BT CEO self-isolating, Premier Oil in talks about cutting capex programme

London open

The FTSE 100 was called to open 53 points higher at 5,390.

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BT chief executive Philip Jansen said he had tested positive for the Covid-19 coronavirus and self-isolated.

"I've met several industry partners this week so felt it was the responsible thing to do to alert them to this fact as soon as I could," Jansen said in a statement on Friday.

"Given my symptoms seem relatively mild, I will continue to lead BT but work with my team remotely over the coming week. There will be no disruption to the business."

Premier Oil said it was in talks on cutting its 2020 capital expenditure programme with initial analysis suggesting at least $100m of savings and deferrals could be made “with potential for further reductions”.

The company said it would be broadly cash flow neutral in 2020 assuming a $100m reduction in planned capex and $35/bbl oil price for the rest of the year. Full year production guidance was maintained.

Newspaper round-up

Airlines have axed more flights and demanded urgent government action to help offset the financial impact they are facing from the coronavirus outbreak, as they struggled to digest the impact of Donald Trump’s travel ban to the US from Europe. Shares in the crisis-hit sector tumbled further after the US said it would block foreign nationals arriving from the EU Schengen zone. Many lost about 15% of their value, and are now down more than 50% in the last three weeks. - Guardian

The shadows are about to lengthen across suburbia. Property owners are to be granted new rights to install extra storeys on housing blocks without planning permission in a government push to boost homeownership that appears likely to provoke furious neighbourhood debates. The scheme, which will begin this summer, is expected to transform the skyline of residential areas as owners are allowed to build upwards by two storeys without their designs being policed by planners. – Guardian

Goldman Sachs has banned gatherings of more than 20 people and told its 38,000 staff worldwide that they will be split into so-called "blue" and "white" teams as it triggers an emergency coronavirus plan. In a memo seen by The Telegraph, chief executive David Solomon said that from Monday the bank will "operate across separate teams and locations, with the goal of reducing the density of people in our offices at any one time". – Telegraph

The risk of British businesses collapsing as a result of coronavirus was thrown into stark relief yesterday as two companies said that their futures could be imperilled by the pandemic. Cineworld and Tullow Oil both warned of “material uncertainty which may cast significant doubt” on their ability to continue as going concerns. Both are heavily indebted and said that in worst-case scenarios the financial impact of the virus could cause them to breach debt covenants, putting them at the mercy of their lenders. – The Times

US Close

Trading on Wall Street ended in misery on Thursday, as the S&P 500 suffered its worst day since October 1987, and the Dow its largest points loss in history, as consternation around the global Covid-19 coronavirus pandemic raged on.

The Dow Jones Industrial Average ended the day down 9.99%, or 2,352.60 points, at 21,200.62, while the S&P 500 lost 9.51% to 2,480.64, and the Nasdaq Composite was 9.43% lower at 7,201.80.