BoE governor calls on people to return to the office July 16, 2020 The Bank of England governor has said deserted town and city centres will hold back economic recovery. Boris Johnson is preparing to tell the nation on Friday that it is time to return to the office after Andrew Bailey said people’s “fear” of commuting was “holding back the recovery”. The Prime Minister is expected to [...]
FCA hires accountancy firm BDO to help monitor Wirecard July 16, 2020 The Financial Conduct Authority (FCA) has drafted in a team of accountants to aid with its monitoring of Wirecard. The City watchdog has hired BDO to work on its response to the Wirecard crisis, according to Sky News. The FCA reportedly appointed the firm to ensure the now insolvent German firm complies with a series [...]
‘Calm before the storm’: Rate of redundancies slows but worst is yet to come July 16, 2020 Fewer British employees were made redundant in June but economists warn unemployment is on course to rise. Around 650,000 people lost their jobs between March and June but the pace of decline slowed in June, with the bulk of job losses occurring around the onset of lockdown restrictions. June’s drop of just over 74,000 was [...]
Exclusive: Uber’s UK boss ‘optimistic’ it will win back London licence July 16, 2020 Uber’s UK boss is “optimistic” that the firm will win back its licence in the capital when courts decide in September. Transport for London (TfL) banned the ride-hailing app in London at the end of last year. It said Uber had unlicensed operators upload photos on other people’s accounts, leading to at least 14,000 trips [...]
European private equity deals plunge to seven-year low July 16, 2020 European private equity deal volume plunged to its lowest point in seven years during the second quarter, with the UK suffering the greatest drop. Deal count and value dropped to their lowest quarterly figures since third quarter 203 and the fourth quarter of 2016, respectively due to uncertainty surrounding the virus. Pitchbook data shows 650 [...]
The City View: Jamie Heywood on Uber’s licencing battle July 15, 2020 Subscribe to The City View Podcast: Apple / Google / Spotify / RSS Today Andy Silvester is joined by Jamie Heywood, Uber’s General Manager for the UK, Northern and Eastern Europe. They talk about the firm’s licencing battle, how Covid-19 has affected the company and the future of transportation. Electric cars, charging points, the new Uber boat and congestion charging are all on [...]
Nearly all SME lending is through emergency coronavirus funding July 15, 2020 The overwhelming majority of lending to SMEs since the outbreak of coronavirus has been through the government’s emergency schemes. A study by debt advisory specialist Altenburg Advisory shows 90 per cent of the £29bn in loans to SMEs in April and May came through the government’s lending schemes. Figures released by the Treasury this week [...]
UK coronavirus death toll rises by 85 July 15, 2020 A further 85 people have died from coronavirus in the UK, the government announced today. It brings the total number of coronavirus associated deaths in the UK to 45,053, according to official Department of Health figures. There have been 538 lab-confirmed UK cases in the past day, bringing the total number to 291,911. It comes [...]
Goldman Sachs beats profit forecasts to defy coronavirus July 15, 2020 Goldman Sachs today revealed quarterly profit has smashed forecasts, driven by the strength of its core bond trading and underwriting businesses. The Wall Street bank earned as much in the second quarter of 2020 as it did a year earlier, seemingly defying the global pandemic. A strong showing in bond trading helped to offset a [...]
CVC looks to add coronavirus clauses to Six Nations investment July 15, 2020 CVC Capital Partners is reportedly looking to add coronavirus clauses to its planned £300m investment in the Six Nations rugby union tournament, which will allow the buyout firm to withhold funding if the pandemic disrupts the sport further. The private equity group is in the final stages of agreeing on a deal to take a [...]
