Irn-Bru owner AG Barr shares pop despite slump in revenue September 22, 2020 Irn-Bru maker AG Barr shares hiked this morning as it clung onto its revised full-year expectations despite receiving a hammer blow during the coronavirus crisis. The figures Revenue fell 7.6 per cent year on year to £113.2m for the six months to 25 July. Profit before tax climbed 19.4 per cent to £16.6m over the [...]
Private equity firm Lone Star quits race to buy Asda September 22, 2020 US private equity firm Lone Star Funds has abandoned the bidding war over British supermarket giant Asda, leaving rival asset manager Apollo as its likely suitor. The two private equity firms entered a showdown for the UK’s third-biggest grocery chain last month, after US owner Walmart opened bidding for a majority stake in Asda. The [...]
Venezuela heads back to court over £800m pot of gold in the Bank of England September 22, 2020 The Venezuelan central bank is heading to court in London today, as it appeals a ruling from over the summer that affirmed the UK’s recognition of Juan Guaido as the country’s interim leader. Banco Central de Venezuela (BCV) has brought a case at the Court of Appeal to decide ownership of a £800m horde of [...]
UK manufacturing orders stall for first time since April September 22, 2020 The UK’s manufacturing firms saw orders stagnate in September for the first time since April as companies faced “headwinds from a resurgence of the virus”, a new survey has shown. However, manufacturing output volumes fell at a slower pace than in August, the latest CBI industrial trends survey said. Anna Leach, CBI deputy chief economist, [...]
Bank and government support to UK firms tops £100bn September 22, 2020 Struggling UK companies have now received more than £100bn worth of support from banks and the government through various coronavirus stimulus schemes, official figures have shown. UK banks have lent out more than £58bn to hard-hit companies through the government-backed coronavirus loan schemes, according to Treasury figures out today. HMRC figures showed that companies have [...]
Liz Truss hails ‘productive’ fourth round of UK-US trade talks September 22, 2020 Trade secretary Liz Truss today said the UK and US had made “significant” progress in reaching a trade deal after wrapping up a “productive” fourth round of talks. Truss said the two sides exchanged their first tariff orders and held a series of detailed market access discussions during the round. The US and the UK [...]
UK sports bodies call for emergency government support September 22, 2020 Britain’s leading sports bodies have called for emergency government support to prop them up through a second wave of coronavirus, as ministers prepare to scrap the scheduled reopening of stadiums across the country. A coalition of more than 100 organisations including the Premier League, Rugby Football Union and the England and Wales Cricket Board have [...]
Keir Starmer lashes out at Jeremy Corbyn and invokes Labour PMs in conference speech September 22, 2020 Labour leader Sir Keir Starmer has slammed his predecessor Jeremy Corbyn for the party’s 2019 landslide election defeat and vowed that the party will never “not be trusted” on national security or the economy again. Starmer said in his first conference speech as Labour leader that the party “deserved” to lose last year’s General Election [...]
Financial Conduct Authority to crack down on insurers’ loyalty penalty September 22, 2020 Loyal customers should not pay more for home or motor insurance than new clients, the Financial Conduct Authority has said, as it promises reforms in the sector. The FCA said the changes could save consumers up to £3.7bn over the next 10 years. The new rules would apply to any customer buying or renewing a [...]
Tiffany wins expedited trial over LVMH’s bid to ditch $16bn takeover September 22, 2020 Tiffany & Co has won a motion to fast-track its lawsuit over LVMH’s bid to abandon a $16.6bn (£12.9bn) takeover of the US jeweller. Tiffany earlier this month sought legal action against luxury goods firm LVMH after the Paris-based company said the takeover deal was “no longer possible”. LVMH, which is owned by French billionaire [...]