The Bournemouth-based firm lends up to £10,000 to borrowers with poor credit scores at an interest rate of 49.9%.
Its requirement for guarantors can mean that friends and relatives are asked to pay off the debt if the original borrower fails to do so.
Customer complaints
The firm was recently accused by its own founder of lending irresponsibly and failing to tackle an increase in the number of consumer complaints from those who feel they should have never been given a loan.
The sub-prime lending sector as a whole has faced a blizzard of complaints from customers who believe they were approved for loans which they could never afford to repay. This has led to the demise of some of the biggest names in the sector, such as Wonga.
Earlier in the year, Amigo – which controls 80% of the UK’s guarantor loan market – put itself up for sale.
On Monday, the company said that talks were ongoing with a potential buyer, despite Mr Benamor having said that he would not consent to such a deal last week.
It added that it had begun legal action against Mr Benamor’s company, Richmond Group, to stop it from voting to remove the company board and appoint its own directors.
Amigo said its board would be prepared to step down, but only «through an orderly process» that protected shareholders.
Jesús George, director de drenajes del Ministerio de Obras Públicas (MOP), dijo que trabajan en la creación de un sistema de canales que les ayude con el manejo de aguas en el área metropolitana, especialmente, ante la llegada de las lluvias que provocan inundaciones en diferentes vías de la ciudad.
“People can agree or disagree on where we should draw the line, but I hope they understand our overall philosophy is that it is better to have this discussion out in the open, especially when the stakes are so high,” Mr Zuckerberg wrote in a post on the platform.
“I disagree strongly with how the President spoke about this, but I believe people should be able to see this for themselves because ultimately accountability for those in positions of power can only happen when their speech is scrutinized out in the open.”
«Silence is complicity»
Several employees expressed their frustration at the decision, on social media.
Image copyrightGetty ImagesImage caption Twitter hid the content of Mr Trump’s post behind by a warning label, but Facebook has not done likewise
“Facebook’s inaction in taking down Trump’s post inciting violence makes me ashamed to work here,” Lauren Tan, a software engineer wrote.
“I absolutely disagree with it… Silence is complicity.”
I work at Facebook and I am not proud of how we’re showing up. The majority of coworkers I’ve spoken to feel the same way. We are making our voice heard.
Others suggested that Facebook should have made an exception to the policy, given its context.
“We need to strive harder as a company, and industry, to have our Black colleagues’ and fellow citizens’ backs so that they are not having to face down institutionalised societal violence and systemic oppression alone,” added David Gillis, a director in product design at Facebook.
Other employees used the company’s internal messaging system to try to raise their concerns, The Verge reports.
Facebook said it «recognised the pain» many staff were feeling.
«We encourage employees to speak openly when they disagree with leadership. As we face additional difficult decisions around content ahead, we’ll continue seeking their honest feedback,» a spokesperson said.
Joseph Evans, head of tech at Enders Analysis said that staff at tech firms do speak out against their employers’ decisions on occasion; in 2018 Google staff walked out in protest against the firm’s treatment of women.»Part of the appeal of working for these companies is that the employees feel they’re changing the world, and hopefully for the better,» he said.
«So the tech giants have to balance avoiding regulatory crackdowns, keeping profits high, and attracting and retaining their highly-skilled workforce.»
Donald Trump and Mark Zuckerberg spoke on the phone on Friday.
Today, Facebook announced that it will donate $10m (£8m) to “efforts committed to ending racial injustice.”
“We hear you, we see you and we are with you,” the company said on social media.
«We stand against racism. We stand with our Black community – and all those working toward justice in honour of George Floyd, Breonna Taylor, Ahmaud Arbery and far too many others whose names will not be forgotten.”
It is unclear where the $10m will go, or how it will be distributed.
Hiscox and RSA Group are among eight insurers going to court to decide whether their policies should pay out to firms hit by the coronavirus.
The Financial Conduct Authority (FCA) said the test case in July would «provide clarity» to policy holders and that other insurers could be affected.
It follows complaints from firms, some of whom say they could go under after insurers refused to cover their losses.
However, the FCA says it feels most policies have not broken the rules.
Following the lockdown, factories, shops, pubs and other businesses have had to close their doors, and many have looked to insurers to cover their losses under so-called business interruption policies.
The FCA says most of these policies are unlikely to cover the current emergency.
However, it said last month it would seek clarity from the courts on whether the wording of some insurance policies meant they should provide cover during the pandemic.
It has now selected 17 examples from business interruption insurance policies used by 16 insurers, eight of whom were asked to take part in the court case.
The other insurers named in the test case are Arch Insurance, Argenta, Ecclesiastical, MS Amlin, QBE and Zurich.
However, the FCA said this was only a «representative sample» and that the test case would provide guidance for the interpretation of «many other» business interruption policies.
‘Clarity and certainty’
The watchdog plans to publish a comprehensive list of insurance firms potentially affected in early July.
