First Group reports half-year loss as travel restrictions continue December 10, 2020 Bus operator First Group has reported a half-year loss after lockdown restrictions placed pressure on its rail and bus divisions. First Group said adjusted pretax loss was £73.3m for the six months ending 30 Deptember, down from a profit of £19.9m a year ago. Revenue fell 23.8 per cnet to £3.1bn in the period after [...]
Economic recovery slowed in October as UK GDP hit 0.4 per cent December 10, 2020 The UK’s economic recovery ground to a halt in October as lockdown restrictions tightened and the hospitality industry took a hit. GDP rose 0.4 per cent in October according to the latest Office for National Statistics (ONS) statistics, down from a 1.1 per cent growth in September. It is the sixth consecutive monthly increase in [...]
‘Firm decision’ on Brexit talks set for Sunday December 10, 2020 Boris Johnson and the EU have set a Sunday deadline for a “firm decision” on the future relationship between the two sides. Downing Street said “large gaps remain” between the EU and UK after the Prime Minister and Ursula Von der Leyen met for dinner in Brussels. Von der Leyen said the conversation had been [...]
UK set to halt US tariffs in bid for post-Brexit trade deal December 9, 2020 The UK has broken ranks with the EU and is set to suspend tariffs against the US over subsidies, in an attempt to broker a post-Brexit trade deal. There has been a long battle between the US and the EU relating to state subsidies for aircraft manufacturers Airbus and Boeing. The World Trade Organisation last [...]
Vaccine optimism spurs near-record equity inflows December 9, 2020 The long-awaited announcement of effective vaccines saw investors pile back into equity funds last month at a near-record level. Renewed optimism among investors saw a net £2.3bn added to equity funds, according to fund network Calastone’s latest data. It is the second highest month of inflows on record after April 2020 when investors welcomed coronavirus [...]
Ada Ventures closes first fund for overlooked founders at $50m December 9, 2020 Just a year ago Ada Ventures launched its first fund focused on impact investing. Today it has announced it has closed $50m. Ada Ventures positions itself as a “first-cheque seed fund” which looks to make venture capital more accessible and diverse. The fund is aiming to have the “most diverse pipeline, and portfolio, of any [...]
Deutsche Bank executive steps aside amid Wirecard probe December 9, 2020 Deutsche Bank’s head of accounting is reportedly stepping aside after German prosecutors launched another probe into Wirecard. Former EY partner Andreas Loetscher who joined Deutsche two years ago is set to “temporarily” set aside. The bank’s chief financial officer James von Moltke said Loetscher’s temporary replacement was taken “at Andreas’ request and in mutual agreement,” [...]
Balfour Beatty order book boosted by HS2 contract December 9, 2020 Balfour Beatty has forecast its year-end order book will grow after construction activity on the HS2 line was given the green light. In a trading update the construction firm forecast a year-end order book of around £17bn, a 20 per cent increase on the previous year. Despite delays caused by the pandemic, Balfour Beatty has [...]
Stagecoach profits plunge 91 per cent on lockdown restrictions December 9, 2020 Bus operator Stagecoach has taken a significant hit to its first-half profits as the pandemic continues to restrict its regional bus services. The company’s profits fell to £5.4m in the six months to 31 October compared to £65.9m in the same period last year. This came after revenue from £800.2m to £454.6m in the first [...]
Challenger bank Revolut broke even in November December 8, 2020 Revolut broke even last month in the latest indication that the challenger bank is bouncing back from the worst of the pandemic. It is an encouraging sign for the digital bank which tripled its losses to £106.5m, in figures released in August. It came despite a rise in its customer base during the first lockdown [...]
