ @ @ @ @ @ long as the COVID-19 outbreak was contained and the suspension of flights was isolated to the winter season , the outbreak would have only a marginal impact on the company 's earnings for the year .
But he added : `` The economic outlook remains uncertain .
`` If the situation does not stabilise before the important summer season , it could have major consequences for the industry and SAS . ''
What is interesting about the affair so far is that , while Air France-KLM has issued a profits warning related to @ @ @ @ @ @ @ 's largest two airlines by market capitalisation - Ryanair and International Airlines Group , the parent of British Airways - have done so far .
That may be because , thus far , most concerns have surrounded travel to and from China : Ryanair , as a regional airline , does not fly to China while IAG , of the major European carriers , has a lower market share in routes to and from the country than its rivals .
It accounts for just 8 % of routes between Europe and China while @ @ @ @ @ @ @ share , is the most affected .
This also explains why , to date , IAG 's share price has not been hit quite as badly as those of its competitors .
Since 13 January , when concerns about the outbreak in China became widespread , shares of IAG - which also owns Iberia and Aer Lingus - have fallen by 16 % while those of Lufthansa have fallen by 18 % and those of Air France-KLM by 20 % .
That could change , however , if short-haul routes across Europe start @ @ @ @ @ @ @ .
Markets appear to be pricing in this eventuality .
Shares of easyJet , for example , are down by 20 % since 13 January while those of Ryanair are off by 21 % during the same period .
Falls of that magnitude would normally , under the listings rules , require a public company to either issue a profits warning or to issue a statement saying - in the boilerplate wording used on these occasions - that they `` know of no reason '' for the share price movement .
All of @ @ @ @ @ @ @ European aviation sector was already under immense pressure due to over-capacity in the market and an uncertain backdrop for consumer spending .
Unlike the early months of 2019 , when the industry was under similar pressure , there has been a slight tonic in the form of a drop in the oil price but that may not - as KLM pointed out - be enough to make up for the harm done by coronavirus .
In the background , meanwhile , the disruption to schedules created by the grounding of Boeing 's 737 @ @ @ @ @ @ @ .
The interruption to air travel could also be seen in two other profits warnings on Wednesday .
One of the big success stories on the UK stock market in recent years has been SSP , an operator of food and drink concessions in stations and airports around the world .
But it warned that its sales across Asia in February would be half their usual level while overall revenues in February would be down by £10-£12m .
Such are the margins in this business that this will translate to a drop in @ @ @ @ @ @ @ dramatic still was the update from Diageo , the Johnnie Walker Scotch whisky , Gordon 's gin , Captain Morgan rum and Guinness drinks giant , which flagged a fall in eating out and drinking in China , a drop in conferences and banqueting across Asia and closures among shops , cafes and restaurants - as well as a potential loss of sales in duty-free outlets .
It said this could clip between £225m and £325m from sales and between £140m and £200m from annual operating profits .
Diageo , despite headwinds from @ @ @ @ @ @ @ , is already a well-run company .
It is hard to see how this is a crisis from which it can really benefit .

A cost-saving programme by Lufthansa and hiring freeze at KLM come at a time when the industry is already under immense pressure.
Some attribute the saying to Niccolo Machiavelli while others credit it to Sir Winston Churchill.
Either way, as the coronavirus continues to spread around the world, the expression "never let a good crisis go to waste" is front of mind for many businesses right now.
Unsurprisingly, it is the aviation sector taking the advice closest to heart, with two of Europe's biggest players announcing cutbacks on Wednesday on the back of the outbreak.
Lufthansa, Germany's largest airline and the third-largest in Europe by stock market value, unveiled a cost-saving programme in which it will suspend new hires and offer employees unpaid leave in an attempt to mitigate the financial impact of coronavirus.
It will also look at offering employees the option to go part-time and suspend training courses.
And it was revealed that KLM, which is the Dutch arm of Air France-KLM, Europe's fifth-largest carrier by market value, is to delay all IT and property projects that have not yet got underway and will be suspending hiring in certain departments.
