Online sales tax gets canned for its ‘complexity’ November 17, 2022 Jeremy Hunt has scrapped the online sales tax, moving away from plans to better support the high street. Following a consultation, the Chancellor decided to dump the tax, reflecting the concerns about the complexity of the move, as well as “creating unintended distortion or unfair outcomes between different business models”. The levy was designed to [...]
Burberry tops expectations as luxury consumers continue to flock November 17, 2022 Burberry smashes expectations, as the luxury brand appears to dodge cost of living concerns in Europe and weathers the ongoing pandemic-related restrictions in its largest market, China. Group revenues climbed by 11 per cent to £1.35bn in the half year, beating projections of £1.32bn, while operating profit increased 27 per cent to £263m from the [...]
Begbies Traynor on track for double digit growth as it cashes in on insolvencies November 17, 2022 Begbies Traynor said it was on track for double digit growth as it cashes in on the economic instability. The corporate restructuring firm said in a trading update that it expects revenue to climb 12 per cent to £58.5m, with adjusted profit before tax also up 13 per cent to £9m. Begbies Traynor said insolvency [...]
Royal Mail calls for less letter days as it claws way out of strike action November 17, 2022 Royal Mail has asked the government to cut its letter delivery service from six to five days as the beleaguered firm attempts to claw itself out of financial crisis. The former state-owned company, also known as International Distributions Services (IDS), called on ministers to reduce the letter numbers to ensure the “long-term sustainability” of the [...]
TikTok tackles US data woes head-on and digs at Twitter November 16, 2022 THE CHIEF of TikTok said the video-sharing giant was pumping heaving investment into US data security in a bid to allay fears from across the Atlantic. Speaking at the Bloomberg New Economy Forum in Singapore earlier today, TikTok boss Shou Zi Chew said the firm was working on ‘Project Texas’, which would isolate sensitive data [...]
Top Whitney Houston hits snapped up by Brookfield’s music investment vehicle November 16, 2022 WHITNEY Houston has become the latest music legend to see her copyrights snapped up as the fight for catalogues continues across the industry. Brookfield Asset Management has acquired around 60 songs written by Shannon Rubicam and George Merrill for an estimated value of $50m and $100m. According to reports from the FT, the deal includes [...]
Deliveroo closes Australian business amid ‘challenging economic conditions’ November 16, 2022 Deliveroo is leaving the Australian market, citing ‘challenging economic conditions’ and fierce competition. The delivery giant said it had been a “difficult decision”, but “achieving a sustainable position of leadership in the market is not possible without a disproportionate level of investment which would have highly uncertain returns”. “Deliveroo, like all other companies, is now [...]
Estée Lauder snaps up Tom Ford in £2.4bn luxury swoop November 16, 2022 Estée Lauder announced that it would be buying designer fashion house Tom Ford in a deal worth $2.8bn (£2.4bn). The deal, which was announced late last night, is the luxury cosmetics biggest acquisition to date. The French firm said the tie-up would “unlock new opportunities” for both sides. Under the agreement, Tom Ford, Founder and [...]
Bridgepoint dodges inflationary pressure with diverse portfolio November 16, 2022 Bridgepoint says that investment portfolios are trading largely in line with expectations despite the current macro volatility. The international alternative asset fund management group said equity portfolios comprise of mainly high margin, cash generative, growth companies, whilst portfolios have currency hedging covering some 78 per cent of non-Euro exposures. The firm said that although portfolio [...]
Revenue climbs for Sage as cloud business bolsters full year November 16, 2022 Sage Group shot to the top of the FTSE 100 this morning as its cloud business bolsters full year results. The London-listed company posted organic recurring revenue growth of nine per cent to £1.82bn, underpinned by Sage Business Cloud growth of 24 per cent. Northern Europe (UK & Ireland) achieved organic recurring revenue growth of [...]
