Peer-to-peer lender Funding Circle recovers slightly after share price crash July 3, 2019 Shares in peer-to-peer lender Funding Circle made steps towards recovery today after plummeting as much as 29 per cent yesterday after it slashed its revenue projections in half. The fintech’s stock recovered by more than eight per cent today to 125p following yesterday’s trading update that said full year revenue growth is now expected to [...]
Creditors approve Monsoon Accessorize rescue plan July 3, 2019 Creditors have approved Monsoon Accessorize’s restructuring plan today which will see rents slashed at more than half of the fashion retailer’s leased stores. The store said its company voluntary arrangement (CVA) proposals had passed “with a majority significantly above the required threshold”. Read more: Creditors prepare to vote on Monsoon Accessorize rescue plan In total, [...]
Mark Carney warns trade war could ‘shipwreck’ global economy July 2, 2019 Bank of England governor Mark Carney today warned that a trade war could “shipwreck” the global economy. Speaking in Bournemouth today Carney said financial markets had recently experienced a “profound transformation” driven by growing concerns over the impact of rising trade tensions and policy uncertainty. Read more: No-deal Brexit would cost UK £90bn, warns Philip [...]
UK regulator warns tech companies over cryptocurrency projects July 2, 2019 The UK finance regulator has warned Facebook to reject the mantra “move fast and break things” in relation to its libra cryptocurrency project, saying tech giants must “get it right the first time round”. Christopher Woolard, the executive director of strategy and competition at the Financial Conduct Authority, said regulators are facing issues that “could [...]
Trump threatens tariffs on $4bn of EU products July 2, 2019 US president Donald Trump has threatened to slap extra tariffs on $4bn of EU products as a spat over aircraft subsidies escalates. The US trade representative’s office released a list of 89 products that could be hit with tariffs, including ham, olives, coffee, pasta and Irish and Scotch whiskies. Read more: Trump threatens trade war [...]
Nike pulls ‘racist’ US flag trainers after Kaepernick backlash July 2, 2019 Sportswear giant Nike has pulled a new design of trainers featuring an early version of the US flag after a complaint from Colin Kaepernick, a former NFL player, over the symbol’s connection to racism. The Betsy Ross flag featured on the shoe, which was designed to commemorate 4 July, has been used by the American [...]
St Modwen boosts profit on growth in logistics sector July 2, 2019 FTSE 250 property developer St Modwen boosted profit in the first half of 2019 driven by its expansion in the warehouse and logistics sector. The figures Profit for the six months to the end of May was £23.1m, up from £20.8m compared to the first half of 2018. Basic earnings per share increased from 9.4p [...]
Sanjeev Gupta’s Liberty Steel completes €750m Arcelormittal asset purchase July 1, 2019 Liberty Steel, part of billionaire Sanjeev Gupta’s GFG Alliance, has completed the €750m (£671m) acquisition of Arcelormittal’s European assets. The deal, which will add 14,000 employees, seven steelworks and five service centres to Liberty’s portfolio, is the biggest undertaken by the group to date. GFG Alliance now has around 30,000 workers across 30 countries, following [...]
Regulator makes CFD restrictions permanent July 1, 2019 The City watchdog has confirmed that it will make a crackdown on selling contracts for difference (CFDs) to retail clients permanent. The Financial Conduct Authority (FCA) said it will make the European Securities and Market Authority’s (ESMA) temporary restrictions on CFDs permanent following evidence that the high-risk products had been “aggressively marketed” to the public. [...]
Footwear chain Office explores restructuring plans July 1, 2019 Office is exploring options for a restructuring plan that could see the footwear chain shutter a number of its UK stores. The retailer has appointed advisory firm Alvarez & Marsal to plan a potential company voluntary arrangement (CVA), Sky News reported. Read more: Landlords pick a fight with the CVA Sources told the broadcaster that [...]