Elsewhere in the aviation sector, the Scandinavian carrier SAS announced that a decision in January to suspend all flights to Beijing and Shanghai, which was later extended to the end of next month, would cost it SEK200m (£16m).
Like SAS, Lufthansa had already cancelled all flights to and from mainland China - including those of its subsidiaries SWISS and Austrian Airlines - until the end of its winter flight schedule on 28 March.
It said that, along with changes on its routes to and from Hong Kong, a total of 13 of its aircraft would be grounded.
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Image: Scandinavian airline SAS said the suspension of flights to China would cost it £16m
The carrier added: "It is not yet possible to estimate the expected impact of the current developments on earnings.
"The group will be commenting on this matter at the press briefing for the annual results on 19 March."
Shares of Lufthansa fell by 1.8% on the news.
The measures from KLM, meanwhile, emerged in a letter from Erik Swelheim, the airline's chief financial officer, sent to senior managers on Tuesday.
KLM has already suspended its flights to mainland China until the end of March while its parent company has warned that the coronavirus could clip €200m (£168m) from its profits this year.
In his letter to colleagues, Mr Swelheim wrote: "The impact [of coronavirus] on KLM's revenues will be very significant and only partly mitigated by lower costs and a lower fuel price.
"We urge you all to reduce your cost levels to a minimum level to ensure safe operations. Only 'must do' expenditure is allowed."
Please use Chrome browser for a more accessible video player 2:33 British business not immune to COVID-19
He warned that, while KLM was yet to change any of its routes to and from Italy, it was bracing itself for disruption. Air France-KLM's shares fell by nearly 1%.
The point about not wasting a crisis is that several of these carriers, notably Air France-KLM and Lufthansa, have been grappling for years to reduce their headcount but have been prevented from doing so by the unions.
The current situation may give them the cover to take more dramatic action.
The difficulty all airlines currently have, however, is in trying to quantify the potential hit to their balance sheet.
Rickard Gustafson, chief executive of SAS, said that, as long as the COVID-19 outbreak was contained and the suspension of flights was isolated to the winter season, the outbreak would have only a marginal impact on the company's earnings for the year.
But he added: "The economic outlook remains uncertain.
"If the situation does not stabilise before the important summer season, it could have major consequences for the industry and SAS."
Image: Ryanair shares have fallen by a fifth since 13 January
What is interesting about the affair so far is that, while Air France-KLM has issued a profits warning related to the coronavirus outbreak, neither of Europe's largest two airlines by market capitalisation - Ryanair and International Airlines Group, the parent of British Airways - have done so far.
That may be because, thus far, most concerns have surrounded travel to and from China: Ryanair, as a regional airline, does not fly to China while IAG, of the major European carriers, has a lower market share in routes to and from the country than its rivals.
It accounts for just 8% of routes between Europe and China while Air France-KLM, with a 21% share, is the most affected.
This also explains why, to date, IAG's share price has not been hit quite as badly as those of its competitors.
Since 13 January, when concerns about the outbreak in China became widespread, shares of IAG - which also owns Iberia and Aer Lingus - have fallen by 16% while those of Lufthansa have fallen by 18% and those of Air France-KLM by 20%.
That could change, however, if short-haul routes across Europe start to be disrupted by events in Italy.
Markets appear to be pricing in this eventuality.
Shares of easyJet, for example, are down by 20% since 13 January while those of Ryanair are off by 21% during the same period.
Falls of that magnitude would normally, under the listings rules, require a public company to either issue a profits warning or to issue a statement saying - in the boilerplate wording used on these occasions - that they "know of no reason" for the share price movement.
Image: SSP, the operator of brands including Ritazza, issued a profit warning
All of this comes at a time when the European aviation sector was already under immense pressure due to over-capacity in the market and an uncertain backdrop for consumer spending.
Unlike the early months of 2019, when the industry was under similar pressure, there has been a slight tonic in the form of a drop in the oil price but that may not - as KLM pointed out - be enough to make up for the harm done by coronavirus.
In the background, meanwhile, the disruption to schedules created by the grounding of Boeing's 737 MAX jet continues to cast a shadow.
The interruption to air travel could also be seen in two other profits warnings on Wednesday.
