Thursday newspaper round-up: UK car production, Facebook, lockdown exit strategy
UK car production plunged by more than a third in March to its lowest since 2009 as the coronavirus pandemic forced factories to close in an unprecedented crisis for the industry. Just 78,767 vehicles left factory gates in the month, some 47,428 fewer than the same period in the previous year, according to the Society of Motor Manufacturers and Traders (SMMT), the sector’s lobby group. - Guardian
Facebook reported its slowest quarterly growth as a public company, pressured by a global slowdown in the digital advertising market due to the coronavirus pandemic. Like other tech companies, the social network is feeling the squeeze from the global pandemic, but its results still beat analyst expectations. Revenue rose 18% to $17.74bn, sending stocks surging more than 7% in after-hours trading. – Guardian
A blueprint for ending the lockdown and bringing Britain’s economy back to life could be unveiled as soon as Monday as ministers ramp up talks with business chiefs. Industry leaders have been asked to send the Business Department specific proposals on how their companies could reopen safely with a deadline of Saturday, insiders said. – Telegraph
French authorities have moved to extend their powers to prevent foreign investors from buying businesses in “strategic” sectors, ranging from defence to artificial intelligence. Bruno Le Maire, the economy minister, said in an interview that he wanted to block acquisitions by foreign “predators” tempted by lower share prices. “In this period of crisis, some companies are vulnerable, some technologies are fragile and could be bought by foreign competitors at a low cost. I won’t let it happen,” he said. – The Times
Bondholders of debt secured against shopping centres owned by Intu Properties are drawing up plans that could lead to them taking control of the assets. Clifford Chance, the law firm, and Moelis & Company, an investment bank, have been appointed to advise bondholders of £1.3 billion of debt secured against centres at Lakeside in Essex, Braehead, in Glasgow, Watford, in Hertfordshire, and the Victoria Centre in Nottingham. The instruction was first reported by React News, a property website. – The Times