8:16 am, April 10, 2020
- Here are the headlines from the world of business and motoring on Friday, April 10
World Car of the Year 2020 winners announced
The Kia Telluride has walked away with top honours at the World Car of the Year awards for 2020, beating the Mazda3 into second and the Mazda CX-30 in third. The large SUV, is popular in the United States and not sold in the UK.
The Porsche Taycan won both the Performance Car and Luxury Car categories. The World Car of the Year contenders are selected and voted for by an international jury of 86 motoring journalists from 24 countries around the world.
Opec and Russia proposing to cut global oil production
Opec and Russia are looking to cut global oil production by 10 million barrels a day until July 1, then eight million a day until the end of the year. The move, dependent on Mexico’s agreement, is aimed at limiting a crash in prices that has pushed energy companies toward bankruptcy.
Oil prices have collapsed amid the coronavirus pandemic.
Ionity’s fast-charging network expanded with new site near Leeds
Ionity’s latest fast-charging location for electric vehicles has opened on the M1 near Leeds. Drivers visiting the new Leeds Skelton Lake Services on junction 45 will have access to the 350kW chargers, which the firm claims could charge electric vehicles to full capacity within 20 minutes.
However, the chargers have been designed to be future proof, because no EVs on the market can currently charge at the speeds it is capable of delivering. The Porsche Taycan and Audi e-tron are the current fastest, at 225kW and 150kW respectively.
Free-to-use ATM guarantee pledge by banks
Some banks and cash machine deployers have made a 12-month pledge to help maintain the spread of free-to-use ATMs amid fears some could disappear as cash use plunges during the coronavirus crisis. During the coronavirus crisis, the use of ATMs has plunged by more than 50% as people stay at home.
Cash machine network Link says Barclays, NatWest, PayPoint and Sainsbury’s Bank are supporting the commitment. These providers operate nearly 16,000 ATMs, equating to 30% of Link’s total ATMs, and will step in so no community loses free access to cash.
Debenhams enters administration with thousands of jobs at risk
Department store chain Debenhams has confirmed it has formally entered administration. The firm has appointed administrators from the FRP Advisory to oversee the process, after announcing it had filed a notice of intent to appoint administrators on Monday.
It is the second time Debenhams, which employs around 22,000 staff, has entered administration in the past 12 months. Debenhams’ 142 UK stores remain closed in line with Government guidance and the company said it will work to ‘re-open and trade as many stores as possible’ when restrictions are lifted.
JLR deploys 150 vehicles to support coronavirus response effort
Jaguar Land Rover has committed an additional 150 vehicles to help in the fight against coronavirus around the globe. Some 164 cars have now been supplied to the British Red Cross, including an additional 105 which will help to provide medicine and food deliveries to those who need it most.
It means that 312 JLR vehicles are now being used worldwide, with 90 now used in frontline services in Australia, Spain, South Africa, Brazil, Italy, Belgium, Russia, Germany and The Netherlands.
Bank of England to temporarily finance government Covid-19 spending
The government said it has expanded its overdraft with the Bank of England to ensure it has sufficient cash to cope with disruption caused by coronavirus.
It said the central bank will directly finance the extra spending the government needs on a temporary basis. The government’s bank account at the central bank, historically known as the Ways & Means Facility, will rise to an undisclosed amount.
Any money drawn from the facility, which usually stands at around £400m, will be paid back as soon as possible before the end of the year, the Treasury said. The measure was last used during the 2008 financial crisis, which saw its value increase briefly to £19bn.
Greggs receives £150m government coronavirus loan
Greggs has secured £150m from the Treasury and the Bank of England’s emergency coronavirus fund after closing stores. The bakery chain said it believes it now has enough credit available to keep it afloat in a scenario where its shops are forced to stay shut for the rest of the year.
It said the funding from the Covid Corporate Financing Facility (CCFF) scheme is sufficient for its current liquidity needs, although it is understood that the company may be able to withdraw more funds.
Greggs has 24,900 staff, most of whom have been placed on furlough. The high street giant has around 2,050 sites nationwide and has estimated it will face a £3.5m hit each week until the end of June.
Women and young adults ‘more likely to have suffered Covid-19 income shock’
Nearly a third of people in the UK have already seen their household incomes hit by the coronavirus pandemic with women, young adults and those living in London particularly likely to have suffered financial damage.
Kantar’s Covid-19 barometer is a global study of more than 30,000 people across countries including the UK. Within the UK, the report found that the number of people expressing concern about the financial impact of the pandemic has grown from just under half (47%) in mid-March to nearly two-thirds (63%) by the end of March.
What you might have missed on Car Dealer Magazine yesterday…
Chinese car industry sees rapid recovery as lockdown lifted
Manufacturers causing owners ‘stress’ over servicing demands
Car finance holiday could be offered as soon as next week
Video: Car buyers are still out there
How can I keep my business is safe to open when lockdown ends?
All MOTs due in next year will get 6 month extension
Source: PA Media