One of the big success stories on the UK stock market in recent years has been SSP, an operator of food and drink concessions in stations and airports around the world.
But it warned that its sales across Asia in February would be half their usual level while overall revenues in February would be down by £10-£12m.
Such are the margins in this business that this will translate to a drop in operating profits of between £4-£5m.
Image: Drinks maker Diageo said the crisis could clip up to £200m from its profits
More dramatic still was the update from Diageo, the Johnnie Walker Scotch whisky, Gordon's gin, Captain Morgan rum and Guinness drinks giant, which flagged a fall in eating out and drinking in China, a drop in conferences and banqueting across Asia and closures among shops, cafes and restaurants - as well as a potential loss of sales in duty-free outlets.
It said this could clip between £225m and £325m from sales and between £140m and £200m from annual operating profits.
Diageo, despite headwinds from Donald Trump's tariffs on Scotch whisky, is already a well-run company. It is hard to see how this is a crisis from which it can really benefit.


news--2020-02-25--Coronavirus: Disruption to daily life could be severe, US doctors warn

America 's top doctors have warned a coronavirus pandemic is likely - describing it as a question of when , not if .
The US Centers for Disease Control and Prevention said it has grown increasingly concerned about the outbreak over recent days as the virus spread across Europe .
Dr Nancy Messonnier said `` disruption to everyday life might be severe '' in the US - and that businesses , schools and families should talk about how they would deal with the impact .
Discussing the likelihood of a pandemic , she added : `` It 's not so @ @ @ @ @ @ @ happen anymore , but rather more a question of exactly when this will happen - and how many people in this country will have severe illness . ''
The comments from the CDC suggest an acceptance by the scientific community that a pandemic is almost inevitable .
• Hundreds of tourists at a hotel in Tenerife are reportedly being tested after a confirmed case • Brazil has reported its first confirmed case in Sao Paulo , according to local media , which also makes it the first confirmed case in South America .
@ @ @ @ @ @ @ with Iran , state media says • Some schools in the UK have closed after students returned from Italy ski trips with `` flu-like symptoms '' • A Korean Air flight attendant has tested positive for the virus • South Korean officials are investigating a possible link between a Christian sect and a spike of infections • Bahrain cancelled all flights to and from Dubai airport - one of the busiest in the world Plans to contain virus stepped up in England England 's chief medical officer has also outlined plans to combat @ @ @ @ @ @ @ coronavirus , in the event of a major outbreak in the UK .
Professor Chris Whitty said : `` There 's no secret there 's a variety of things you need to look at , you look at things like school closures , you look at things like reducing transport . ''
Families could also be asked to self-isolate if one of them had symptoms of the virus .
: : Listen to the Daily podcast on Apple Podcasts , Google Podcasts , Spotify , Spreaker Public Health England ( PHE ) has @ @ @ @ @ @ @ test for COVID-19 in flu patients at eight NHS hospitals , plus around 100 primary care sites such as GP surgeries .
So far diagnostic tests have only been conducted on patients who are believed to be infected , but health officials plan to roll out the assessment more widely .
In hospitals , the tests will be carried out at intensive care units and severe respiratory failure centres , and PHE hopes that the new system will help identify milder cases that still have the potential to spread .
Medical director Professor @ @ @ @ @ @ @ no change in risk for the public , but taking this preparatory step now will enable us to better detect and contain the spread of the virus .
`` The UK 's infection control procedures are world-leading , and the system we are announcing today further strengthens our response . ''
Meanwhile , the Department for Health and Social Care has banned the `` parallel export '' of two drugs which are being tested as potential treatments for COVID-19 - they are an HIV drug and an anti-malaria infection treatment .
Parallel exporting @ @ @ @ @ @ @ UK patients and sell them on for a higher price in another country , and it has been prohibited for the two drugs in question .
Health ministers from seven European nations have met in Rome to discuss a coordinated response to the spread of the disease .
The European Commission , which enforces the rule book for the open-border Schengen area , encouraged countries to adopt measures based on scientific evidence and `` in co-ordination and not in a fragmented way '' .
