Ocado’s depot plans halted by North London residents October 15, 2020 Ocado has lost the right to build a new delivery hub in north London after campaigners successfully lobbied the council to halt plans. Islington Council has withdrawn the site’s certificate of lawfulness to open the distribution centre next to Yerbury school, accusing Ocado’s landlords, Telereal, of providing “false and misleading evidence” and “withholding material information” [...]
Charles Stanley revenues drop amid ‘difficult times’ October 15, 2020 Investment management firm Charles Stanley (CAY) saw revenue drop in the second quarter while funds under management and administration edged higher. Group revenue fell 6.8 per cent to £39.9m in the second quarter, resulting in a 4.1 per cent reduction over the first half to £82m. Total funds under Management and Administration (Fuma) rose 12.9 [...]
Ashmore assets rise as market recovery offsets outflows October 14, 2020 Ashmore’s assets under management rose by nearly $2bn in the first quarter as a recovery in the markets helped to offset net outflows. The money manager, which focuses on emerging markets, said assets under management (AUM) increased by $1.9bn in the period to 30 September, offsetting net outflows of $0.8bn. AUM were estimated at $85.5bn [...]
Regulator fines ARCM for breaches of short-selling rules October 14, 2020 The City regulator has handed its first fine for breaches of short-selling rules to activist hedge fund Asia Research and Capital Management. The Financial Conduct Authority (FCA) today announced it had fined ACRM £873,118 over failing to publicly disclose its net short position in Premier Oil built between February 2017 and July 2019. Short selling [...]
Barratt reports strong forward sales as housing market recovers October 14, 2020 Barratt Developments (BDEV) has reported an increase in forward sales as the housing market bounced back from the first wave of coronavirus restrictions. The housebuilder said total forward sales as of 11 October increased 16.7 per cent to 15,135 homes at a value of £3.7bn. It also reported a 20.8 per cent increase in its [...]
FTSE 100 and US stocks slip amid second-wave worries October 13, 2020 The FTSE 100 was set to end the day lower and US stocks fell as concerns about rising coronavirus cases and new restrictions weighed on global sentiment. London’s blue chip index opened lower and was down 0.8 per cent by 4pm at 5,951 points. The mid-cap FTSE 250 had shed 1.5 per cent. Read more: [...]
BDO becomes largest auditor of listed UK firms October 13, 2020 Challenger firm BDO now audits the highest number of listed UK companies as attempts to reform the sector sees companies move away from the Big Four. BDO, the UK’s fifth-largest accounting firm by revenue, gained 36 listed clients in the 12 months to October, according to Adviser Rankings, which collects auditor data. It now audits [...]
UK taxes could rise by more than £40bn, says IFS October 13, 2020 The UK is set for years of higher debt and taxes as it recovers from the dual hit of the pandemic and Brexit, according to a leading think tank. The Institute for Fiscal Studies (IFS) published its annual Green Budget in association with investment bank Citi today, and warned that taxes will have to rise [...]
Ada Ventures launches £250,000 angel investor programme October 13, 2020 Ada Ventures has launched a £250,000 angel investor programme to create a new generation of investors who may have otherwise been excluded from the industry. The London-based VC firm, named after the first computer programmer Ada Lovelace, has identified five candidates – “Ada’s Angels” – from its Scout programme. Co-founder Check Warner told City A.M. [...]
UK biotech secures record £1bn investment in third quarter October 12, 2020 The UK biotech industry has enjoyed a boom during the pandemic raising a record £1bn in the third quarter alone. Latest figures from the Bioindustry Association and Clarivate representing the UK’s biotech and life sciences sector show the scale of fundraising accelerated between June and August. While companies involved in developing vaccines or treatments have [...]
