‘Bond market tantrum risks’: Gilt traders brace for Labour leftward pivot as Starmer future uncertain
Hospitality firms plead for urgent detail on energy support September 20, 2022 Pubs and restaurants are “still in the dark” about how energy support promised by the government will help them “to not only survive but thrive again.” Prime Minister Liz Truss is set to unveil more details about a six-month scheme to support businesses on Friday, after promising firms equivalent aid to an energy price cap [...]
IEA calls for global ban on petrol and diesel car sales by 2035 September 20, 2022 The International Energy Agency (IEA) has called for a global ban on the sale of petrol and diesel cars by 2035. In a report published today, the intergovernmental agency said that global progress on the transition to net-zero transport is falling short of Paris Agreement targets. The study revealed that electric vehicles need to increase [...]
PM Liz Truss: No post-Brexit US trade deal ‘in short to medium term’ September 20, 2022 Prime minister Liz truss has admitted the UK will not be able to strike a post-Brexit trade deal with the US anytime soon, as she lands in New York to address the UN. Britain’s newly-elected leader made the concession to reporters in the US after touching down on Tuesday, with a meeting scheduled with President [...]
Package holidays boom shows no sign of abating as Tui enjoys surge in bookings September 20, 2022 The post-pandemic boom in package holidays shows no sign of abating as giants such as Tui continue to enjoy high levels of bookings. The German operator said in a trading update published on Tuesday it would stick to its profitability forecasts following an uptick in summer and winter reservations. TUI saw a travel revival this [...]
B&Q owner Kingfisher profit nosedives 30 per cent amid economic gloom September 20, 2022 B&Q owner Kingfisher posted slumped profit in half-year results, with bosses citing an “exceptionally strong” comparable period last year. Operating profit was down 29.1 per cent, the DIY retailer highlighted, in results for the six months ended 31 July. Depleted sales came against a “backdrop of exceptionally strong” trading in the first-half of 2021, Thierry [...]
FirstGroup sells off US legacy greyhound property portfolio for £122m September 20, 2022 Transport giant FirstGroup is to sell off almost all of its legacy greyhound property portfolio for £122m. The train and bus company announced it will sell all but two if its remaining sites in the US to Twenty Lake Management for net proceeds of $140m. With expected completion in December of this year, it said [...]
Fuller’s sales above pre-covid levels amid concern over ‘unsustainable rise’ in energy costs September 20, 2022 Pub chain Fuller’s brought its sales back above pre-pandemic levels but has warned the energy crisis could give it bills of £18m. The company announced its sales in the first half of the financial year were three per cent up on the pandemic, and 50 per cent up on the same period last year. However, [...]
Mike Ashley to relinquish director role on Frasers’ board September 20, 2022 Frasers Group founder Mike Ashley will relinquish his role as a director on the Sports Direct owner’s board. Ashley will not be standing for re-election as a director at the high street giant’s Annual General Meeting, Frasers announced on Tuesday. The former CEO, who handed the reins of his retail empire over to son-in-law Michael [...]
Value of private equity-backed ‘carve outs’ triples due to Covid and war in Ukraine September 20, 2022 The value of private equity-backed “carve out” deals, through which funds buy up an entire business line, subsidiary, or unit, has more than tripled over the past year. The value of carve out acquisitions by private equity funds jumped threefold from £3.8bn last year to £13.4bn in the year running up to 31 August 2022, [...]
As politics resumes, a cold winter is closing in on Truss’ free market plans September 20, 2022 We face an autumn and winter of difficult political circumstances, it will take all the new prime minister’s deftness and agility to find a way through.
