Business News Round Up (14/04/2020)
Financial sector expects 30% plunge in business as coronavirus bites
The financial services sector is to experience a sharp decline in business, jobs and profit over the next quarter, according to new research by the CBI and PwC. The latest CBI/PwC Financial Services Survey, which polled 103 firms, found that profitability fell slightly: 27% of firms reported a drop in profits versus 24% which reported a rise, giving a rounded-up balance of -4%. The value of non-performing loans rose at the fastest pace since September 2009, with a somewhat slower increase expected over the coming quarter.
https://www.insider.co.uk/news/financial-sector-expects-30-plunge-21858665
Private sector urged to top-up support package
Private sector investors have been urged to boost financial support for businesses across the North West battling the impact of coronavirus. Administered by GC Business Finance (GCBF), the Greater Manchester Coronavirus Business Interruption Loan Scheme (GM CBILS) is ready to provide cash injections of between £5,000 and £250,000 to qualifying companies. The funding will bring “vital additional capacity” to existing government initiatives, meaning that more business in Greater Manchester will have access to the funding they need to meet the challenges presented by the outbreak. Mayor Andy Burnham has called on investors from the private sector to boost this fund to protect the SME sector.
https://www.insidermedia.com/news/north-west/private-sector-urged-to-top-up-support-package
Scottish businesses warned of threats to vacant premises
Vacant shops and offices across Scotland are being seen as potential east targets for thieves and vandals during the lockdown, according to the Scottish Business Resilience Centre (SBRC). The SBRC has revealed there has been a series of attacks on premises, suggesting criminals are exploiting the empty buildings and lack of witnesses in public. The Scottish Business Resilience Centre (SBRC), which includes experts across policing, fire and rescue and the security sector, are coming together to help advise businesses of the risks and dangers, via an upcoming free webinar.
Code Nation to provide virtual training courses for furloughed staff
Code Nation has announced it is to extend its business-led training course via their virtual learning environment, enabling those recently furloughed to reskill and join the digital workforce. For individuals wishing to upskill or retrain as a Software Developer, Code Nation’s courses are now being taught remotely in their virtual learning environment by full-time instructors, utilising the latest technology and tools available in remote and virtual learning. Code Nation is offering both basic and advanced coding courses, to help individuals up skill within their current business, or apply for new roles.