Boris Johnson vows to make UK Europe’s greatest naval power with new defence spending November 19, 2020 Boris Johnson has vowed the UK will return to its place as “the foremost naval power in Europe” through a landmark increase in military spending. Johnson said the country will benefit from a “renaissance of ship building”, while also focusing on space-based defence technologies that will destroy “targets with inexhaustiable lasers”. The government will increase [...]
English sports clubs granted £300m emergency funding package November 19, 2020 The government has announced a £300m emergency funding package to help sports clubs in England survive ongoing coronavirus restrictions during the winter. Rugby League and Rugby Union, horse racing and the lower tiers of National League football are among the beneficiaries of the support. The funding, which is largely made up of loans, comes as [...]
Jet2 cagey on next summer after passenger numbers collapse November 19, 2020 Travel firm Jet2 said it remained cautious in its outlook for next summer after falling to a pre-tax loss of £119.3m for the first half of the year. With travel bans and quarantine restrictions in place for much of the six months to 30 September, the package holiday company swung from a £337m profit the [...]
Mike Ashley’s Frasers Group increases stake in luxury brand Mulberry November 19, 2020 Mike Ashley’s Frasers Group has increased its stake in Mulberry, sending the luxury handbag firm’s share price up more than eight per cent this morning. Frasers Group, which was formerly known as Sports Direct, has upped its stake in the designer brand to 36.82 per cent. The group, which also owns House of Fraser, Jack [...]
Charles Stanley profits sink as FUM weighs down revenue November 19, 2020 Wealth manager Charles Stanley reported a 27.5 per cent decline in profit as funds under management dragged revenues lower. The London-listed firm reported revenues fell 4.1 per cent to £81.9m in the first half of the year, reflecting the impact of the pandemic on funds under management and administration (FUMA) and lower interest rates. It [...]
And Breathe… November 19, 2020 Plenty for Everyone Bitcoin traded a touch softer, although there was also plenty of dip buying interest. In the early European trade, Bitcoin was trading in the mid-$17,000 area. The growth in the open interest (OI) has abated somewhat, where stablecoin margined venues have gained market share relative to Bitcoin margined venues. That being said, [...]
B&Q owner Kingfisher expects £175m profit boost due to Covid-19 support and cost savings November 19, 2020 B&Q owner Kingfisher expects to report an extra £175m profit for the year due to temporary cost savings, including government Covid-19 support measures. The London-listed DIY firm said today that sales soared 17.6 per cent to £3.5bn in the third quarter due to a surge in people beginning home improvement projects during the pandemic. Kingfisher [...]
UK manufacturing orders drop as near-term outlook darkens November 19, 2020 Britain’s manufacturers suffered a fall in orders in November as governments tightened coronavirus restrictions in a bid to halt the rapid spread of coronavirus, a survey has shown. The CBI’s monthly measure of manufacturing order books fell to a score of minus 40 in November. It had picked up sharply to minus 34 in October, [...]
UK competition watchdog launches probe into O2-Virgin Media merger November 19, 2020 The UK competition watchdog has opened an investigation into the planned £31bn mega-merger between O2 and Virgin Media after the deal was referred from the EU. The Competition and Markets Authority (CMA) last month requested to take over the case, arguing the potential impact on competition would primarily affect the UK market. The watchdog has [...]
Road pricing can level up the nation and take our outdated transport system into the twenty-first century November 19, 2020 If the leaks from the Treasury this week are to be believed, Rishi Sunak has been presented a study on road pricing by his civil servants. He’d be a fool not to take it seriously. Shifting towards a comprehensive system of road pricing would help the chancellor level up the regions, drive down pollution, and [...]
