Made.com considers public listing amid pandemic boom February 12, 2021 Online retailer Made.com is said to be mulling an IPO after a bumper year of sales amid the pandemic. The furniture specialist is in talks with banks about its options, which could include a public listing valuing the company at more than £500m, according to Sky News. City A.M. understands Made.com has not yet appointed [...]
UK financial services sector contributed record £76bn in tax last year February 12, 2021 The UK’s financial services sector paid a record £75.6bn in tax last year, according to a new report. The sector’s contribution in the fiscal year ended March 2020 included £34.1bn in taxes borne directly by firms and an additional £41.5bn from employees and customers, according to a recent report by the City of London Corporation. [...]
Demand for streaming service helps narrow Disney’s losses February 11, 2021 Disney’s nascent streaming platform has helped to offset some of the impact of the pandemic on its wider entertainment business. The House of Mouse beat analysts’ expectations posting $16.25bn in overall revenue down from $20.86bn in the previous quarter. Disney’s parks, experiences and products segment have been closed since the second quarter and predicts additional [...]
Standard Life Aberdeen set for name change after deal with Phoenix Group February 11, 2021 Standard Life Aberdeen is set to sell its flagship brand to Phoenix Group, a significant revamp of one of the City’s biggest asset managers. The fund manager’s new chief executive Stephen Bird, who joined last year, is on the brink of agreeing a deal to sell the Standard Life name, according to Sky News. The [...]
Big tech must do more on financial fraud, Starling boss says February 11, 2021 The chief executive of Starling Bank, Anne Boden has accused social media platforms of supporting financial fraudsters. “A vast number of people in the world at present are being scammed… some of that scamming is being supported by big tech because they’re hosting these scams,” Anne Boden said. “The world is moving faster and [...]
Bitcoin bounces as BNY Mellon embraces cryptocurrencies February 11, 2021 Bitcoin soared to a fresh high after validation from one of Wall Street’s oldest banks BNY Mellon. The cryptocurrency jumped past $48,000 and is now trading up nearly seven per cent to $47,746 following the latest mainstream acceptance of bitcoin. BNY Mellon said it will hold, transfer and issue cryptocurrencies on behalf of its asset [...]
Government support brings scale-up investment to record high February 11, 2021 The government’s Future Fund scheme helped British scale-ups secure a record number of investments, according to new research. There were 2,928 announced deals for high-growth companies last year according to Beauhurst research. While deal volume grew 48 per cent year-on-year the total investment volume dropped eight per cent to £10.8bn. Venture capital activity remained fairly [...]
City workers’ favourite spots in trouble as vacant units soar over lockdown February 11, 2021 The City’s after-work drinking spots, dry-cleaners and restaurants are all in trouble as new figures reveal the number of empty units have soared to a five-year high. The number of vacant units in the City of London increased a staggering 47 per cent, according to the Local Data Company, as the pandemic decimates the area’s [...]
Uber losses mount even as it expands delivery business February 10, 2021 A strong showing from Uber’s delivery service has not helped to offset huge losses amid dwindling demand for rideshares. The ride-hailing app has faced huge setbacks as lockdown restrictions all but decimated its core business. In the third quarter the company posted losses of more than £1bn and revenue also missed analysts’ estimates. Uber reported [...]
Bank of England’s Alex Brazier steps down from Financial Policy Committee February 10, 2021 The Bank of England’s executive director for financial stability strategy is stepping down to take a career break. Alex Brazier has worked at the bank for two decades and served as former Governor Mervyn King’s principal private secretary. “Throughout my career, I’ve been very lucky to have worked with such an incredibly talented group of [...]
