Galliford Try shares jump as it predicts return to profitability next year September 16, 2020 Shares in Galliford Try jumped even after it reported losses for the second year in a row, as it predicted a return to profitability by 2021. The construction firm was trading 11.3 per cent higher by 9.25am. The figures Galliford Try reported pre-exceptional revenue was down from £1.4bn to £1.1bn,while losses widened to £62.4m. Building [...]
Shares in insurance firms rise despite court ruling on business interruption claims September 15, 2020 Shares in UK insurance firms remained resilient this afternoon, even as the High Court ruled some firms will have to pay out on the disputed business interruption policies. Insurers may have to pay out to hundreds of thousands of British firms who had business interruption claims turned down during the pandemic. The Court ruled on [...]
High Court rules in favour of struggling firms in business interruption insurance case September 15, 2020 Insurers may have to pay out to hundreds of thousands of British firms who had business interruption claims turned down during the pandemic, following a landmark ruling. The High Court today ruled in favour of policyholders in a test case brought by the Financial Conduct Authority (FCA). The Court ruled on a representative sample of [...]
Former Nissan executive pleads not guilty to conspiring with Ghosn September 15, 2020 Former Nissan executive Greg Kelly has denied charges he conspired with former boss Carlos Ghosn to hide income in his first hearing at the Tokyo District Court. Kelly, who has been on bail in Japan since his release from jail in 2018, said: “I deny the allegations that have been made by prosecutors. I was [...]
Regulator launches review into consumer investment market September 15, 2020 The consumer investment market is not working as well as it should and it is due a fundamental review, according to the Financial Conduct Authority (FCA). Too often consumers are receiving lower returns than they should because of “unsuitable products with high fees”, the financial regulator said. It is launching a “call for input to [...]
Klarna valued at $11bn after fresh fundraising round September 15, 2020 Swedish fintech Klarna is the highest-valued private fintech in Europe after a fresh funding round valued the group at $11bn (£8.54bn). The “buy now pay later” group secured $650m (£504.6m) in an equity funding round led by investment firm Silver Lake alongside Singapore’s sovereign wealth fund GIC and Blackrock. Concurrently, Merian Chrysalis, TCV, Northzone and [...]
Coronavirus: 700,000 jobs lost since March September 15, 2020 Almost 700,000 workers have lost their jobs since the coronavirus pandemic began in March, according to the latest government statistics. The HM Revenue and Customs and Office for National Statistics data showed early indicators for August suggest that the number of employees in the UK on payrolls was down around 695,000 compared with March. The [...]
BCC president warns Boris Johnson of ‘difficult winter ahead’ September 15, 2020 The president of the British Chambers of Commerce has warned the Prime Minister that businesses face the most difficult trading conditions in post-war history. In a letter to Boris Johnson, BCC president Baroness Ruby McGregor-Smith set out a series of measures to help government take a “sharper approach” to restarting the UK economy. “Prime Minister, [...]
Opec downgrades 2020 forecast amid faltering demand September 14, 2020 Opec has cut its forecast for the global oil market for the year, amid faltering demand and a weaker-than-expected recovery in India and other Asian countries. The group of oil-producing nations downwardly revised its outlook to an average of 90.2m barrels per day in 2020. It is down 400,000 bpd from August’s estimate and reflects [...]
G4S rejects Gardaworld’s £3bn hostile takeover bid September 14, 2020 G4S has rejected a £3bn hostile takeover bid from private-equity backed Gardaworld claiming it “significantly undervalues” the company. Shares in the security firm surged more than 24 per cent on reports that Gardaworld had offered to pay 190p a share in cash in August. Gardaworld said it had made three attempts to engage with G4S’s [...]
