Selfridges on sale as owners launch auction starting at £4bn July 26, 2021 Selfridges’ owners, the billionaire Weston family, has launched a formal auction to sell its chain of department stores. Advisers at Credit Suisse are starting to look for a buyer and will send out information to target potential bidders and kick off the process. The company is valued at around £4bn. Potential suitors are said to [...]
UK looks to remove China’s CGN from nuclear energy projects July 26, 2021 Britain is said to be exploring ways to remove China’s state-owned nuclear energy company China General Nuclear Power Group (CGN) from all future power projects in the UK. The more hawkish policy will cast doubts over a £20bn project to build the Sizewell C nuclear power station in Suffolk, which is being led by French [...]
Softbank’s bet on Chinese app Didi falls $4bn into the red July 26, 2021 Softbank’s bumper bet on Chinese ride-hailing giant Didi has plunged $4bn (£2.9bn) into the red as authorities in Beijing crack down on the app following its New York stock market float. The Japanese conglomerate took a 2.1 per cent stake in Didi worth $11.8bn in 2019, but its shareholding is now worth just $7.8bn, the [...]
Water companies given green light to raise prices to offset Covid debt July 26, 2021 Water companies will be allowed to bump up their prices on a temporary basis from next year in order to offset extra bad debt acquired as a result of Covid-19. In a statement released today, sector regulator Ofwat said that from April water companies will bear 25 per cent of bad debt costs where these [...]
Johanna Kyrklund: why bitcoin reminds me of the office’s appeal July 26, 2021 In the UK, 19 July was what some people called “Freedom Day”, as most Covid-19 restrictions were lifted. For the millions who have been working from home during this pandemic, this marks a significant change as the government has recommended a gradual return to the office. There are benefits to WFH and WHO Here at [...]
AIM-listed K3 Business Technology sees pandemic increase losses July 26, 2021 Software company K3 Business Technology saw a year-on-year loss of £4.3m before taxes due to the impacts of the pandemic. The Salford-based company said performance was in line with their expectations, after announcing a ‘steady’ revenue at £23.2m in the first six months ending May 31, 2021. Gross margins fell to 56.2per cent from 60.4per [...]
LSE-listed Kanabo to buy distributor and stoke European cannabis uptake July 26, 2021 Kanabo, the first medical cannabis company to list on London’s top market, is set to buy a distributing company as it plots expansion into Europe. The deal with Materia, a processor and distributor of medical cannabis and CBD products, will make Kanabo Europe’s largest public cannabis company. Kanabo’s board has been eyeing new partnerships to [...]
Watchdog slams KPMG for ‘unacceptable’ bank audits for third year running July 26, 2021 KPMG has been called out for failing to meet standards in its bank audits for the third year in a row, by the Financial Reporting Council (FRC) in a review published on Friday, that found that a third of large company audits by the biggest UK firms failed to meet standards. The industry watchdog called [...]
Swedish drinks firm Kopparberg sues HMRC over tax loophole July 26, 2021 Swedish cider maker Kopparberg has filed a High Court claim against HM Revenue and Customs over allegations of unlawful tax discrimination. The popular booze brand argues that the UK applied excessive duties on imported alcoholic ciders by allowing domestic producers to dilute their products to avoid taxes. The tax loophole, known as post duty point [...]
Moon-day madness as Jeff Bezos rumoured to be looking at Bitcoin payments for Amazon July 26, 2021 Yesterday marked Bitcoin's sixth consecutive day in the green, during which time it increased more than 20 per cent in value
