John Allan: Tesco chair mulls legal action over sexual misconduct allegations May 26, 2023 John Allan, the outgoing chief of Tesco, has hired a law firm to defend himself after he was accused of engaging inappropriately with women during his tenure at the CBI. “I’m determined, as far as I possibly can, to prove my innocence,” Allan told the Times, revealing that he has hired media law firm Schillings [...]
FTSE 100 close: A stable end to a miserable week May 26, 2023 London’s FTSE 100 showed tentative signs of recovery on Friday, after a turbulent week that saw numbers from the Office for National Statistics reveal far higher levels of inflation, all but sealing further interest rate hikes. The blue-chip index started higher before settling in flat, and then closing at 7,627, up 0.74 per cent, helping [...]
Asos share price in focus after £75m cash call May 26, 2023 Asos has tapped shareholders for £75m as the loss making retailer attempts to repair its balance sheet. The pure-play digital retailer revealed the plans to investors yesterday, with the fundraising underwritten by three shareholders including Danish billionaire Anders Povlsen, the owner of Bestseller through his investment vehicle. In a separate cash building move, Asos also [...]
Key Putin ally: West is underestimating chance of nuclear war over Ukraine May 26, 2023 A senior ally of President Vladimir Putin warned on Friday that the West was seriously underestimating the risk of a nuclear war over Ukraine, cautioning that Russia would launch a pre-emptive strike if Ukraine gets nuclear weapons. Russia’s 2022 invasion of Ukraine has triggered the deadliest European conflict since World War Two and the biggest [...]
Another fine mess: Credit Suisse faces £750m bill over former Georgia PM’s assets May 26, 2023 The embattled, scandal-hit and soon to cease to exist lender Credit Suisse announced this morning it will appeal a ruling in a Singapore court that it breached its duty to safeguard the assets of a former Georgian Prime Minister. The ruling, in a Singapore court, will see the bank forced to cough up $926m (£750m) [...]
How a telecoms exec, a Rugby World Cup winner and a host of chemists are plotting a quiet tech revolution May 26, 2023 On a non-descript industrial estate on the outskirts of Cambridge, a former telecoms executive, a Rugby World Cup winner and some disarmingly intelligent chemists are plotting a revolution that could change the shape of global politics. If that sounds overwrought, consider the phone in your pocket. The metals that make up that extraordinary piece of [...]
Revolution Beauty sees losses widen in long-awaited full year results following accounts probe May 26, 2023 Revolution Beauty saw operating losses surge to £38.8m, up nearly £30m in its long-awaited final year results for the year ending February 2022, which had been delayed after auditors raised serious concerns over its accounts. The embattled cosmetics group saw its pre-tax earnings (EBITDA) dip by £14.2m to a loss of £0.8m. Pre-tax losses were [...]
Chancellor Jeremy Hunt says Bank must act – even if hikes slow UK economy May 26, 2023 Chancellor Jeremy Hunt has backed interest rate hikes being used to calm soaring inflation even if they increase the risk of pushing the UK into recession. Mr Hunt insisted in an interview aired on Friday that the “only path to sustainable growth” is to bring down the high prices behind the cost-of-living crisis. The Bank [...]
Retail sales up in April but analysts warn on implications of further rate hikes May 26, 2023 Retail sales volumes recovered slightly by 0.5 per cent in April as the sector was lifted by the Easter holidays, however high inflation and strains on household finances continue to hinder spending. Non-food stores sales volumes rose by 1.0 per cent during the month, data from the ONS shows, following a fall of 1.8 per [...]
Heathrow: BA IT issues set to cause cancellations and delays today May 26, 2023 British Airways has apologised after an IT issue caused the cancellations of domestic and European flights on Thursday, as Britain heads into the Bank Holiday weekend. There were more than 50 cancelled British Airways flights departing Heathrow on Thursday with the airline urging passengers to check their flight status before going to the airport on [...]
