England’s Euro 2020 performance could rally consumer spending July 8, 2021 Chancellor Rishi Sunak said he expects a “bounce” in consumer spending thanks to England reaching the Euro 2020 final. England reached their first men’s football final in 55 years on Wednesday after they fought back to beat Denmark 2-1 after extra time. Speaking to the BBC, Simon French, chief economist at Panmure Gordon, said the [...]
Audit reforms: IoD call for caution in plans to break Big Four dominance July 8, 2021 The government should approach its plans for an audit and corporate governance reform with greater caution, said the Institute of Directors (IoD). A government white paper aimed at breaking up the concentration of the Big Four auditing firms – Deloitte, PwC, KPMG and EY has stirred criticism from the business group, who said that the [...]
Retail industry warns of increased abuse against workers over mask rules July 8, 2021 Retail industry warns of increased abuse against workers over mask rules
BMW and Volkswagen Group fined $1bn by EU for emission cleaning July 8, 2021 The European Commission fines BMW and Volkswagen Group a total $1bn (£726m), saying that three German carmakers breached EU antitrust rules by restricting competition in emission cleaning for new passenger diesel cars. The EU executive said the trio – BMW, Volkswagen Group and Daimler – had colluded on technical development in the area of nitrogen [...]
Discounter B&M revenue growth slows after bumper pandemic trade July 8, 2021 Discount retailer B&M’s first quarter results show increased revenue, but at a slower pace to the growth in its last financial year. The group’s total revenue for the first quarter, the 13 weeks to 26 June, increased from £1.15bn to £1.18bn, providing a strong start to the new financial year for the retailer. The results [...]
Fuller’s looks to end of restrictions to drown sorrows after £60m loss July 8, 2021 Pub chain Fuller, Smith & Turner swung to a £60m loss across a 12 months in which its estate was shut for nearly three-quarters of the year due to the pandemic. The group reported a £59.2m loss for the last financial year, down from a profit of £166.2m the year before. It said that its [...]
Cairn Energy wins freeze on India-owned assets worth €20m in Paris July 8, 2021 UK-listed Cairn Energy wins a freeze on some of India’s state-owned assets in Paris, worth over €20m (£17m), as the company dials up the pressure on the government of India to pay an arbitration award that it won last year. Cairn said the freeze was ordered by a French tribunal on around 20 centrally located [...]
BlackRock raises $250m for climate funds in emerging markets July 8, 2021 BlackRock raised over $250m (£181m) for its climate finance fund to invest in a selection of countries in Asia, Latin America, and Africa, the company announced today. Through its Climate Finance Partnership, the world’s biggest asset manager will focus on investing in renewable power generation, energy storage solutions and electrified transportation services. Blackrock said it aims [...]
LSE’s biggest tech IPO ever: Blindfolded Wise begins £8bn public era July 7, 2021 The positive start to trading for fintech giant Wise, going public this morning, means the payments firm has become London’s largest ever tech listing. The firm saw its valuation swell to £8bn, marking a major boost for the capital’s tech scene. It’s a big step up from the £5bn price tag attached to the company [...]
Ikea shelves plan for a new Sussex store due to ‘changing shopping habits’ July 7, 2021 Ikea UK has said it’s scrapping planned development of a new store at the New Monks Farm site in Lancing, Sussex. The Swedish furniture giant had selected the site in 2016 and was granted planning permission in 2020 as part of a £170m regeneration plan. However, the flat-pack furniture seller has pulled the plug, owing [...]