Delivery firm warned it could go bust without investment given so many restaurants it uses have shut due to coronavirus
UK competition authorities have provisionally cleared Amazon’s investment in Deliveroo after the takeaway delivery firm warned it could collapse because of the coronavirus crisis.
The takeaway firm told the Competition and Markets Authority it had suffered a “significant decline in revenues” since the government lockdown to limit the spread of the virus closed many of the restaurants it dealt with. Efforts to step up grocery deliveries had not offset the loss of trade from restaurants, it said.
Continue reading...Shares have bounced back but it’s too soon to call the bottom for prices in the Covid-19 pandemic
Have we seen the bottom for stock markets? It is tempting to believe so after two days of fast action as investors have responded to the welcome sight of flatter coronavirus curves in Italy, Spain and Germany.
Some of the gains in individual stocks – those that had fallen the furthest – have been stunning. Speedy boarders could have made a 27% return in 48 hours by buying shares in easyJet first thing on Monday morning. In the same short period, Rolls-Royce, the engine-maker, gained 24%. Like easyJet, it was able to unveil a self-help strategy involving more borrowing.
Related: FTSE shrugs off dire UK data as markets sense easing of Covid-19 crisis
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