Asda chief exec to step down following grocer’s £6.8bn sale to Issa Brothers March 18, 2021 Roger Burnley, the chief executive and president of Asda, will step down next year after the supermarket has transitioned to its new ownership, following its £6.8bn sale to the Issa Brothers and TDR Capital. A process to replace Burnley, who has held the top job at the supermarket for just over three years, is set [...]
Goldman Sachs junior staff slam bank’s ‘inhumane’ 100-hour working weeks March 18, 2021 Junior bankers at Goldman Sachs claimed they have suffered ‘inhumane’ treatment and workplace abuse, leading to a deterioration in mental health while employed by the US investment bank. A survey circulated on Twitter today that was presented to the bank last month, showed that all of the 13 respondents felt their working hours had negatively [...]
Consumers to splash cash on haircuts and holidays – but retailers might have to wait longer for post-lockdown boom March 18, 2021 Consumers have big plans to spend when coronavirus restrictions are lifted, although retailers may have to wait until more vaccinations are rolled out before they benefit from a bounce back in trade. Brits are planning to spend more on holidays, haircuts and days out when the latest lockdown rules are eased, according to the latest [...]
Tech entrepreneur raises £130m for acquisition vehicle as SPAC craze hits London March 17, 2021 Tech entrepreneur Vin Murria is set to announce she has raised £130m for a London-listed acquisition vehicle to pursue a takeover in the software industry as the interest in “blank cheque” companies booms. Murria, who became chairman of Marwyn Acquisition Company 1 (Mac 1) last year, is expected to announce the fundraise tomorrow in what [...]
Eurostar ‘in advanced talks’ with UK and French governments over state-backed loans March 17, 2021 Eurostar is reportedly in advanced talks with the UK and French governments to secure state-backed loans after passenger numbers tumbled during the pandemic. The head of French rail group SNCF, which is the largest shareholder in Eurostar, said it needs to finalise the deal by next month to help it survive the rest of the [...]
Young’s lenders restrict pub chain’s dividend to £5m for next year March 17, 2021 Young’s has warned shareholders that its lenders have restricted the amount it can pay in dividends to £5m in the next financial year, as the pub chain outlined its reopening plans. The company said it had agreed with Natwest and the holder of its senior secured notes that any shareholder payouts will not go above [...]
British fashion brand Ralph & Russo enters administration after Covid hits sales March 17, 2021 British luxury fashion brand Ralph & Russo has collapsed into administration after the coronavirus pandemic decimated sales. Ralph & Russo has appointed Begbies Traynor and Quantuma as administrators to investigate “all possible options” for the company. In a statement this afternoon, the company’s co-founder Tamara Ralph said trading conditions during the pandemic had put “tremendous [...]
UK borrowers impacted by pandemic face rising mortgage payments, L&G warns March 17, 2021 UK borrowers who have suffered a drop in income during the pandemic could soon be paying thousands of pounds more in monthly mortgage repayments, according to the latest research. The survey by Legal & General Mortgage Club found that one in three borrowers are considering staying on their current lender’s Standard Variable Rate (SVR) once [...]
Uber drivers to get holiday pay and pensions after taxi app loses Supreme Court case March 16, 2021 Uber has agreed to give its UK drivers holiday pay and pensions following a landmark ruling in the Supreme Court. The taxi app said all of its 70,000 drivers in the UK will be eligible to receive holiday pay on a fortnightly basis following the case at the UK’s top court, which ruled that drivers [...]
Russia for Trump, Iran for Biden: report shows interference in 2020 US election March 16, 2021 Vladimir Putin knew of and likely directed a Russian effort to help former US President Donald Trump win the 2020 presidential campaign, according to US intelligence officials. In a report published today, the officials said the Russian interference included spreading “misleading or unsubstantiated allegations” against challenger – and now President – Joe Biden. The allegations [...]
