McLaren sells minority stake in F1 team to MSP Sports Capital December 13, 2020 McLaren has sold a 33 per cent stake in its F1 team to US-based MSP Sports Capital as part of attempts to raise extra cash amid the coronavirus pandemic. The sports investment group will pay £185m for its share of McLaren Racing, valuing the team at £560m. It comes just days after the supercar maker [...]
Supermarkets begin stockpiling food in case of no-deal Brexit December 13, 2020 The UK’s largest supermarkets have begun stockpiling food and other products, after being warned about the potential of a no-deal Brexit by the government. Supermarkets and ministers are reportedly worried about the prospect of consumers panic buying before 1 January if the UK leaves the EU without a deal, while food producers are warning of [...]
Brexit: UK draws up bailout package for farmers and fishermen in case of no-deal exit December 13, 2020 The government is mapping out a multi-billion pound bailout package for British farmers and industry in case of a no-deal Brexit next month. The plans reportedly include emergency assistance for sheep farmers, fishermen, car manufacturers and chemical suppliers who would be hit by disruption and/or increased EU tariffs in the event of a no-deal Brexit. The [...]
Households could be automatically switched to cheaper energy tariffs December 13, 2020 Households could find themselves automatically switched onto cheaper energy tariffs under new government plans set to be released this week. The proposal is an attempt to crack down on energy suppliers which move customers onto higher “default” deals after their initial contracts end. The BBC reported that the plan would be unveiled as part of [...]
The week ahead, 14-18 December: Shaftesbury, SSP, Petrofac, and interest rates December 13, 2020 All eyes will be fixed firmly on Brussels this week, as businesses across the country hold their breath to see if the UK can finally reach a deal with the EU. With markets on edge as they await the outcome of the talks, there’s little to distract traders, with only a handful of firms reporting [...]
Brexit trade talks to continue in Brussels as EU and UK vow to ‘go extra mile’ December 13, 2020 Post-Brexit trade talks will continue in Brussels next week after both sides vowed to “go the extra mile” to close a last minute deal, however Boris Johnson has also said the two sides are “very far apart” and that no-deal is now the most likely option. European Commission President Ursula von der Leyen said she [...]
Accountants BDO to pay back millions in furlough cash after payout outcry December 13, 2020 Accountants BDO will return £4.1m in furlough cash after being subject to a barrage of criticism for paying out hefty profits to its partners. The Sunday Times reported that the company, which is one of the UK’s biggest accounting firms, would give back the money after paying its partners an average of £500,000. Managing partner [...]
Authentic Brands in talks over double swoop for Arcadia and Debenhams – report December 13, 2020 US retail giant Authentic Brands is planning an audacious double swoop for collapsed Arcadia and Debenhams in a deal that would transform the high street. The firm, which recently took over historic New York department store Barneys, is in talks with the administrators of the two companies this weekend. The Sunday Telegraph reported that the [...]
Brexit: Boris Johnson and EU chief von der Leyen to speak at lunchtime in last ditch bid to save a trade deal December 13, 2020 Boris Johnson and European Commission President Ursula von der Leyen will speak at lunchtime today in a bid to save faltering post-Brexit trade negotiations. The pair are expected to decide whether there is a pathway to a trade deal or whether to end talks today, with less than three weeks left until the UK leaves [...]
EU banks losing appetite for exposure to Brexit Britain December 12, 2020 Banks in the European Union may be losing their appetite for exposure to Britain, the EU’s banking watchdog said yesterday. There are concerns in the bloc that a no-deal Brexit, which is looking increasingly likely, could disrupt financial markets. Britain will stop having full access to the EU after 31 December, and many banks in [...]
