Informa hikes revenue forecasts on hopes of trade show return July 29, 2021 Informa has increased its revenue forecasts for the full year as the exhibitions group struck an optimistic tone over the return of in-person events. The FTSE 100 company said it now expects to pull in revenue of £1.8bn in 2021, up from previous guidance of £1.7bn. This reflected a “progressive return” of physical events in [...]
Credit Suisse Archegos probe reveals serious management shortfalls July 29, 2021 A lack of accountability and weak internal controls to monitor risk drove Credit Suisse’s $5.5bn loss on investment fund Archegos, according to a damning review published on Thursday. Law firm Paul Weiss, Rifkind, Wharton & Garrisson released the findings of an investigation into the lender’s investment in Archegos. It blamed the losses on poor risk [...]
Tokyo 2020 Olympics: Team GB rowing woe continues as Helen Glover and Polly Swann miss out on a medal July 29, 2021 Helen Glover and Polly Swann were denied the fairytale finish to their Olympic story as they finished fourth on a morning where Team GB’s medal glut at Tokyo 2020 slowed. Having been crowned European champions in the spring, Glover – chasing a third Olympic gold medal – and Swann were thought to stand a good [...]
TSB profits bounceback from Covid lows as mortgage lending recovers July 29, 2021 Profits recovered from Covid lows at bank TSB, driven by the lender reporting lower loan-loss provisions as a wave of predicted defaults triggered by Covid failed to materialise and improved mortgage lending. The bank registered a net profit of £42.9m in the first half of this year compared to a loss of £65.5m in the [...]
Smith & Nephew revenues grew by almost 50 per cent since last quarter July 29, 2021 Smith & Nephew revenues have soared as covid-19 restrictions eased and levels of elective surgery returned towards normal in many markets. The British medical technology firm reported revenues of $1.3bn in its second quarter, up 48.2 per cent and compared with $901m for the same period last year. As a result Smith & Nephew also [...]
Boots, boost: Doc Martens profits up with stores reopening July 29, 2021 Dr. Martens saw a strong first quarter with a significant increase in revenue, even compared to pre-pandemic levels, due to the reopening of stores and continued digital growth. The British bootmaker a revenue of £147.3m for the three months to June 30, a 52 percent increase compared to the same period last year and 31 [...]
Anglo-American to return extra $2bn to shareholders after doubling revenue July 29, 2021 Anglo-American said that it would return an extra $2bn to shareholders after doubling its revenue in the first half of the year. The FTSE 100 firm said that revenue had jumped from $10.2bn to $21.8bn in the period, thanks mainly to surging demands for raw materials amid the recovery from the pandemic. The mining giant [...]
Lloyds banking group lifts forecasts as UK economic outlook brightens July 29, 2021 Lloyds banking group has lifted its forecast for the year after the UK’s economic outlook has brightened in the past six months amid its vaccine rollout. Statutory profit before tax hit £3.9bn in the six months to 30 June, a ‘significant’ increase from the first half of 2020. The banking group has confirmed it bought [...]
A path to Britcoin: a UK digital currency isn’t just about the money, it’s a public service July 29, 2021 Innovations in central banking rarely attract attention. But, from the Bank Charter Act of 1848, which set in motion the Bank of England’s monopoly on printing money, through to its operational independence in 1997, the central bank has reinvented itself time and again to strengthen public trust in the pound. Now, a wave of technological [...]
Virgin Media O2 to upgrade UK broadband network to full-fibre by 2028 July 29, 2021 Virgin Media O2 today unveiled plans to upgrade its UK broadband network to full-fibre by 2028 as it ramped up the pressure on telecoms rival BT. The company, which launched last month following the £31bn merger between Virgin Media and O2, said its project will cover 14.3m premises across the country, including 1.3m homes already [...]
