National Grid profit takes a hit from coronavirus but maintains dividend June 18, 2020 National Grid has increased its payout for the year despite reporting a hit to profits from increased bad debts from the pandemic in its US business. The figures National Grid delivered a pretax profit of £1.75bn for the year ended 31 March, down five per cent from £1.84bn for the same period last year. Earnings [...]
UK says it still wants deal on global digital tax after US quits talks June 18, 2020 The UK will continue to push for a solution to taxing international digital companies such as Google and Facebook after the US abandoned negotiations for a global digital tax, the Treasury said. US treasury secretary Steven Mnuchin pulled out of talks on digital services taxes with EU officials after they failed to make any progress, [...]
Superdry pulls out of mainland China store venture with expected £6m write off June 18, 2020 Superdry has announced it will take back control of its branded franchise stores in China, effectively pulling its business out of the country for now at a £6m writedown. The clothing retailer said it has reached “an amicable agreement” with local partner Trendy International to exit their joint venture, leaving Superdry “free to determine how [...]
Lloyd’s of London and Greene King apologise for slavery links June 18, 2020 Lloyd’s of London insurance market has issued an apology for its role in the 18th and 19th century transatlantic slave trade, calling it “an appalling and shameful” era. The insurer will fund charities and organisations created to promote opportunities for black and ethnic minority groups. Pub chain Greene King also formally apologised, and committed to [...]
Trump asked for China’s help to win 2020 election, says ex-adviser Bolton June 18, 2020 In a withering behind-the-scenes portrayal, President Donald Trump’s former national security adviser John Bolton accused him of sweeping misdeeds that included explicitly seeking Chinese President Xi Jinping’s help to win re-election in 2020. Bolton, a longtime foreign policy hawk who Trump fired in September over policy differences, also said that the US president had expressed [...]
China hawks risk accelerating the outcomes they are trying to avoid June 18, 2020 The Covid-19 pandemic is leading to a clear hardening of western attitudes towards China. The origins of the virus in Wuhan, coupled with suspicions that the Chinese government suppressed awareness of the initial outbreak, have emboldened sino-sceptics and heightened fears of growing Chinese influence. Yet blanket hostility risks accelerating the emergence of the aggressive and [...]
Three quarters of customers ready to fly, says London City Airport June 18, 2020 Ahead of restarting services on 21 June, London City Airport has said that over three-quarters of its customers have said they are likely to travel when they are told it is safe to do so. An anonymous survey of over 4,700 of the airport’s customers showed that 78 per cent of respondents were either very [...]
Oriel College votes to take down Cecil Rhodes statue June 17, 2020 The governing body of Oriel College at Oxford University has tonight said that it has recommended that its statue of colonialist benefactor Cecil Rhodes be taken down. It also said that it would launch an inquiry into the issues surrounding the statue, which has been the subject of student protests for five years. In recent [...]
Exclusive: Westminster denies firms business rates relief for empty offices during lockdown June 17, 2020 Central London companies whose staff abandoned offices to work remotely during the coronavirus lockdown have been refused business rates relief, City A.M. can reveal. Westminster City Council has refused to grant the relief to office-based businesses such as accountants, law firms, and consultancies despite their workspaces remaining empty over the period. The move has sparked [...]
Exclusive: Government review delays announcement that pubs can reopen June 17, 2020 Downing Street’s plan to announce earlier this week that pubs and restaurants could open on 4 July was delayed by a government review, putting hundreds of thousands of jobs at risk. City A.M. understands that Covid-19 operating guidelines for England’s hospitality sector have been drawn up by the government and are ready to distribute. However, the [...]