We need a new law to root out corporate supply chain abuses — wherever they take place March 12, 2021 The now all too familiar, shocking allegations of forced labour at Boohoo factories in Leicester are once again grabbing headlines. Last week Boohoo was hit with a double whammy as US lawmakers are mulling a potential import ban against the company, and UK MPs are asking for a long-term bonus scheme to be linked to supply chain [...]
Parallel markets: The City must push back against Europe’s protectionist financial walls March 12, 2021 Governments, however enlightened and visionary, can so often make two fundamental errors of judgement about global financial service markets: they grossly underestimate their multi trillion dollar power and manoeuvrability. They forget their close attention to competition, cost and risk, and the pursuit of liquidity. In continuing to raise protectionist walls around its internal financial markets, the [...]
Hammerson widens losses as pandemic wipes £2bn off portfolio value March 12, 2021 Retail landlord Hammerson this morning posted a £1.7bn loss for last year, after the coronavirus pandemic wiped £2bn off the value of its property portfolio. Hammerson, which owns Birmingham’s Bullring Shopping Centre, said losses widened from £781m in 2019 to £1.7bn last year, primarily due to falling property values. Its portfolio value at the end [...]
Global chief executives say UK market is more attractive after Brexit March 12, 2021 Britain is a more attractive investment proposition than it was before Brexit according to a survey of 5,000 business leaders across the globe. The UK has overtaken India as the fourth most attractive growth target to bosses, behind the US, China and Germany. PwC’s annual survey of global chief executives shows 11 per cent of [...]
UK housebuilder Berkeley Group expects profits to flatline despite housing boom March 12, 2021 Berkeley Group said this morning that profits are set to flatline this year, in line with expectations. The UK housebuilder said it is on track to post a similar profit to last year’s £503m, and that forward sales are expected to be more than £1.7bn for the year. It estimated that future gross margin in [...]
Watchdog investigating Deloitte audit of Lookers after £19m vanishes from books March 12, 2021 Britain’s accounting watchdog has opened an investigation into audits conducted by Deloitte of car dealership operator Lookers. The investigation will look at financial statements for the years ended 31 December 2017 and 2018, the Financial Reporting Council (FRC) said in a statement. Deloitte said it was taking the investigation seriously and was fully cooperating with [...]
UK economy shrank 2.9 per cent in January as third lockdown took hold March 12, 2021 Monthly GDP fell by 2.9 per cent in January as a fresh national lockdown took hold of the UK economy, according to new ONS data. The January figure, which was 9 per cent below its February 2020 level, was driven by a decline of 3.5 per cent in services, the Office for National Statistics said. [...]
Screenshot: Does the UK media have a racism problem? March 12, 2021 This week: **Media Moment of the Week: GMB gets a new frontman **Does the UK media have a racism problem? **Deliveroo’s IPO giveaway; BT gets in a bind Media Moment of the Week: GMB gets a new frontman What a week it’s been for ITV. In the space of 24 hours it racked up bumper [...]
Could the humble perpetual bond help dig Britain out of its debt crisis and level up? March 12, 2021 The COVID-19 pandemic has precipitated the worst crisis we have faced as a nation since the Second World War, decimating the global economy and plunging us into a deep recession. Such desperate times call for radical, revolutionary solutions to help us bounce back from economic turmoil. Many would be surprised to discover a simple instrument, [...]
Branston pickle, Cadbury flake and crumpets among top five UK exports expats craved during pandemic March 11, 2021 Demand for UK food from exporter British Corner Shop surges in US amid revenue rise by 150 per cent