Christopher Woolard, interim chief executive at the FCA, said: «The court action we are taking is aimed at providing clarity and certainty for everyone involved in these business interruption disputes, policyholder and insurer alike.
«We feel it is also the quickest route to this clarity and by covering multiple policies and insurers, it will also be of most use across the market.»
In a statement to the stock exchange, Hiscox said it recognised «these are extremely difficult times for businesses and is committed to seeking expedited resolution of any contract dispute».
It added that the test case would «provide certainty for businesses and brokers… as quickly as possible».
RSA Group said: «It remains the case that the great majority of business interruption claims are not expected to be eligible under their coverage terms for Covid-19, and the court proceedings seek to address the legal interpretation of just a small minority of policies and schemes.
«RSA continues to treat claims in line with legal advice, precedent and case law.»
The coronavirus crisis has left many manufacturers on the «cliff edge» and in need of government intervention, an industry body has warned,
The government should step in to support key sectors, in line with other countries, Make UK urged.
It said support should especially be targeted at the aerospace, carmaking and steel sectors.
Its plea came as new figures showed the sharp downturn in UK manufacturing continued last month.
The closely watched IHS Markit/CIPS Purchasing Managers’ Index (PMI) for the sector gave a reading of 40.7 for May.
It was up from April’s record low of 32.6, suggesting the sector was not declining as quickly as before. Anything below 50 indicates contraction.
Rob Dobson, director at IHS Markit, said: «Those who typically see the glass half-empty will note that the UK manufacturing sector remained mired in its deepest downturn in recent memory.
«However, the glass-half-full perspective is one where the rate of contraction has eased considerably since April, meaning – absent a resurgence of infections – the worst of the production downturn may be behind us.»
Uncharted territory
Make UK chief executive Stephen Phipson said: «We are now in such uncharted territory that what would until recently been thought of as unthinkable is now very much the reality.
«While the support schemes in operation are providing significant support to the economy, there are some sectors and companies who are fundamentally sound businesses and were trading positively before the pandemic.
«Instead, however, they have now been driven to the cliff edge by the nature of this crisis and may not survive without direct government intervention.»
Mr Phipson said the firms in question were in «key strategic sectors for the UK internationally» and that the government should therefore «intervene directly to provide support and ensure their survival».
Make UK said its research showed that almost three-fifths of manufacturers believed it would take more than a year for trading conditions to return to normal.
Commenting on the PMI figures, the EY Item Club said they lent support to the belief that UK economic activity could improve as lockdown restrictions are progressively eased over the coming weeks.
But it added: «Nevertheless, the UK seems on course for a record GDP contraction in the second quarter.»
It said it expected the UK economy to shrink about 15% quarter-on-quarter in the April-to-June period.
«While the EY Item Club expects the economy to return to clear growth from the third quarter, we still see the economy contracting around 8% over 2020,» it added.
«This assumes that there is a gradual further lifting of the lockdown over the coming weeks, following the latest moves that came into effect on 1 June.»
Some of the latter will be held back until spring 2021 while the rest will be sold «in the normal course of business».
Primark’s 37 shops in Northern Ireland, Scotland and Wales will re-open in late June pending «further guidance».
It has also pulled forward the opening of a new store in the Trafford Centre, Manchester to 15 June. It was originally planned to open in the third quarter of the year.
Safeguarding health
The company has already reopened more than 100 stores across Europe including 32 in Germany, 25 in Spain and 20 in the Netherlands.
It said it had learned lessons from the openings that would be carried forward to UK openings.
«Social distancing protocols, hand sanitiser stations, perspex screens at tills and additional cleaning of high frequency touch points in the store are among the measures we are implementing,» it said.
Image copyrightGetty ImagesImage caption Primark has opened stores in Europe, including this shop in Berlin
Personal protection, including masks and gloves, are being made available to all employees, the company added.
«These measures are designed to safeguard the health and wellbeing of everyone in store and to instil confidence in the store environment.»
It said it has received positive feedback from customers and employees in areas where stores are already open.
Ted Baker seeks extra funds
In other retail news, Ted Baker has said it plans to raise £95m to slash debt and to help pay for a transformation plan.
The announcement came as the fashion chain reported a loss of £79.9m for the year to 25 January 2020, compared to a profit of £30.7m the previous year.
The fashion brand blamed the loss on £84.6m of non-underlying expenses, including £45.8m of inventory charges after an investigation found that it had overstated the value of its stock.
In the 14 weeks since January, to 2 May, revenue has slumped 36%, although online sales have jumped by 50%.
To turn things around the retailer has announced a new strategy it calls «Ted’s Growth Formula», which will involve «stabilising the foundations, driving growth, and enhancing operational excellence».
Ted Baker has started to gradually reopen stores, primarily in Europe, and is planning for further re-openings as governments relax lockdown rules.
