Thursday newspaper round-up: Poverty, furlough scheme, Airbus, KPMG
By Michele Maatouk
Date: Thursday 09 Apr 2020
(Sharecast News) - More than half a billion more people could be pushed into poverty unless urgent action is taken to bail out poor countries affected by the economic fallout from the Covid-19 pandemic, Oxfam has warned. Ahead of three key international meetings next week, the charity said the impact of shutting down economies to prevent the virus spreading risked setting back the fight against poverty by a decade globally - and by 30 years in the hardest-pressed countries of sub-Saharan Africa, north Africa and the Middle East. - Guardian
A senior civil servant has said he expects organised crime will target the government's multibillion-pound employee furlough scheme. The job retention scheme, which pays 80% of an employee's salary up to ?2,500 a month for up to three months, is due to come online for employers to make claims on 20 April. - Guardian
Airbus has slashed aircraft production rates by a third as the pan-European plane-maker reacts to collapsing demand with airlines grounding their fleets. The company is reducing the amount of its bestselling, smaller A320 jets to 40 a month, while the larger A330 and A350 aircraft will be cut to two and six per month respectively. - Telegraph
Partners at Britain's biggest accountancy and law firms will see their payouts cut by hundreds of thousands of pounds this year as the professional services sector braces itself for a slump in revenues. Linklaters and Freshfields Bruckhaus Deringer, the "magic circle" law firms, as well as KPMG and BDO, the accountancy firms, are among the latest professional services companies to propose cutting partners' pay to preserve cash. - The Times
Oil prices edged up to more than $32 a barrel yesterday amid hopes that large oil producers will thrash out a deal today to cut supplies in response to a collapse in demand. The Opec cartel, effectively led by Saudi Arabia, and its former allies including Russia - together known as Opec+ - are to hold a virtual meeting to try to tackle the global glut of crude and to bolster prices. A previous meeting in early March ended in acrimony and with Saudi Arabia launching a price war. - The
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