Tuesday newspaper round-up: Energy firms, Metro Bank, airlines, US GDP
Energy companies have started preparing emergency plans to cope with coronavirus disruption, including the possibility of operating with only a fifth of their usual staff numbers. The UK’s regional energy networks held talks last week with government ministers, senior officials and the energy regulator over plans to maintain the energy system’s power lines and gas pipes if 80% of their staff are unable to work. – Guardian
Embattled lender Metro Bank has been hit with a fresh lawsuit by a group of Iranian customers who say their accounts were unfairly suspended without notice or explanation. The group of 17 claimants, who are expected to seek at least £1.5m in damages, include dual British-Iranian citizens, Iranian citizens living in the UK and several UK-based businesses including an engineering firm and a consultancy. – Guardian
Rishi Sunak is expected to set out details of a major new bail-out scheme for businesses today as Wall Street suffered its biggest crash since the 1987 Black Monday sell-off last night. The Chancellor will front up the Government’s response to the escalating coronavirus pandemic by making clear that the Government will offer a bigger bail-out fund for companies. – Telegraph
Most of the world’s airlines will be insolvent within ten weeks and governments grappling with the impact of the coronavirus pandemic are not acting together to save the aviation industry. That is the warning from a leading aviation consultancy as it emerged that US airlines are asking for $50 billion of assistance from the American government and the UK’s flag carrier British Airways is grounding 75 per cent of its fleet over the next two months. – The Times
The American economy will shrink by 5 per cent in the second quarter after flatlining in the first as the coronavirus pandemic prompts a sharp slowdown, Goldman Sachs has predicted. The bank slashed its US growth forecast as a domestic manufacturing index posted its largest month-on-month decline on record and its lowest reading since March 2009. – The Times