The epidemic appears to have peaked in China , @ @ @ @ @ @ @ 77,000 people have been infected and almost 2,700 have died .
However , the virus has surfaced in more than 30 other countries , with Italy , Iran and South Korea among the worst-affected .
Eleven people have died in Italy , with the number of confirmed infections rising to 322 , most of them in the country 's north .
In Iran , 95 cases have been confirmed , with 16 deaths .
Iran 's deputy health minister and head of the country 's anti-coronavirus taskforce , Iraj Harirchi , is among @ @ @ @ @ @ @ virus after being seen sweating at a news conference on Monday .
Cases still rising around the world So far 13 people in the UK have tested positive for COVID-19 ; the latest four were travellers rescued from the Diamond Princess cruise ship in Japan .
Worldwide , the total number of confirmed and suspected cases is 80,421 , according to records being compiled by Johns Hopkins University in the US .
Markets have also been hit , as airline , leisure and travel-related companies suffer due to restrictions placed on those in @ @ @ @ @ @ @ Stocks with exposure to China , such as luxury brands , have also been hurting .
COVID-19 has been fatal in 2 % of reported cases , with the elderly and ill the most vulnerable , according to the World Health Organisation ( WHO ) .

America's top doctors have warned a coronavirus pandemic is likely - describing it as a question of when, not if.
The US Centers for Disease Control and Prevention said it has grown increasingly concerned about the outbreak over recent days as the virus spread across Europe.
Dr Nancy Messonnier said "disruption to everyday life might be severe" in the US - and that businesses, schools and families should talk about how they would deal with the impact.
Discussing the likelihood of a pandemic, she added: "It's not so much a question of if this will happen anymore, but rather more a question of exactly when this will happen - and how many people in this country will have severe illness."
The comments from the CDC suggest an acceptance by the scientific community that a pandemic is almost inevitable.
In other developments:
Hundreds of tourists at a hotel in Tenerife are reportedly being tested after a confirmed case
Brazil has reported its first confirmed case in Sao Paulo, according to local media, which also makes it the first confirmed case in South America.
Middle East countries have closed borders with Iran, state media says
Some schools in the UK have closed after students returned from Italy ski trips with "flu-like symptoms"
A Korean Air flight attendant has tested positive for the virus
South Korean officials are investigating a possible link between a Christian sect and a spike of infections
Bahrain cancelled all flights to and from Dubai airport - one of the busiest in the world
A health adviser suggested coronavirus could be feared "Disease X"
Plans to contain virus stepped up in England
England's chief medical officer has also outlined plans to combat COVID-19, the disease caused by the coronavirus, in the event of a major outbreak in the UK.
Professor Chris Whitty said: "There's no secret there's a variety of things you need to look at, you look at things like school closures, you look at things like reducing transport."
Families could also be asked to self-isolate if one of them had symptoms of the virus.
Image: Plans are being stepped up to contain the virus in the UK
:: Listen to the Daily podcast on Apple Podcasts, Google Podcasts, Spotify, Spreaker
Public Health England (PHE) has put a new system in place to test for COVID-19 in flu patients at eight NHS hospitals, plus around 100 primary care sites such as GP surgeries.
So far diagnostic tests have only been conducted on patients who are believed to be infected, but health officials plan to roll out the assessment more widely.
In hospitals, the tests will be carried out at intensive care units and severe respiratory failure centres, and PHE hopes that the new system will help identify milder cases that still have the potential to spread.
Medical director Professor Yvonne Doyle said: "There is no change in risk for the public, but taking this preparatory step now will enable us to better detect and contain the spread of the virus.
"The UK's infection control procedures are world-leading, and the system we are announcing today further strengthens our response."
Meanwhile, the Department for Health and Social Care has banned the "parallel export" of two drugs which are being tested as potential treatments for COVID-19 - they are an HIV drug and an anti-malaria infection treatment.
Parallel exporting occurs when companies buy medicines meant for UK patients and sell them on for a higher price in another country, and it has been prohibited for the two drugs in question.
Please use Chrome browser for a more accessible video player 13:31 Special report: How worried should we be about coronavirus?
