The Notebook: Sir Rocco Forte on the hated tourist tax, counteracting climate hysteria and Boris Johnson’s legacy June 26, 2023 The Notebook is a column where interesting people say interesting things. Today, it’s hotel industry giant Sir Rocco Forte, chairman of Rocco Forte Hotels My hotels in Italy, Germany and Belgium are booming. But occupancy in London is not what it was last year nor what we saw pre-pandemic. Official statistics bear this out, showing [...]
One in five UK employers has hired a Ukrainian, report reveals June 26, 2023 Nineteen per cent of businesses surveyed by the Social Market Foundation (SMF) hired at least one Ukrainian national in 2022, a new report published today has shown. In the cross-party think tank’s survey of 2,000 HR managers – conducted by YouGov on behalf of the Chartered Institute of Personnel and Development – the SMF also [...]
London fintech Treasuryspring raises $29m to grow cash investment platform June 26, 2023 London-based fintech Treasuryspring has bagged $29m (£23m) in a new funding round as the cash investment platform looks to increase its headcount and expand overseas. The company said today that it secured the investment in a Series B funding round led by British venture capital firm Balderton Capital, bringing the total amount the company has [...]
UK motor insurers issued worst performance in a decade last year – and it’s not looking much better for 2023 June 26, 2023 UK motor insurers delivered their worst performance in a decade last year, new data has revealed, as inflation radically jacked up the cost of claims. Car insurers’ net combined ratio (NCR), which shows claims and costs as a proportion of premiums, hit 109.5 per cent in 2022, according to new data from EY released today. [...]
London-listed shipbroker Braemar risks share suspension over delayed accounts June 25, 2023 Shares in London-listed shipbroker Braemar could be suspended if it further delays the publication of its full-year results. Braemar said in a statement last month that it will publish its accounts for the year ending 28 February “in the second half of June 2023”. But, according to a report by Sky News, the business is [...]
M&G in push to expand reach of flagship fund onto continent June 25, 2023 M&G is in talks with big European financial firms to bring its flagship £58bn PruFund range onto the continent, City AM understands The FTSE 100 listed money manager is seeking partnerships in France and Germany. Under the partnerships, the PruFund model would be used to sell products under new names. The expansion would build on M&G’s [...]
Stripe: It’s a mistake for tech firms to get too hung up on valuations June 25, 2023 Tech firms shouldn’t worry so much about valuations, the co-founder of Stripe has said, after the payments firm’s valuation was cut earlier this year. Stripe cut its valuation to $50bn (£39bn) in March this year, which is well below its peak of $95bn back in 2021. The valuation was slashed as it announced a new [...]
Profiteering? Supermarkets to face Parliamentary grilling this week June 25, 2023 Supermarket bosses will be probed this week on whether or not they are profiteering from high prices. Lead figures from UK ‘Big four’ grocers, including Morrison’s boss David Potts, will face questions from MPs on Tuesday on red hot food and fuel prices, and when customers might see price falls. Sainsbury’s’ food commercial director, Tesco’s [...]
Britishvolt owner raided by Australian police over tax fraud suspicions June 25, 2023 The offices of Britishvolt’s new owner were raided late last week by Australian police over suspicions of tax fraud, according to reports. The British battery firm was bought by Recharge Industries earlier this year after it collapsed into administration. Recharge is a subsidiary of Scale Facilitation, which is owned by Australian entrepreneur David Collard. According [...]
PwC Australia: Firm appoints new CEO as tax leak scandal roars on June 25, 2023 PwC’s Australian business is set to offload a government services division that has dragged the firm into weeks of lurid front-page headlines. The down under branch of the consulting firm is selling its public sector advisory business to a private equity firm Allegro for $1, and bringing in a new CEO of the overall business [...]