Exclusive: ‘Normal’ bank lending to SMEs down 10 per cent in 2020 as emergency loan use explodes February 10, 2021 Non-emergency lending by banks to SMEs dropped 10 per cent in 2020, while emergency coronavirus funding ballooned. ‘Normal’ lending to SMEs fell from £168bn in December 2019 to £152bn a year later, research by debt specialist ACP Altenburg Advisory found. At the same time, emergency coronavirus funding via the Coronavirus Business Interruption Loan Scheme (CBLIS) [...]
Von der Leyen: ‘Mistakes were made’ ahead of EU/UK vaccine debacle February 10, 2021 European Commission President Ursula von der Leyen has admitted “mistakes were made” ahead of the EU’s brief and disastrous decision to block vaccines travelling to the UK. Speaking this morning, Von der Leyen said the EU Commission would do its “utmost to protect the peace in Northern Ireland.” The EU Commission president admitted the bloc [...]
Ex-Labour MP Chuka Umunna hired by JPMorgan in new ESG role February 10, 2021 Chuka Umunna has been hired by JPMorgan to head up its environmental, social and governance (ESG) work in Europe, the Middle East and Africa. The newly created role will pull together all the existing client-facing ESG efforts across the banking business in the region. The appointment was announced within the bank in a memo seen by [...]
Green Street buys property news site React News February 10, 2021 Green Street has bought React News, a property news site, in a move that will extend its audience’s access to coverage on real estate. Green Street said React News has a track record for breaking “the biggest stories in the market”, and covers news in the UK and Ireland and has a growing presence in [...]
Heineken cuts 8,000 jobs in sobering company restructure February 10, 2021 Dutch brewer Heineken said it was cutting around 8,000 jobs following a review of its operations launched in October. The cuts will lead to a total restructuring charge of around €420m and savings on personnel expenses of around €350m. The brewer, which also owns brands Sol, Desperados and Amstel, has been hit hard by the [...]
Smurfit Kappa Group increases dividend payment February 10, 2021 Packaging company Smurfit Kappa Group (SKG) has increased its final dividend to eight per cent, which the company said reflected the board’s confidence about SKG’s future. The packaging company has also repaid all money it received from government support schemes relating to the pandemic. SKG saw revenue of €8.5bn in its 2020 financial year, down [...]
Senate votes to go ahead with Trump impeachment trial February 10, 2021 A majority of the U.S. Senate voted to hold a full impeachment trial of former President Donald Trump when they backed Democrats’ argument that the proceeding is allowed under the U.S. Constitution. Trump’s lawyers argued that as a former president, the Senate has no legal standing for holding a trial on the House of Representatives’ impeachment charge [...]
Arcadia staff gear up for legal action against Philip Green’s retail empire February 9, 2021 Dozens of ex-Arcadia staff have vowed to take legal action against the retail consortium, after it became clear their jobs would not be saved when the Arcadia brands were sold. Arcadia fell into administration in December, becoming the biggest high street casualty of the Covid-19 pandemic. Earlier this week online fashion giant Boohoo announced it [...]
Pension provider James Hay to buy Nucleus for £145m February 9, 2021 James Hay will buy investment platform business Nucleus for £144.62m, merging to form a financial planning and retirement adviser platform with AUA of £45bn. Following the acquisition James Hay intends to merge the firms’ operations, to create what it hopes will be a leading financial planning and retirement-focused platform for the financial adviser market. Nucleus’s [...]
Medical cannabis firm MGC Pharmaceuticals to float on LSE February 9, 2021 Medicinal cannabis firm MGC Pharmaceuticals has announced plans to float on the main market of the London Stock Exchange. MGC Pharma is a European-based bio-pharma company specialising in the production and development of phytocannabinoid-derived medicines. As part of the listing process, the company intends to raise gross proceeds of approximately £6.5m via institutional and other [...]
