Amazon transfers £8.2bn of UK revenue to Luxembourg, report says August 11, 2021 Amazon has shifted some £8.2bn worth of UK revenues to European tax haven Luxembourg, a new report has claimed, as the ecommerce giant bats off calls for a tax inquiry. The retail heavyweight declared £13.7bn in UK revenues in 2019, however, filings for its UK-based companies said it only reported £5.5bn in sales. The report, [...]
City Moves: Who’s switching jobs in the Square Mile this week? August 11, 2021 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. Former Tesco director joins London’s Interpath as special advisor London-headquartered firm Interpath Advisory has appointed former Tesco director and retail veteran Christine Cross as a special advisor for the business. Cross’ extensive non-executive and advisory board [...]
Russia launches criminal probe into two allies of Kremlin critic Navalny August 10, 2021 Russian authorities have launched a criminal investigation into two top allies of Kremlin critic Alexei Navalny, for raising money for his political network – which has been labelled extremist. Allies Leonid Volkov and Ivan Zhdanov, who have already been exiled from the country, are at the centre of the investigation which was opened after a [...]
Abrdn bags AI wealth management firm in first acquisition post-revamp August 10, 2021 Abrdn has snapped up AI wealth management firm Exo for a not-yet-disclosed price, as the revamped investment company makes headway on its three-year plan. The deal, expected to be completed in the final quarter of this year, will allow abrdn to offer wealth management via an app. The investment group’s fee based revenue lifted by [...]
Flutter Entertainment doubles revenue, sending shares rising 8.8 per cent August 10, 2021 Revenue at sports gaming group Flutter Entertainment has rocketed 99 per cent in the past six months, scoring double the cash it recorded in the first half of 2020. The upbeat results sent shares jumping 8.85 per cent to a total share price of 14,085.00. The sports entertainment group, which owns Paddy Power and Betfair, [...]
Home working win: HR software firm Gusto hits $10bn valuation and mulls IPO August 10, 2021 HR software firm Gusto has hit a $10bn valuation following its latest funding round, amid work-from-home measures in which it thrived. The company secured $175m in a funding round in recent weeks, its CEO Josh Reeves told Forbes, after bagging $200m in capital last year. The capital rally was led by T. Rowe Price and [...]
Turkish-German airline SunExpress eyes new underserved routes to the UK August 10, 2021 Turkish-German airline SunExpress is looking to expand its route network into the British Isles, in a bid to reap the rewards of the looming post-pandemic travel boom. The budget carrier has issued a what is called a ‘request for proposals’ via Route Exchange, where it can seek different routes. SunExpress only recently announced an additional [...]
Crackdown fears: Tencent-backed videogame maker sees shares drop 20 per cent in debut August 10, 2021 Videogame maker Krafton has watched its highly anticipated initial public offering collapse 20 per cent in its debut, as it was rocked by fears of a gaming crackdown across the pond. After securing a $3.8bn initial public offering (IPO), South Korea’s largest in over a decade, Tencent-backed Krafton became the first stock debut to fall [...]
Motorways and A-roads to benefit from £200m injection amid staycation boom August 9, 2021 The government is set to inject £200m into improving motorways and major A-roads in the southwest of England, so Brits can have smoother rides to see long-missed families. Now domestic travel restrictions have eased, Brits are well on their way to seeing the family and friends they had missed over the previous 15 months of [...]
Recruitment firm PageGroup sees revived revenue amid pent-up demand August 9, 2021 Recruitment firm PageGroup has seen its financials on the uplift towards pre-pandemic levels in the past six months, which its boss hopes is “sustainable” amid pent-up demand. Shares sank 3.3 per cent in its afternoon trading, down to 602p per share. Revenue hit £766.4m in the six months to 30 June, up from £655m last [...]
