Asos sounds cautious note on future demand after profit quadruples October 14, 2020 Asos reported a quadrupling in full-year profit following a spike in online shopping during the coronavirus pandemic, but warned on the outlook for consumer spending among its young customer base. The fashion ecommerce giant reported profit before tax of £142.1m for the year to 31 August, up from £33.1m the year before. Read more: Asos [...]
Just Eat Takeaway’s order growth surges as delivery demand continues to soar October 14, 2020 Just Eat Takeaway (JET) said the surge in online food orders caused by the coronavirus pandemic continued into the third quarter, with orders jumping 46 per cent compared to a year earlier. Order growth accelerated from the jump of 32 per cent the European food delivery giant recorded in the first half of 2020. In [...]
FTSE 100 closes lower amid new restrictions but US stocks rise October 12, 2020 The FTSE 100 closed lower after Prime Minister Boris Johnson introduced a new three-tier Covid alert system but US stocks rose as investors hoped for more stimulus. London’s blue-chip index ended the day 0.3 per cent lower at 6,001 points. The mid-cap FTSE 250 rose 0.5 per cent, however. Read more: Government set to unveil [...]
Amanda Staveley slashes £1.6bn claim against Barclays in half, High Court hears October 12, 2020 Financier Amanda Staveley has cut her £1.6bn damages claim against Barclays by more than half, the High Court heard. Staveley’s private equity firm, PCP Capital Partners, is claiming a loss of around £660m from the bank, according to PCP’s closing statement. Lawyers for Barclays said PCP was now claiming a maximum of £771m, down from [...]
Collapse of global digital tax talks could cost $100bn, OECD warns October 12, 2020 The global economy could shed more than one per cent of output if international talks to rewrite cross-border tax rules break down and trigger trade wards, the OECD warned today. Nearly 140 countries agreed last week to extend talks on the first major rewriting of cross-border tax rules in a generation to mid-2021 after the [...]
BR Shetty seeks India probe into NMC Health and Finablr bosses October 12, 2020 Indian entrepreneur BR Shetty has filed a complaint with federal investigative agencies in India, seeking a probe into two former top executives of his companies and two Indian banks linked to the multibillion dollar scandal engulfing his business empire. Several firms linked to Shetty including UAE hospital operator NMC Health and payments firm Finablr have [...]
Bank of England asks UK banks about readiness for negative rates October 12, 2020 The Bank of England has asked UK banks for information about their readiness for zero or negative interest rates, following its announcement last month that it was considering taking rates negative if needed. In a letter today, deputy BoE governor Sam Woods told lenders: “we are requesting specific information about your firm’s current readiness to [...]
EU leaders ‘to insist on tough enforcement powers’ for any Brexit deal October 12, 2020 EU leaders are reportedly set to insist on tough enforcement measures for any trade deal with Britain, warning that Boris Johnson’s bid to override the Brexit treaty shows the UK’s word cannot be trusted. Leaders will call on chief Brexit negotiator Michel Barnier to ensure that so-called level playing field guarantees for EU businesses competing [...]
FTSE 100 closes higher and US stocks rise on fresh stimulus hopes October 8, 2020 The FTSE 100 closed higher and Wall Street rose as renewed hopes of a US fiscal stimulus package lifted sentiment despite jobless claims remaining stubbornly high. Two days after calling off negotiations on a comprehensive fiscal aid bill, US President Donald Trump today said that talks with Congress have restarted. Read more: New US jobless [...]
London-based digital lender for the wealthy gets UK banking licence October 8, 2020 A London-based digital lender targeting Britain’s affluent savings market, has received a restricted banking licence from UK regulators. Monument, which is targeting professionals, entrepreneurs and investors with a net worth of £250,000 to £5m, received an “authorisation with restriction” licence this week. The fintech, which is planning to launch in 2021, said it will offer [...]