Europe plots co-ordinated response
Health ministers from seven European nations have met in Rome to discuss a coordinated response to the spread of the disease.
The European Commission, which enforces the rule book for the open-border Schengen area, encouraged countries to adopt measures based on scientific evidence and "in co-ordination and not in a fragmented way".
The epidemic appears to have peaked in China, where it originated and where more than 77,000 people have been infected and almost 2,700 have died.
However, the virus has surfaced in more than 30 other countries, with Italy, Iran and South Korea among the worst-affected.
Eleven people have died in Italy, with the number of confirmed infections rising to 322, most of them in the country's north.
In Iran, 95 cases have been confirmed, with 16 deaths.
Iran's deputy health minister and head of the country's anti-coronavirus taskforce, Iraj Harirchi, is among those who have tested positive for the virus after being seen sweating at a news conference on Monday.
Image: Iran has reported 95 cases and 16 deaths
Cases still rising around the world
South Korea has confirmed 977 cases, with 10 deaths.
So far 13 people in the UK have tested positive for COVID-19; the latest four were travellers rescued from the Diamond Princess cruise ship in Japan.
Worldwide, the total number of confirmed and suspected cases is 80,421, according to records being compiled by Johns Hopkins University in the US.
Image: Traders in New York were feeling the pressure as markets tumbled
Markets have also been hit, as airline, leisure and travel-related companies suffer due to restrictions placed on those in countries trying to contain the virus. Stocks with exposure to China, such as luxury brands, have also been hurting.
COVID-19 has been fatal in 2% of reported cases, with the elderly and ill the most vulnerable, according to the World Health Organisation (WHO).


news--2020-02-26--Coronavirus: Ireland-Italy Six Nations rugby matches postponed

The Six Nations rugby matches between Ireland and Italy in Dublin have been postponed due to the coronavirus outbreak .
Philip Browne , the head of the Irish Rugby Football Union ( IRFU ) , said in a statement : `` Ireland v Italy international matches should not proceed in the interests of public health .
`` The IRFU is perfectly happy to comply with this instruction .
We will work with Six Nations partners to look at the possibility of rescheduling those three matches and we hope to have an update on that in the coming days .
`` @ @ @ @ @ @ @ that the IRFU was supportive of the governments ' need to protect public health in relation to the coronavirus . ''
: : Listen to the Daily podcast on Apple Podcasts , Google Podcasts , Spotify , Spreaker The announcement follows a meeting between the IRFU and Ireland 's health minister Simon Harris .
On Tuesday , he called for the 7 March match to not go ahead for fear of helping the disease spread .
According to Mr Harris , the country 's public health emergency team had said the fixture would @ @ @ @ @ @ @ very large number of people would be travelling from what is now an affected region '' .
Ten people have died in Italy due to the virus , according to Johns Hopkins University in the US , which is compiling data on the outbreak , while there are more than 370 confirmed cases in the country .
Italian health authorities put the number of deaths at 12 .
More than 81,000 confirmed and suspected cases of COVID-19 have been declared globally , while more than 2,700 people have died and more than 30,000 @ @ @ @ @ @ @ .
Ireland 's Six Nations matches in the women 's championship and the under-20s game on the same weekend have also been called off .
Scotland Women 's match in Italy on Sunday was cancelled and is yet to be rearranged , while two club rugby matches involving Italian sides were also called off .
A Europa League game in Milan is to be played behind closed doors on Thursday , UEFA has confirmed , after four Serie A fixtures were postponed over the weekend .
Reports in Italy claim Juventus ' top-of-the-table @ @ @ @ @ @ @ among several fixtures played in empty stadiums this weekend as regional restrictions are extended .
Italy 's final match of the championship is against England in Rome on 14 March .
Meanwhile , Japan has insisted the Tokyo Olympics will not be affected by the outbreak after a veteran Olympic official said the games could be cancelled .
Dick Pound , a former International Olympic Committee ( IOC ) vice president , said a decision on July 's event would have to be made within three months .
`` You could certainly go @ @ @ @ @ @ @ to .
A lot of things have to start happening .
You 've got to start ramping up your security , your food , the Olympic Village , the hotels , the media folks will be in there building their studios , '' he said .
