Primark sales hit low due to the coronavirus outbreak in UK Market 2020!

  • Apr 21, 2020 BST
  • Team Kalkine

Welcome to Kalkine Media’s daily update of the latest events in the UK financial markets, the economy and major corporate moves,

Twenty years after Richard Branson launched a low-cost Australian airline, then called Virgin Blue, the carrier is reported to have gone into voluntary administration. Virgin Australia, which has a network of a domestic and international flight, is around A$5bn (£2.55bn) in debt.

Some airports are "at-risk" of closure because of the loss of business during the coronavirus pandemic, experts have warned. Nine out of 10 flights have been grounded since the UK went into lockdown.

Flight tracking website Flightradar24 recorded just 711 departures from the UK's 10 biggest airports last week. This compares with 7,865 in the week up to the UK's lockdown.

The price of US oil has turned negative for the first time in history. That means oil producers are paying buyers to take the commodity off their hands over fears that storage capacity could run out in May. Demand for oil has all but dried up as lockdowns across the world have kept people inside.

Primark has furloughed 68,000 staff across Europe as sales hit a record low due to the pandemic. the owner of the popular fashion company, which has stores across the Midlands, said sales have plunged.

 


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