JD Sports lines up administrators for Go Outdoors June 22, 2020 JD Sports has today confirmed to investors that it is weighing up administration for Go Outdoors, after speculation that an official appointment could come within days. JD Sports said this morning that it has “considered a number of strategic options for Go and that Go’s directors have lodged the notice [to appoint administrators] in court”. [...]
Aston Martin appoints new finance chief as board shake-up continues June 22, 2020 Aston Martin today announced that Kenneth Gregor would join the iconic carmaker as its new finance chief as the firm continues its business reset after a tumultuous two years. Gregor, who joins the firm with immediate effect, previously spent 11 years as finance chief at fellow luxury carmaker Jaguar Land Rover. His appointment comes amidst [...]
There is a moral, social and business case for a diverse and inclusive Square Mile June 22, 2020 The senseless and shocking death of George Floyd and the Black Lives Matter protests that have followed in the US and the UK have highlighted again the racism that sadly still exists in society. This is a difficult, complex, and emotional issue for all of us, and one that has also rightly caused much concern [...]
Guinness owner Diageo delays full-year results on pandemic impact June 22, 2020 Diageo is pushing back the publication of its full-year results by five days to allow more time for its auditors to assess the impact of the coronavirus pandemic. “[The delay] will allow Diageo and its auditors, PwC, sufficient time to complete the process of preparing and reviewing the results, given the practical challenges of remote [...]
Lufthansa shares slump as bailout battle approaches showdown June 22, 2020 Shares in German flag carrier Lufthansa slumped 6.7 per cent this morning as the saga of its mammoth €9bn (£8.1bn) state bailout continued. Last week, the airline’s largest shareholder, billionaire Heinz Hermann Thiele, announced his objections to the plan, which would see Germany take a 20 per cent stake in the carrier. A source told [...]
Bailey: Bank of England will reverse QE before raising rates June 22, 2020 Bank of England governor Andrew Bailey believes the Bank of England must begin reversing quantitative easing before hiking interest rates from record lows. Bailey said today that a reveral of QE should come before lifting rates from their historic lows of 0.1 per cent, signalling an upending of long-standing Bank of England policy. Bailey said [...]
Amigo warns of ‘material’ hit from new wave of complaints June 22, 2020 Amigo has warned of a “substantial increase” in complaints pouring in after reaching a £35m deal with the financial regulator to clear a backlog of thousands of customer issues up to June. The loans provider has set aside £35m to deal with around 9,000 complaints received in 2020 under a deal with the Financial Conduct [...]
Cineworld lands additional $250m lifeline as it prepares for re-opening June 22, 2020 Cineworld has today said it has secured an additional $250m in financing, as it gears up to reopen venues and face a costly legal battle with former deal partner Cineplex. The UK cinema chain told traders this morning it had agreed terms on a new $250m secured debt facility with a maturity of 2023, in [...]
With the rest of the world distracted, China is on the march across Asia June 22, 2020 There are iron-clad geopolitical rules as to how the world works, edicts no less true because they are unknown by the vast majority of people. The vastly underrated Nicholas J. Spykman, the foremost US strategic theoretician of the twentieth century, was a primary articulator of these secret runes. As Spykman postulated, the underlying rules to [...]
Startup Checkout.com triples valuation to $5.5bn in Series B funding round June 22, 2020 London fintech startup Checkout.com has tripled its valuation to $5.5bn following a $150m Series B funding round. The online international payments business, which powers the likes of Grab, Revolut, and Klarna, said the steep increase in value reflected a growing demand for its cross-border online payment product. Checkout.com’s online transaction numbers had already increased by [...]