Monday newspaper round-up: UK manufacturers, Bolt, LVMH, Saudi Aramco
Manufacturers are urging the UK government to take action to help limit the damage caused by the coronavirus pandemic after research showed that exports have slumped to their lowest level in three years. A survey of more than 300 companies by manufacturers’ body Make UK and business advisory firm BDO, carried out before the recent escalation of the coronavirus outbreak, indicated the sector had ground to a standstill at the end of 2019. Since then, while the domestic picture had begun to improve slightly, exports had already fallen sharply in response to a downturn in world trade, a situation likely to be exacerbated by current events. - Guardian
A minicab app bidding to topple Uber in London is facing legal action over claims it underpaid the minimum wage – a move also intended to force it to provide drivers with workers’ rights. Andrei Donisa is bringing a test case against Bolt after it expelled him from its platform for refusing to take enough fares. Bolt treats its 30,000 drivers as self-employed and Donisa claims its behaviour runs contrary to its claim to hold “high ethical principles”. – Guardian
Luxury goods giant LVMH will start manufacturing hand sanitiser to be donated to French health authorities in an effort to combat the spread of Covid-19. The Parisian group, which owns brands including Louis Vuitton and Christian Dior, has instructed its perfumes and cosmetics division to begin making "substantial" quantities of alcohol hand gel from Monday. - Telegraph
Saudi Arabia’s state oil giant has slashed its spending plans by $10 billion after the kingdom launched a price war that sent the value of crude tumbling. Saudi Aramco revealed its cut in capital expenditure as it reported that lower oil prices had reduced its net income to $88.2 billion last year, down almost 21 per cent on a year earlier but still making it easily the world’s most profitable company. – The Times
The £1 billion loan scheme to help small businesses cope with the coronavirus crisis may be too small, too complex and take too long to launch, banks say. Plans announced last week by Rishi Sunak, the chancellor, to help banks to make short-term loans to businesses struggling with cashflow and other problems by underwriting 80 per cent of those loans with public money were praised. But that has turned to frustration among banks as the terms are yet to be set, which could mean it will be weeks before businesses receive the support. – The Times