Oil giant Royal Dutch Shell has announced plans to heavily cut operating costs and spending proposals to help mitigate the impact of the coronavirus outbreak and tumbling oil prices.

The company said it will reduce its operating costs by $3 billion to $4 billion (£2.6 billion to £3.4 billion) for the next 12 months.

It said it will also reduce its annual spending to a maximum of $20 billion (£17.1 billion) for 2020 from its previous expectations of $25 billion (£21.4 billion).

Shell said there will also be a material reduction in working capital as it said the actions are intended to "reinforce the financial strength and resilience" of the business.

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Shares in the company have more than halved in the past two months as oil prices have continued to dive on the back of travel restrictions and tensions between Russia and Saudi Arabia.

Shell said its cost-cutting plans are expected to improve cash flow by between $8 billion and $9 billion (£6.9 billion and £7.7 billion) before tax.

The company board added that it will not go forward with the next stage of its share buyback programme.

Chief executive Ben van Beurden said: "As well as protecting our staff and customers in this difficult time, we are also taking immediate steps to ensure the financial strength and resilience of our business.

"The combination of steeply falling oil demand and rapidly increasing supply may be unique, but Shell has weathered market volatility many times in the past.

"In these very tough conditions, I am very proud of our staff and contractors across the world for maintaining their focus on safe and reliable operations while also ensuring their own health and welfare and that of their families, communities and our customers."

Nando's and Costa Coffee have become the latest food and drink firms to close all of their outlets in the UK amid the coronavirus outbreak.

The chicken chain said in a statement on its website on Sunday that all 420 stores will shut "until further notice", with takeaway and delivery services also suspended.

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The company, which employs around 18,000 people, said it is working closely with its teams across the UK to "make sure that everybody affected is supported during the coming weeks".

The statement read: "The safety and security of our customers and team is always our top priority and with this in mind we have taken the decision to temporarily close all of our restaurants across the UK and Ireland during the course of today, 22nd March, to help limit the spread of Covid-19.

"Eat in, takeaway and delivery for customers will all stop until further notice and our remaining food will be given away to those who need it most across the community."

Costa Coffee also announced on Monday that it would temporarily close the majority of its 2,700 cafes from Monday at 5pm.

A statement posted on its Twitter account said it would try to keep cafes open in hospitals, with NHS staff to receive free coffee for the next two weeks.

The coffee chain said more than 16,000 members of staff at closed stores will be paid their full average weekly pay over eight weeks.

Costa chief executive Jill McDonald said: "The majority of our 2,700 stores will close, however, where possible, our stores in hospitals and some service stations will remain open to help support key workers."

It comes after McDonald's announced all of its restaurants in the UK and Ireland will close by 7pm on Monday to protect the safety of its employees and customers.

The fast-food chain, which has 135,000 employees in the UK and Ireland, posted a statement about the "difficult decision" to Twitter - adding that stores will close by that time on Monday "at the latest".

Meanwhile, KFC and Burger King remain open for takeaways, with seating areas temporarily closed.

ITV said that advertising from across all sectors has been impacted by the coronavirus outbreak, as it said it could not provide accurate guidance for the year's trading outlook.

The broadcaster said the most recent Government measures, which have resulted in restaurant and shop closures, have "had an increasing impact on our advertising revenues".

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It said forecasts for March and April have deteriorated since last week, when it said travel advertising was particularly impacted.

ITV also said that restrictions on working practices are now "having a significant impact on ITV Studios' ability to film productions".

Filming on soaps Coronation Street and Emmerdale has now been suspended due to concerns over the pandemic.

A "significant number" of its productions, in the UK and internationally, have been paused and contingency plans are being implemented "to produce as many programmes as possible".

It said it expects to reduce its programme budget by at least £100 million after a spending review in light of weaker advertising revenues.This will reflect savings from the postponement of Euro 2020, the late delivery of commissioned programming and other spending reductions.

Carolyn McCall, chief executive of ITV, said: "We are operating in unprecedented and uncertain times, requiring us to take difficult decisions, plan carefully and act with speed.

"Our absolute priority is to protect our people, while trying to ensure that we deliver the news and programmes our viewers value and love to watch, and to keep them informed.

"We are actively taking measures to reduce costs and manage our cash flow so that we are best positioned to continue to deliver our strategy of building a digitally-led media and entertainment company over the medium term."