‘Light at the end of the tunnel’ for Superdry after reporting return to growth May 6, 2021 Superdry sees “light at the end of the tunnel” after reporting a return to revenue growth in the fourth quarter, boosted by its ecommerce division. In a trading statement Superdry said it had been “substantially impacted” by the pandemic with group revenue for the full year down 21 per cent year-on-year to £556.6m. However the [...]
US backs plans to waive intellectual property rights for vaccines May 6, 2021 US President Joe Biden has backed plans to temporarily waive intellectual property rights for Covid-19 vaccines in a bid to boost supply for developing countries. The Biden administration threw its support behind the plans, which were proposed by India and South Africa which claimed the patents had been an obstacle. The plans had previously been [...]
Demand for food delivery helps Uber narrow losses in the first quarter May 5, 2021 Uber said it saw continued demand for its food delivery business in the first quarter but bookings in its ride-hailing division were flat on the previous quarter. The company delivered revenue of $2.9bn in the first quarter but took a $600m hit to account for a settlement relating to the classification of its UK drivers. [...]
Archegos set for insolvency as it braces for legal claims from banks May 5, 2021 Archegos is reportedly planning to file for insolvency as banks seek to recoup their losses after the firm failed to meet margin calls. The collapse of the family office, run by former Tiger Asia manager Bill Hwang, in March saw its brokers take a $10bn hit. Nomura posted its biggest quarterly loss in over a [...]
Donald Trump’s Facebook ban upheld by oversight board May 5, 2021 Facebook’s oversight board has upheld the ban of former US President Donald Trump but said the indefinite suspension was wrong. In a much-awaited verdict, the oversight board said it upheld Facebook’s decision but said it was “not appropriate… to impose the indeterminate and standardless penalty of indefinite suspension.” “Facebook’s normal penalties include removing the violating [...]
High Court rules against hospitality bosses on indoor closures May 5, 2021 Hospitality bosses have lost their legal battle for a quicker reopening of indoor hospitality in England. Punch Taverns founder Hugh Osmond and Sacha Lord, the night-time economy adviser for Greater Manchester, brought a case against the government challenging the current rules. Lord and Osmond said there was no justification or scientific bias for pubs and [...]
Infosys to add 1,000 UK staff to help with digital growth May 4, 2021 Indian software exporter Infosys has said it will hire 1,000 new staff in the UK to meet increased demand for its services during the pandemic. Infosys will ramp up its presence in the UK over the next three years after the pandemic “exacerbated” the need for digital skills and infrastructure. The New York-listed company said [...]
Mortgage lending rose to record £11.8bn in March after stamp duty extension May 4, 2021 UK mortgage lending saw the biggest net increase on record in March driven by extension of the stamp duty rax relief. Mortgage borrowing rose by a net £11.8bn in March, the strongest since the series began in April 1993, Bank of England figures show. The stamp duty holiday was originally due to end in March, [...]
Oxford Nanopore raises £195m ahead of London listing May 4, 2021 Oxford Nanopore has raised £195m in fresh funding ahead of its planned IPO in London later this year, it said this morning. The company has helped to track coronavirus mutations in the past year, which has made it somewhat of a darling of UK genetics work. The Oxfordshire-based scale-up said £125m of investment came from [...]
Oneweb in talks to play role in new navigation system to rival GPS May 4, 2021 The government-backed satellite network Oneweb is reportedly in talks to build a UK navigation system in a bid to rival GPS. UK space officials are currently reviewing options for investment in position, navigation and timing (PNT) technology. The UK was forced out of the European Galileo satellite programme during Brexit negotiations so a new programme [...]
