Ranked: London constituencies have highest demand for Covid borrowing in UK June 15, 2021 London constituencies make up the top four UK regions which have seen the highest demand for Covid support loans, according to a new study. Business Rescue Expert collated the amount each devolved UK constituency has borrowed under the Bounce Back Loan Scheme (BBLS) and the Coronavirus Business Interruption Loan Scheme (CBILS). The City tops the [...]
Mine blast: Anglo American exposed workers to excessive risk, inquiry finds June 15, 2021 An inquiry into a blast at an Anglo American coal mine in Australia that seriously injured five workers has found that the miner exposed workers to excessive risk. Mining activities at Anglo’s Grosvenor mine in Queensland were halted after the May 2020 explosion that triggered a government inquiry. Anglo repeatedly produced more methane gas than [...]
UK unemployment rate falls to 4.7 per cent as lockdown easing spurs hiring June 15, 2021 Britain’s unemployment rate fell to 4.7 per cent between February and April, official figures showed this morning. The rate of employment in the UK increased for the sixth consecutive month in May, with the number of payrolled employees rising by 197,000 to 28.5m. It is however 553,000 below pre-pandemic levels, where the largest falls in [...]
Non-Standard Finance shares plunge amid £80m equity capital raise June 15, 2021 British lender Non-Standard Finance (NSF) today said it wanted to raise £80m in the third quarter through a share sale that would be backed by its largest investor Alchemy. NSF said the equity raise depended on talks with the Financial Conduct Authority over a proposed compensation payment scheme for customers of its guarantor loans business. [...]
On the Beach revenue plummets as travel restrictions batter sales June 15, 2021 Online holiday retailer On the Beach saw its revenue sink in the six months to March 2021 as lockdown restrictions hit sales. The company posted an adjusted group revenue of £12m during the half year, some 77 per cent lower than the £52.8m reported in the same period in 2020. Group gross profit also plunged [...]
Wall Street muted at open while FTSE 100 cuts morning gains June 14, 2021 Wall Street’s main indexes were muted today as focus shifted to this week’s Fed meeting where the central bank is expected to maintain its accommodative stance on monetary policy. The Dow Jones Industrial Average was down 0.3 per cent, while the S&P 500 fell 0.1 per cent at the open, remaining near an all-time time. [...]
Maven Capital and Ares aim for £30bn AUM tie-up to disrupt wealth management space June 14, 2021 Private equity firms Maven Capital Partners and Ares Management have teamed up with a family office to support the launch of a new acquisition business. Titan Wealth Holdings will be in the UK asset and wealth management market, as first reported by the Financial Times. Titan’s ambitious strategy is targeting AUM of up to £30bn [...]
Accountancy firm Azets to create 650 new UK jobs over the next year June 14, 2021 Accountancy company Azets has today announced a national recruitment drive which will see 650 new jobs being created in the UK over the next year. The roles will cover all levels from assistant right through to partner across a range of service lines including audit and assurance, corporate finance, and tax. “We have just recruited [...]
Lloyds hires ex-DBS Bank executive as chief operating officer June 14, 2021 Lloyds Banking Group has hired David Gledhill, a former executive of Singapore’s DBS Bank, as group chief operating officer. Britain’s largest domestic bank said in a statement that Gledhill will join in August this year, subject to regulatory approval. Gledhill will join Lloyds upon returning to the UK after 11 years with DBS Bank, where [...]
Clariant to sell pigments business in $951m deal June 14, 2021 Chemicals firm Clariant has agreed to sell its pigments business to Heubach Group and SK Capital Partners in a deal which values the company at $951m. Clariant this morning said it would reinvest to become a 20 per cent shareholder in the business, which employs 3,000 people and has annual sales of around $1.09bn. The [...]