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Friday newspaper round-up: Hospitality sector, holiday firms, Lloyds

Fri 22 May 2020 07:32 | A A A

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(Sharecast News) - More than 30,000 pubs, bars and restaurants may remain permanently closed because the coronavirus shutdown has sent a wrecking ball through the UK's hospitality trade. The grim prediction follows a week in which the Casual Dining Group, which owns the Bella Italia and Café Rouge restaurant chains, warned it was headed into administration - casting doubt over the future of its 250 restaurants. - Guardian

The UK competition watchdog is investigating package holiday firms after receiving thousands of complaints from consumers who have been unable to recoup money on cancelled breaks. The Competition and Markets Authority said it had received 60,000 complaints related to the coronavirus crisis, including difficulties getting money back and price rises. - Guardian

Chancellor Rishi Sunak is facing calls to allow Covid-19 loans to struggling firms to be converted to grants or for repayments to be linked to profits. Banks have given companies £22bn in loans under three government-backed coronavirus lending schemes, but there are growing fears that SMEs will be unable to repay or that they simply will not bother because they think the Government will not pursue the debt. - Telegraph

Lloyds bank has suffered a bruising backlash over its new three-year pay policy as more than a third of voting investors opposed the plan. The rebellion came after influential advice group ISS told shareholders that although chief executive Antonio Horta-Osorio will take home a maximum of £7m under the new policy, down from £9.8m, he has a higher chance of getting a payout in long-term bonuses. - Telegraph

Tentative signs that the worst of the economic damage has been done by the coronavirus pandemic emerged yesterday in closely-watched readings from Britain, the eurozone and the United States. Private-sector output in all three continued to fall this month but bounced back more than expected from record lows in April, three reports showed. A further report showed that new claims for unemployment benefits in the US fell for the seventh consecutive week, although they remained at an extreme level. - The Times

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