Retailers call on government to withdraw ‘disastrous’ business rates bill April 27, 2020 A coalition of retail organisations today called on the government to ditch a business rates bill they say would be “disastrous”for the high street. The Non-Domestic Rating (Lists) Bill brings forwards the next revelation of business rates for 2.08m non-domestic properties in England and Wales to 1 April 2021. If the bill receives asset, it [...]
Brazil’s Embraer blasts Boeing after $4.2bn deal scrapped April 26, 2020 Brazilian aircraft company Embraer today attacked Boeing after the US company yesterday pulled the plug on a $4.2bn (£3.4bn) deal to buy its commercial jets division. In a statement, Embraer said: “Embraer believes strongly that Boeing has wrongfully terminated the MTA [master transaction agreement], that it has manufactured false claims as a pretext to seek [...]
Tata Steel seeks £500m in government cash for Port Talbot plant April 26, 2020 Tata Steel needs £500m from the government to survive the coronavirus economic slowdown, MP for Aberavon Stephen Kinnock said. Kinnock asked first secretary Dominic Raab in parliament last week to lift the amount lent to businesses under the coronavirus large business interruption loan scheme (CLBILS) from £50m to £500m to help Tata Steel with lost [...]
UK orders 50m coronavirus immunity tests April 26, 2020 The UK has reportedly ordered up to 50m new coronavirus immunity tests which would help quickly assess if people could go back to work. The Mail on Sunday reported that a team of British scientists were developing a test which could mean that by June people could reliably find out if they have developed immunity [...]
Virgin Atlantic says it is still in talks with UK over bailout April 26, 2020 Virgin Atlantic today said it was still in talks with the UK government about a state bailout to deal with the travel shutdown caused by the coronavirus pandemic. The airline said talks were ongoing after the Sunday Telegraph reported that discussions had been “effectively shelved” and Virgin’s owner Richard Branson was now seeking a buyer [...]
Jury discharged due to coronavirus in fraud trial of ex-Locke Lord partner Jonathan Denton April 23, 2020 The jury in the fraud trial of Jonathan Denton – a former partner in the London office of US law firm Locke Lord – has been discharged because of fears of coronavirus. Denton, 60, was on trial alongside four other defendants facing charges of fraud by false representation. However, the 16-week trial at Birmingham Crown [...]
CBILS application process ‘soul destroying’, says director of film industry business April 23, 2020 The process of applying to the lenders administering the coronavirus business interruption loan scheme (CBILS) has been “soul destroying,” the director of a small film industry business has said. Diane Nyiry of Devon-based Cine Power International told City A.M.: “I have been shocked at the way the banks have been behaving, they haven’t been very [...]
Blackmore Bond topples into administration owing £45m April 23, 2020 Mini-bond investment firm Blackmore Bond has collapsed into administration. The joint administrators, Geoff Bouchier and Benjamin Wiles of Duff & Phelps, were appointed yesterday. Blackmore was founded in Manchester in 2016. It issued mini-bonds to retail investors with a minimum investment of £5,000. The company used the money to invest in a portfolio of property [...]
Law firms face ‘bloodbath’ in upcoming coronavirus recession April 23, 2020 Advisers who worked on some of the largest UK law firm collapses predict a “bloodbath” for the legal industry as a result of the coronavirus economic crisis. Andy Hosking of Quantuma, who acted as administrator to King & Wood Mallesons Europe (KWM) and Ince & Co, said: “You are going to see a bloodbath in [...]
Law and accountancy firm coronavirus partner promotions: a poisoned chalice? April 22, 2020 Law and accountancy firms have promoted swathes of new partners in recent days with many firms hailing the strong rounds as a signal of confidence in the future. But with new partners typically required to stump up £50,000 to £100,000 to join partnerships, it is a potentially risky step up for the individual during the [...]