Amazon wins €250m in EU back tax battle May 12, 2021 In a fight over back taxes, Amazon will not have to pay €250m to the city of Luxembourg, Europe’s second-highest court heard today. The General Court said that the online retail giant had not received a selective advantage. “The Commission did not prove to the requisite legal standard that there was an undue reduction of [...]
City Moves: Who’s switching jobs in the Square Mile this week? May 12, 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. Capital Group strengthens UK sales team Investment firm Capital Group, which has £1.7 trillion assets under management, has expanded its UK financial intermediaries team this week by hiring a new managing [...]
Marie Claire US snapped up by Future, after bagging the UK edition last year May 12, 2021 The US edition of Marie Claire magazine has been snapped up by specialist media platform Future this morning, after it bagged the UK edition last year. Under a five-year license agreement, the magazine will boost Future’s global monthly reach to 30m users, taking the company’s users to over 400m. The US edition, a joint venture [...]
UK pub chain Marston’s hunts for new finance boss after CFO promoted to chief executive May 12, 2021 Marston’s is on the hunt for a new finance chief after promoting its current CFO to the pub chain’s top job. Andrew Andrea has been appointed as the brewery group’s new chief executive, and he will leave behind his role as the firm’s chief financial officer when he takes up his new position from 3 [...]
Mears built up sturdy revenue last year, dipping only nine per cent May 12, 2021 Housing and care provider group Mears built up a sturdy revenue of £805.8m last year, dipping only nine per cent, but was still struck by profit losses like most firms in 2020. The group, which manages and maintains 17,000 homes for local and central governments, reported £15.2m worth of losses of £15.2m, for the year [...]
CEO of Flutter sports betting platform FanDuel steps down May 12, 2021 Sports betting and gaming group Flutter Entertainment has confirmed this morning its FanDuel chief executive officer will exit the top position after four years leading the sports gaming platform. Despite handing in his notice, Matt King has chosen to remain with FanDuel until a successor has been found. “It has been a privilege to lead FanDuel [...]
Brits favour beach holidays over city breaks as the return of travel nears May 11, 2021 Brits are itching for some sun after a seemingly endless winter lockdown, with most travellers looking for beach holidays now the return of foreign holidays is in sight, according to bookings site Lastminute. After the government confirmed a 17 May return to abroad travel, 59 per cent of Brits have been eyeing sun and beach [...]
UK engages in Covid vaccine waiver discussions with the US and WTO May 11, 2021 The UK has begun seeking constructive engagement with the US and other World Trade Organisation (WTO) members on the conflicting issue of vaccine waivers, a government spokesman has said. Following pressure from charities to back the proposal, the UK government is yet to confirm whether it will back the US’ waiver. The waiver, proposed by [...]
City Pub group hammered by 57 per cent plunge in revenue May 11, 2021 Hammered by restrictions, the City Pub group raked in £25.8 million in revenue last year, 57 per cent less than 2019 figures, despite buying a hefty stake in Kensington Park Hotel. The group, which has 45 pubs across London, Southern England and Wales, snapped up a 49 per cent stake in the hotel in the [...]
Collision of Covid-19 and Brexit fuels a £700bn blow to economic output May 11, 2021 The UK economy has been forecast to suffer an over £700bn blow to output due to the collision of Covid-19 and Brexit, the National Institute of Economic and Social Research warned today. The bruising figure was made worse by the government’s “poor Covid-19 response”, the think tank said, adding that it has left the UK [...]
