Rishi Sunak says government bailouts are a ‘last resort’ June 26, 2020 Rishi Sunak has said that government bailouts are not an “attractive long term feature of the economy” as companies grapple with the impact of coronavirus. Speaking to Bloomberg TV, the Chancellor said the government is the last resort and the bar is “exceptionally high” for company bailouts. He noted: “This is not my money. It’s [...]
Softbank plans to sue EY over its role in Wirecard scandal June 26, 2020 Softbank is looking to sue EY over its role in the Wirecard scandal after investing in the embattled German firm last year. The Japanese company is looking to file a complaint against the accounting firm after Wirecard collapsed on Thursday owing creditors nearly $4bn, according to German newspaper Der Spiegel. Wirecard’s longtime auditor EY blamed [...]
FCA orders Wirecard to cease all regulated activities June 26, 2020 The Financial Conduct Authority has ordered Wirecard to cease all regulated activities after the firm disclosed a €1.9bn financial hole in its accounts. The watchdog said Wirecard should not dispose of any assets or funds or carry out any regulated activities. After news of a missing €1.9bn in the company’s accounts, the FCA said it [...]
Marston’s warns of uncertain outlook ahead of pub reopenings June 26, 2020 Marston’s warned its financial outlook in the short term is uncertain as it looks to reopening pubs and restaurants from next week. The figures The pub operator said the coronavirus outbreak had a material impact on revenues estimated at around £40m. It took a hit to profit as it reported a £9.4m profit before tax [...]
Card Factory chief Karen Hubbard steps down after four years June 26, 2020 Card Factory has announced its chief executive Karen Hubbard will step down at the end of the month after four years at the helm. The retailer said non-executive chairman Paul Moody would take on an executive chair role until it names a new boss. Card Factory said that as it looks forward to the execution [...]
Global stocks claw back losses despite second wave fears June 25, 2020 The FTSE 100 clawed back some of its losses and swung positive on Thursday, despite concerns that a resurgence of coronavirus cases in the US could stall the global economic recovery. London’s blue-chip index closed 0.38 per cent higher at 6,147 points, after a volatile day of trading which saw it drop 0.57 per cent [...]
Wirecard files for insolvency after disclosing €1.9bn financial hole June 25, 2020 Wirecard has filed for insolvency after disclosing a €1.9bn financial hole in its accounts. Shares in the firm were suspended by the Frankfurt Stock Exchange before the announcement. Last week shares in the firm fell by 90 per cent after auditor EY refused to sign off Wirecard’s 2019 accounts. In a statement today, the embattled [...]
Young’s pub chain taps investors for £88m ahead of pubs reopening June 25, 2020 Young’s pub chain has raised more than £88m from its investors via a share placing ahead of the reopening of pubs from next week. The firm said it had placed a total of 4,263,453 placing shares at 1,160p per share and 4.9m non-voting shares at 735p per share to raise £85.5m. Young’s also raised a [...]
Non-Standard Finance warns of going concern risks due to coronavirus June 25, 2020 Non-Standard Finance has cast doubt on its ability to continue as a going concern due to the impact of coronavirus on business. The lender said it had been a “difficult and disappointing” 18 months which included its failed bid for Provident Financial. The figures Non-Standard Finance reported a £76m loss in the year to 31 [...]
SMEs anticipate spike in redundancies this summer as lockdown eases June 25, 2020 Small businesses across the UK are expecting a difficult summer as they predict redundancies are likely to spike in August even as lockdown starts to ease. The total impact on revenue that SMEs expect from the coronavirus outbreak has reduced from minus 29 per cent at the start of lockdown to minus 10 per cent [...]
