Today Programme
BBC Radio 4

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Carphone Warehouse group chief executive Alex Baldock said closing 531 standalone shops at a cost of 2,900 jobs was a "desperately difficult decision to take".

He told Radio 4's Today programme: "Carphone Warehouse is losing an unsustainable £90m this year, and if we haven’t acted it would have been significantly worse next year.

"The rates are £20m for those stores, so they don’t make a particular difference here. What we need to do, though, in order to ensure the long-term success of this business is to take the difficult decisions to throw our weight behind the parts of the business that the customers are showing us they want to shop - and that’s with us, that’s with the big stores and that’s online."

He added: "It's so important we look after our affected colleagues financially and otherwise, which we intend to do."

Image source, Reuters

Amazon has said it will hire 100,000 warehouse and delivery workers in the US to deal with a surge in sales during the coronavirus pandemic.

The online retail giant also said it would increase pay for its staff in the UK, US and Europe.

The company's delivery systems have come under pressure as consumers avoid shops and stock up online instead.

The outbreak, which has led to more than 7,000 deaths globally, has prompted lockdowns around the world.

Read more here

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America's biggest airlines have called on Washington for more than $50bn (£41bn) in aid as they suffer the effects of the coronavirus pandemic.

US President Donald Trump on Monday pledged to back the industry "100%".

But figures suggest major carriers spent almost all their spare cash in the last decade buying back their own shares.

It comes as the airline industry is facing huge losses and widespread layoffs as passengers stay at home.

Data revealed by Bloomberg show major airlines including United and American Airlines used up an average 96% of their spare cash buying back their own shares.

Read more

After Monday's hefty falls on the world's stock markets, London's FTSE 100 index has opened higher.

In the first few minutes of trade the index is up 99.29 points, or 1.9%, at 5,250.37.

The FTSE 250 index is up 273.26 points, or 1.9%, at 14,623.01.

The world's biggest catering firm, Compass Group, has said its revenues could fall by up to 30% as a result of the measures being introduced to curb the spread of coronavirus.

Compass said the vast majority of its Sports & Leisure and Education business in Europe and North America has been closed, and its Business & Industry volumes are "being severely impacted".

The company said it was implementing "significant mitigation plans to manage our costs", but that its expects revenues to fall by 25%-30% across the business.

Simon Jack
BBC Business Editor

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To close or not to close.

That is the question facing thousands of theatres, restaurants, hotels, bars and clubs. While the UK government – in contrast to many other countries - has not ordered a shutdown of social spaces in reaction to coronavirus, it has recommended that people don’t go.

The worst of all possible worlds according to the trade body, UK Hospitality, whose boss Kate Nicholls described the latest government advice as a potentially catastrophic state of limbo for an industry that employs more than three million people.

Other hospitality Industry sources have told the BBC they fear mixed messages from the government could compromise their ability to claim on insurance policies. Others say the main issue should be providing a financial lifeline to the industry.

The government last week announced a support package including a potential tax and business rates holiday along with loans available to affected businesses.

Measures that industry groups have described as inadequate to cope with the current emergency.

Today Programme
BBC Radio 4

Image source, Carluccio's

There has been some anger among hospitality industry leaders following yesterday's guidance from the government because they may not be able to claim on their business interruption insurance yet. If the government tells them to close, they would be more likely to have a claim.

Mark Jones, chief executive of Italian restaurant chain Carluccio's, told the BBC's Today programme that footfall has been "declining on a daily basis" and that the brand was "days away from large-scale closures".

He said: "We understand the role we have to play in public health, so I won't question the government's advice on that. But to do that to an industry without any fiscal support whatsoever condemns us to death, effectively. We'll be in a situation where sales start to decline even more rapidly from today onwards."

He called for "immediate state help", and suggested that Chancellor Rishi Sunak could copy measures set out by the French President last night, such as business rates being scrapped or wage guarantees.

Carphone Warehouse group chief executive Alex Baldock, speaking about the decision to close the firm's 531 standalone stores, said: “Customers are changing how they buy technology, and Dixons Carphone must change with them.

"We’re under way with a fundamental transformation to do so. Today’s tough decision is an essential part of that, the next step in making our UK mobile business a success for customers, colleagues and other shareholders.

"Clearly, with unsustainable losses of £90m expected this year, mobile is currently holding back the whole business. There’s never an easy time for an announcement like this, but the turbulent times ahead only underline the importance of acting now."

Image source, Getty Images

European aircraft maker Airbus has decided to temporarily pause production and assembly activities at its French and Spanish sites for the next four days as a result of the coronavirus outbreak.

The company said this would "allow sufficient time to implement stringent health and safety conditions in terms of hygiene, cleaning and self-distancing, while improving the efficiency of operations under the new working conditions".

It added that it would try to allow homeworking wherever possible in those countries.

More on the news that Carphone Warehouse is closing all its standalone stores.

The firm says it expects 40% of its staff to be redeployed,.

Carphone Warehouse will still exist as a store within a store inside PC World/Curry’s.

Image source, Getty Images

Carphone Warehouse is to close all its 531 standalone stores from April, resulting in 2,900 redundancies.

The firm says it is not related to the coronavirus outbreak, but is down to a changing mobile market.

PC World and Curry’s are not affected.

A statement with more details will follow.

After Boris Johnson's briefing on Monday, what does it all mean for our daily work and social lives in the UK?

The BBC's Laura Foster explains.

Image source, AFP

The government is set to announce more financial measures to help the economy during the coronavirus outbreak, amid warnings the latest restrictions could put firms out of business.

Boris Johnson has urged everyone to avoid unnecessary social contacts, to work from home where possible, and to stay away from pubs and restaurants.

People in at-risk groups will be asked within days to stay home for 12 weeks.

The number of people who have died with the virus in the UK has reached 55.

More than 1,500 people have tested positive for the virus in the UK - but the actual number of cases is estimated to be between 35,000 and 50,000.

Image source, AFP/Getty

Global stock markets are seeing record levels of volatility with the five biggest one-day points falls happening in less than a month.

On Monday the Dow Jones Industrial Average saw its biggest one-day slide in more than three decades.

This was the latest huge swing as investors weigh the economic impact of the coronavirus pandemic.

It comes as a key measure of stock market volatility, known as the "Fear Gauge", has surged to a record high.

Read more here

We would love to hear from you this morning.

Are you working from home from now on or are you in a job where it's not possible?

Let us know on bizlivepage@bbc.co.uk

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In his latest coronavirus update on Monday, Prime Minister Boris Johnson said everybody in the UK should start working from home if possible.

But what are your rights in that situation?

Who provides the equipment, who is responsible for people during the working day, and what happens if you can't work from home?

We have taken a look at all the issues involved.

Good morning from the BBC Business Live team.

We will stay across all the latest developments in the coronavirus crisis for you today and see if there is any recovery or further falls in the markets around the world.

Stay with us for the latest news.