Tesco sees profit drop despite surge in lockdown sales October 7, 2020 Tesco’s operating profit fell 15.6 per cent in the first six months of the year in new chief executive Ken Murphy’s debut set of results. Profit at the supermarket dropped from £1.23bn to £1.04bn, with a jump in sales due to the coronavirus pandemic weighed down by a hefty loss at Tesco Bank. On a [...]
Bounce Back Loan scheme could cost the taxpayer up to £26bn October 7, 2020 The cost to the taxpayer of the government’s emergency loan scheme for struggling small businesses could be as much as £26bn, a new report has found. According to the National Audit Office (NAO), the cost of the government’s Bounce Back Loan scheme “has the potential to be very high” through a combination of firms being [...]
On the brink: SMEs cut off from bounce back loans as banks close to new customers October 6, 2020 Small businesses are being shut out of potentially life-saving bounce back loans (BBLs) because lenders are turning down new customers, despite the funds being fully guaranteed by the government. City A.M. has spoken to a number of businesses who have had applications to set up new business accounts with lenders rejected, often without explanation. Many [...]
Tonik Energy latest supplier to cease trading October 6, 2020 Tonik Energy has become the latest household supplier to go bust, with 250 employees set to lose their jobs. The Birmingham-based company’s 130,000 customers will be protected by regulator Ofgem and passed on to a new supplier. Last week, Ofgem said seven small British energy suppliers, including Tonik, owe a total of £34m, urging them [...]
Japanese auto giants to ‘demand payback’ in event of no-deal Brexit October 6, 2020 Two of Japan’s auto giants will ask the UK to pay them back for any additional custom charges levelled against their cars if it fails to agree a free trade deal with the EU. The Nikkei reported that Toyota and Nissan will want payments to cover the extra 10 per cent of tax that will [...]
Boris Johnson to unveil £160m for offshore wind power October 6, 2020 Boris Johnson will use today’s Conservative Party Conference speech to pledge £160m for developing offshore wind power as the UK attempts to “build back greener” after the coronavirus crisis. By 2030, the government is targeting developing enough wind power capacity to provide enough energy for the equivalent of every UK home. It is now looking [...]
Premier Oil strikes deal to merge with North Sea rival Chrysaor October 6, 2020 Premier Oil this morning announced that it had agreed to merge with fellow North Sea explorer Chrysaor in a deal which will make the firm the largest independent London listed oil company. Shares in the firm leapt 10.9 per cent as markets opened this morning. The deal will see Premier’s $2.7bn debt pile, which has [...]
Co-Op Bank chief to step down after two years in charge October 6, 2020 Andrew Bester will step down as the chief executive of the Co-Op Bank, it was announced this morning, after two years in the job. Bester, who joined the lender in July 2018, was at the time the banks’ fifth chief executive in seven years. Under his tenure the Co-Op Bank split its digital offering off [...]
Maduro government wins legal appeal over Venezuela gold held by Bank of England October 6, 2020 The Court of Appeal has overturned a ruling recognising Juan Guaido as Venezuela’s interim leader in a victory for president Nicolas Maduro. At the heart of the case is the ownership of £800m in gold that is currently held by the Bank of England (BoE). Earlier this year, state bank the Banco Central de Venezuela [...]
Leading business figures call on Sunak to slash taxes to return to 90s growth October 5, 2020 Leading business figures have backed calls from the Institute for Economic Affairs (IEA) for the government to implement similar policies to those that contributed to the best period of economic growth in recent history. These include slashing and streamlining taxes in order to build a “bright future”. Wetherspoons founder Tim Martin, JP Morgan VP Laurence [...]
