UK artists pull in record £87m in overseas music royalties February 7, 2020 British artists pulled in a record-breaking £86.7m in overseas royalties last year as the UK boosted its status as a global music powerhouse. The figure hit a record high in 2019 and is up 22 per cent on the total reached in 2018, according to new figures from licensing body PPL. The surge was driven [...]
Uber meets estimates but rising costs eat into profit February 6, 2020 Uber continued to draw more customers in the fourth quarter but high costs at Uber Eats means it continues to lose money. The company’s fourth quarter revenue met Wall Street’s estimates, rising 36.9 per cent to $4.07bn (£3.15bn). It was in line with analyst expectations of $4.06bn. It was aided by an increase of monthly [...]
Activist investor Elliott builds up $2.5bn stake in Softbank February 6, 2020 Activist hedge fund Elliott Management has reportedly built a $2.5bn (£1.93bn) stake in Softbank. The activist investor is discussing ways it could boost the value of the Japanese conglomerate, according to Reuters reports. One of the issues reportedly being discussed is how SoftBank can improve the decision-making process at its Vision Fund and the possibility [...]
Fiat Chrysler production at risk due to coronavirus supply chain threat February 6, 2020 Fiat Chrysler may have to stop production at one of its European facilities due to disruption to its Chinese supply chain. The Financial Times has reported that production in the facility could be suspended before the end of February. This comes after several international car companies have reported disruption to their operations following a restriction [...]
Experts slam business rates appeals system February 6, 2020 Property experts today said the business rate appeals system is a “time bomb” as the backlog of claims and challenges spiked. Businesses could be waiting years for their challenges to be addressed due to the backlog of appeals, experts said. Data from HM Revenue and Customs’ Valuation Office Agency (VOA) showed that in the 33 [...]
City grandee Peter Cruddas in line for a peerage February 6, 2020 Peter Cruddas will reportedly be granted a peerage as Boris Johnson adds to the Brexit-supporting Conservatives in the House of Lords. Cruddas, who is the co-founder and chief executive of CMC Markets, is on a list of nominees that will be considered by the House of Lords Appointments Commission, according to Sky News. The appointment [...]
Bercow criticised by House of Commons as peerage row rages on February 6, 2020 Former speaker John Bercow has been attacked by the House of Commons for naming staff members in his tell-all book of his time in the chair, which was published this morning. A spokesperson for the House of Commons said: “Staff work incredibly hard to enable the effective functioning of our democracy and have a right [...]
Prudential considering taking full control of joint venture in China February 6, 2020 Prudential is reportedly in talks that could lead to it taking full control of its joint venture with Chinese lender Citic. Changes to foreign ownership laws in China have for the first time made it possible for the insurance giant to own all of the 50:50 joint venture, which Prudential is now working towards, a [...]
Boeing shares leap on reports the 737 Max could fly again within weeks February 6, 2020 Boeing shares surged more than three percent this afternoon on reports the troubled 737 Max passenger aircraft could fly again within weeks. US Federal Aviation Administrator Steve Dickson said on Thursday international air safety regulators were likely to agree on the design fixes needed to return the Boeing 737 Max aircraft to service. “On the [...]
New York Times shares hit record high as it adds 1m digital subscribers February 6, 2020 Shares in the New York Times jumped to a 15-year high today after the company said it gained more than 1m digital subscribers in 2019. The newspaper group posted operating profit of $78m (£60m) in the fourth quarter, up from $74.7m in the same period last year. Revenue also ticked up 1.1 per cent over [...]