For the time being , Mr Pound said preparations were a case of `` business as usual '' .
`` The IOC is proceeding with preparations toward the games as scheduled , '' he said .
But despite that stance , the Japanese prime minister , Shinzo @ @ @ @ @ @ @ and cultural events to either suspend , postpone or reduce attendance for the next two weeks to help stop the spread of the illness .
Japan has a total of 860 cases , the third highest behind China and South Korea , including 691 passengers and crew from the Diamond Princess cruise ship docked in Yokohama harbour .
Sky News will air a special programme on the COVID-19 outbreak at the 7pm tonight .

The Six Nations rugby matches between Ireland and Italy in Dublin have been postponed due to the coronavirus outbreak.
Philip Browne, the head of the Irish Rugby Football Union (IRFU), said in a statement: "Ireland v Italy international matches should not proceed in the interests of public health.
"The IRFU is perfectly happy to comply with this instruction. We will work with Six Nations partners to look at the possibility of rescheduling those three matches and we hope to have an update on that in the coming days.
"At the outset we made it clear that the IRFU was supportive of the governments' need to protect public health in relation to the coronavirus."
:: Listen to the Daily podcast on Apple Podcasts, Google Podcasts, Spotify, Spreaker
The announcement follows a meeting between the IRFU and Ireland's health minister Simon Harris.
On Tuesday, he called for the 7 March match to not go ahead for fear of helping the disease spread.
According to Mr Harris, the country's public health emergency team had said the fixture would be "a significant risk because a very large number of people would be travelling from what is now an affected region".
Ten people have died in Italy due to the virus, according to Johns Hopkins University in the US, which is compiling data on the outbreak, while there are more than 370 confirmed cases in the country. Italian health authorities put the number of deaths at 12.
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More than 81,000 confirmed and suspected cases of COVID-19 have been declared globally, while more than 2,700 people have died and more than 30,000 people who contracted the disease have recovered.
Image: Tourists wear protective masks in Venice after the city's carnival was cancelled due to COVID-19
Ireland's Six Nations matches in the women's championship and the under-20s game on the same weekend have also been called off.
Scotland Women's match in Italy on Sunday was cancelled and is yet to be rearranged, while two club rugby matches involving Italian sides were also called off.
A Europa League game in Milan is to be played behind closed doors on Thursday, UEFA has confirmed, after four Serie A fixtures were postponed over the weekend.
Please use Chrome browser for a more accessible video player 0:59 The exact number of Britons in the hotel is unknown but it is understood that around 160 are stuck there.
Reports in Italy claim Juventus' top-of-the-table clash with Inter on Sunday could be among several fixtures played in empty stadiums this weekend as regional restrictions are extended.
Italy's final match of the championship is against England in Rome on 14 March.
Image: The Lombardy region, which includes Milan, has been hit by coronavirus
Meanwhile, Japan has insisted the Tokyo Olympics will not be affected by the outbreak after a veteran Olympic official said the games could be cancelled.
Dick Pound, a former International Olympic Committee (IOC) vice president, said a decision on July's event would have to be made within three months.
"You could certainly go to two months out if you had to. A lot of things have to start happening. You've got to start ramping up your security, your food, the Olympic Village, the hotels, the media folks will be in there building their studios," he said.
For the time being, Mr Pound said preparations were a case of "business as usual".
Please use Chrome browser for a more accessible video player 3:16 As fears of a global pandemic grow, Sky’s Thomas Moore explains how countries around the world are preparing to contain COVID-19.
Japanese government spokesman Yoshihide Suga dismissed Mr Pound's comments.
"The IOC is proceeding with preparations toward the games as scheduled," he said.
But despite that stance, the Japanese prime minister, Shinzo Abe, asked organisers of large sports and cultural events to either suspend, postpone or reduce attendance for the next two weeks to help stop the spread of the illness.
Japan has a total of 860 cases, the third highest behind China and South Korea, including 691 passengers and crew from the Diamond Princess cruise ship docked in Yokohama harbour.
Sky News will air a special programme on the COVID-19 outbreak at the 7pm tonight.