AI chipmaker Graphcore nears $2bn valuation after fresh funding round February 25, 2020 Chipmaker Graphcore today said it was closing in on a $2bn (£1.5bn) valuation after securing $150m in a fresh funding round. Graphcore, which specialises in processors for machine learning and artificial intelligence (AI), secured the backing from new investors Baillie Gifford, Mayfair Equity Partners and M&G Investments. The cash boost, which was an extension of [...]
Derwent hikes dividend as election boosts London office sector February 25, 2020 Property investment firm Derwent London hiked its dividend this morning as it said it has a “more confident outlook” for the capital’s office sector following the General Election result. The figures Derwent reported a total return of 6.6 per cent in the year ended 31 December. Net rental income increased 10.5 per cent to £178m, [...]
More than 1,800 jobs at risk as Tesco restructures in-store bakeries February 25, 2020 More than 1,800 jobs are at risk after Tesco announced it will restructure its in-store bakery operations. The supermarket giant this afternoon said it will reduce the amount of baking “from scratch” across its stores, meaning some employees will be made redundant. From May, 58 branches will stop baking products on-site and will instead sell [...]
Car dealers confident for coming year as Brexit fears dwindle February 25, 2020 An overwhelming majority of UK car dealerships are confident about the outlook for their business, despite a challenging 2019 for the motor industry. A new survey by Close Brothers Motor Finance shows that 98 per cent of dealers were optimistic about the future, with almost two-thirds (63 per cent) describing themselves as “very confident”. The [...]
Ricardo warns of coronavirus blow to profit February 25, 2020 Shares in engineering consultancy Ricardo fell 12 per cent today after the company warned the coronavirus outbreak will have a “material” hit on its annual profit. The Covid-19 strain of coronavirus has hurt Ricardo’s presence in China, where it has had to close offices and impose travel restrictions on staff, while clients have faced similar [...]
February retail sales dampen hopes of post-election bounce February 25, 2020 Retail sales were broadly flat in February, according to the latest research, dampening hopes that the decisive General Election result has sparked a surge in consumer spending. The CBI’s monthly distributive trades survey showed that a net balance of one per cent of retailers reported a jump in sales volume in the year to February, [...]
EU keeps demands on level-playing field as it publishes mandate ahead of trade talks February 25, 2020 The EU has stressed there must be no reduction in “common” standards on food, environment and labour laws as it publishes its negotiating mandate for the second stage of Brexit. The mandate, published after being signed off by the EU 27, says a deal will be dependent on both sides agreeing to maintain the level [...]
This Morning star Eamonn Holmes faces hefty bill after losing IR35 tax case February 25, 2020 Veteran TV presenter Eamonn Holmes could be facing a hefty tax bill after losing a case against HMRC over his employment status. Holmes, who hosts ITV’s This Morning, had argued he was a freelancer as he received payments from the broadcaster through his company Red, White and Green Limited. However, a judge ruled that the [...]
Lord Steel quits after report finds authorities ‘turned a blind eye’ to Westminster child abuse claims February 25, 2020 Liberal Democrats peer Lord Steel has quit today, after an inquiry criticised him for failing to report child sex abuse claims against the late MP Cyril Smith. The former Liberal party leader said he would retire from the Lords “as soon as possible”, after the report accused Steel of an “abdication of responsibility” for failing [...]
How the FTSE 100 returned 122% in 20 years but barely moved February 25, 2020 | City Talk The story of the FTSE 100 over the last 20 years is a compelling argument for reinvesting dividends. As revellers saw in the new millennium on New Year’s Eve 1999, the FTSE 100 closed at a then-record high of 6930. The stock market was in the grip of the “dotcom” boom. They were good times [...]