Deutsche Bank compensates Spanish winemaker over forex mis-selling June 28, 2021 Deutsche Bank has dished out over €10m to Europe’s largest wine exporter to settle a dispute over the alleged mis-selling of foreign exchange derivatives, according to reports. As the lender’s internal investigation nears its close, the decision to settle could pile pressure on Goldman Sachs and BNP Paribas, which face similar accusations from Japanese engineering [...]
Greggs maintains positive sales trajectory despite shrinking pent-up demand June 28, 2021 Bakery chain Greggs has maintained a positive sales trajectory as restrictions ease, it said in its trading update today, with sales only slightly knocked by shrinking pent-up demand. The high street retailer last reported its trading performance on 10 May, at which point it had seen a strong recovery in sales levels following the easing [...]
NatWest’s Ulster Bank to sell €4.2bn worth of commercial lending to AIB June 28, 2021 The NatWest group and Ulster Bank in the Republic of Ireland (UBIDAC) have agreed with Allied Irish Banks (AIB) to sell the majority of its commercial lending for around €4.2bn. Around 280 workers will transfer from UBIDAC to AIB, one of Ireland’s largest banks, as part of the agreement, with the final number of roles [...]
JD Sports to buy majority stake in Spain’s Deporvillage for €140.4m June 28, 2021 Sports retail chain JD is set to buy 80 per cent of issued shares in Spain’s Deporvillage, the retailer confirmed today, through its holding company Iberian Sports Retail Group (ISRG). The deal will be worth around €140.4m, of which €40.4m has been deferred and will be paid if the business performs well in the months [...]
Covid: £2.5bn business rates debt looms over local councils, new analysis says June 28, 2021 UK firms now owe local councils nearly £2.5bn in unpaid business rates, according to new analysis, as the national debt crisis swells. Countless firms have seen their debt climb higher over the pandemic period, with many businesses stifled by restrictions and forced to shut their doors for several months. As relief, the government has offered [...]
London’s FTSE 100 weighed down by consumer and airline stocks June 28, 2021 London’s FTSE 100 dipped lower today, weighed down by losses in financial and consumer stocks, with banking stocks some of the biggest decliners of the month. Banks, industrials and mining stocks were down between 0.1 per cent and 0.7 per cent after leading the gains last week as investors sectors that look to benefit as [...]
City Pub Group trading nears levels seen in 2019 as restrictions lift June 28, 2021 After being hammered by pandemic restrictions since last year, the City Pub Group has posted trading levels 90 per cent of levels seen in 2019. Opening the doors to 42 out of its 48 pubs, the group has reaped the rewards of some social distancing measures being relaxed on 12 April, it said in its [...]
Pandemic pushes pay raise and promotion anxiety among workers June 25, 2021 The pandemic has stood in the way of employees seeking pay raises and promotions, studies suggest, as lockdowns have knocked personal confidence and rocked company budgets. A survey shared with City A.M. by Love Energy Savings, which polled 1312 UK employees, found that one in three people are less comfortable asking for a pay increase post-pandemic, compared to [...]
Tesco AGM: Activists rally against greenwashing and unsustainable meat June 25, 2021 Activists flocked to Tesco’s annual general meeting this morning to protest greenwashing and meat that causes deforestation, holding giant letters which spelt the words ‘Forest Crime. The protestors ambushed delegates attending the supermarket giant’s annual general meeting (AGM), held at Tesco’s headquarters in Welwyn Garden City. The 10-metre wide ‘Forest Crime’ sign was accompanied by [...]
Ray-Ban maker EssilorLuxottica considers suing GrandVision over €7.2bn takeover breaches June 25, 2021 Ray-Ban maker EssilorLuxottica is considering suing Dutch eyewear retailer GrandVision after a court ruled it violated the terms of their €7.2bn acquisition agreement, according to reports. On Monday, an arbitration court ruled that GrandVision had breached obligations of the takeover agreement, after which Essilor said it was reviewing its options. The deal breaches meant EssilorLuxottica [...]
