Small law firms are let off from economic crime tax September 23, 2021 Small law firms have escaped the UK government’s Economic Crime Levy, aimed at raising £100m annually from anti-money laundering (AML) regulated organisations, to help pay for the fight against economic crime. Instead, AML-regulated organisations, including legal practices, banks and accountancy firms, with revenues above £10.2m will be subject to the new tax. The Economic Crime [...]
CVS reaps longer-term rewards of last year’s lockdown pet boom September 23, 2021 Veterinary services group CVS has reaped the rewards of the UK’s increasing number of pet owners, with its pet health care plan hitting 455,000 members over the past year. Revenue hit £510.1m in the year to 30 June, up by 19.2 per cent in comparison with 2020’s figure – signalling the longer-term impacts of last [...]
French Connection shares jump 15 per cent following takeover offer September 23, 2021 French Connection’s share price has surged after the ailing company announced it had received a generous takeover offer from a group of shareholders. The British retailer, made famous by its controversial FCUK logo, has struggled during the pandemic making an operating loss of £11.7m in 2020 after sluggish sales caused revenue to fall by 40.4 [...]
Chinese authorities warn local governments to brace for Evergrande collapse September 23, 2021 Chinese authorities have told local governments to brace for the ripple effects if heavily indebted property developer Evergrande collapses. According to the Wall Street Journal, local governments in China have been tasked with stemming the damage inflicted on homeowners and preventing civil unrest if Evergrande folds. The property developer was scheduled to make an interest [...]
BoE warns inflation will top previous forecast but takes no action September 23, 2021 The Bank of England warned today soaring energy and raw materials prices will push inflation above its previous forecasts, but did nothing to rein in price rises. Officials on Threadneedle Street upped their inflation forecasts for the year to above four per cent, over double its target. Despite the higher than expected inflation clip, the [...]
FTSE 100 extends rally as investors eye MPC meeting September 23, 2021 London’s FTSE 100 continued its rally today as investors mull whether the Bank of England will follow the US Federal Reserve’s example and signal bond buying will taper this year. The capital’s premier index added 0.50 per cent to reach 7,119.04 points during the first hour of trading. The blue-chip index has recovered from heavy [...]
Spectre of ‘stagflation’ looms over UK economy September 23, 2021 The UK economy is in real danger of undergoing a period of “stagflation” as prices soar and growth slows to a snail’s pace, according to a closely watched survey released today. The latest IHS Markit / CIPS UK composite output index dropped to 54.1 in September, down from August’s reading of 54.8. Chris Williamson, chief [...]
FTSE 250 group Investec expects 125 per cent UK profit growth September 23, 2021 Wealth manager and banking group Investec has raised its earnings guidance following a rebound in revenue, with its UK wealth division growing 9 per cent to £45bn. The Group said its UK business’ adjusted operating profit are now expected to be at least 125 per cent higher than the first half of 2021. The Anglo-South [...]
Brexit-proof: City’s share of European investment management market larger than Frankfurt, Paris and Zurich combined September 23, 2021 The City of London’s share of the European investment management market is larger than the combined total of Paris, Frankfurt or Zurich. It is by far the largest investment management hub in Europe with a market share of 37 per cent, according to new data shared with City A.M. today. The City of London and [...]
Markets today: Fed tilts towards a taper, Bank of England up next September 23, 2021 European markets underwent another strong session yesterday, as concerns about Evergrande diminished further, while markets in the US shook off their early week malaise by finishing close to the highs of the day in the wake of last night’s Fed meeting, which despite what looked like a fairly neutral statement, saw the central bank outline [...]