Stock markets tumble as Ryanair and RBS warn on coronavirus damage – business live

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An interesting side note to Royal Bank of Scotland’s results this morning: as well as a big impairment for bad debts related to the crisis, it is closing its effort to create a digital-first lender to rival the likes of Monzo, Revolut and Starling.

That project, named (fairly inexplicably) as Bó, appears to have failed - although RBS said it was just deciding to roll the technology and the brand under its Mettle brand for lending to small businesses.

Also worth noting that RBS is winding down Bó, its short-lived and questionable attempt to take on digital rivals like Monzo that launched in November. Here's what they said just months ago: https://t.co/U2ku9XVIeJ

Related: RBS profits halve as bank takes £800m coronavirus hit

The unions have had some time to swallow the bitter pill that is Ryanair’s decision to cut as many as 3,000 jobs. Unite will argue that the decision should be reversed.

Referring also to British Airways’ decision to cut 12,000 jobs, Unite national officer for aviation Oliver Richardson said:

This is another premature announcement, especially while the government’s job retention scheme remains fully up and running.

Ryanair has significant cash reserves and is in a better place than many airlines to cope with the challenges that the Covid-19 pandemic has created.

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World news | The Guardian

We have been clear that we believe in the majority of cases, business interruption insurance was not purchased to, and is unlikely to, cover the current emergency. However, there remain a number of policies where it is clear that the firm has an obligation to pay out on a policy.

In addition to this court action, the current emergency has altered the value of some insurance products and we believe that insurers should be looking at both whether their products still offer value.


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