OECD: UK should focus on unemployed until recovery established October 14, 2020 The UK should do more to help those who have lost their jobs during the coronavirus pandemic and wait to fix the hole in its public finances until the recovery is underway, the Organisation for Economic Co-operation and Development (OECD) said. The UK’s economy is at “a critical juncture”, the organisation warned in an annual [...]
Regulator fines ARCM for breaches of short-selling rules October 14, 2020 The City regulator has handed its first fine for breaches of short-selling rules to activist hedge fund Asia Research and Capital Management. The Financial Conduct Authority (FCA) today announced it had fined ACRM £873,118 over failing to publicly disclose its net short position in Premier Oil built between February 2017 and July 2019. Short selling [...]
Amazon to escape UK tech tax as global crackdown falters October 14, 2020 Amazon is facing fresh scrutiny over its tax liabilities after it emerged the tech giant will not be affected by the government’s landmark digital services tax. In April ministers unveiled the new tax — which charges a two per cent levy on the revenue of internet companies — saying it would ensure companies contribute their [...]
Gourmet Burger Kitchen rescued by ‘chicken king’ Ranjit Boparan October 14, 2020 The multi-millionaire owner of a UK poultry business will reportedly buy Gourmet Burger Kitchen, in a move that will rescue more than 600 jobs. Ranjit Boparan, who is known as the “chicken king” after founding the 2 Sisters Food Group, will buy GBK through a pre-pack administration, Sky News reported. Boparan has built one of [...]
Asos sounds cautious note on future demand after profit quadruples October 14, 2020 Asos reported a quadrupling in full-year profit following a spike in online shopping during the coronavirus pandemic, but warned on the outlook for consumer spending among its young customer base. The fashion ecommerce giant reported profit before tax of £142.1m for the year to 31 August, up from £33.1m the year before. Read more: Asos [...]
Barratt reports strong forward sales as housing market recovers October 14, 2020 Barratt Developments (BDEV) has reported an increase in forward sales as the housing market bounced back from the first wave of coronavirus restrictions. The housebuilder said total forward sales as of 11 October increased 16.7 per cent to 15,135 homes at a value of £3.7bn. It also reported a 20.8 per cent increase in its [...]
Just Eat Takeaway’s order growth surges as delivery demand continues to soar October 14, 2020 Just Eat Takeaway (JET) said the surge in online food orders caused by the coronavirus pandemic continued into the third quarter, with orders jumping 46 per cent compared to a year earlier. Order growth accelerated from the jump of 32 per cent the European food delivery giant recorded in the first half of 2020. In [...]
Pearson sales slump amid Covid-19 closures of schools and test centres October 14, 2020 Educational publisher Pearson (PSON) has suffered a drop in sales since the beginning of the year after the coronavirus pandemic forced test centres and schools to close. Group sales in the nine months to 30 September fell 14 per cent, reflecting the continued impact of the Covid-19 crisis. The company said its online learning sales [...]
G4S profits swell due to tight cost control during coronavirus pandemic October 14, 2020 Security firm G4S said this morning that profit for the first nine months of the year was ahead of 2019 levels despite a dip in revenue as it clamped down on costs during the coronavirus pandemic. The group’s revenue fell two per cent, which was “more than offset by tight direct and indirect cost control [...]
