Packaging giant DS Smith sees profit tumble but e-commerce boom beckons June 22, 2021 Packaging giant DS Smith saw its profit slide in the last financial year as the boom in online shopping failed to offset the initial impacts of the Covid-19 pandemic. Despite record growth in the second half of the year, the cardboard maker said that profit before tax fell 37 per cent to £231m last year. Full-year revenue [...]
Hammer time for Thor Explorations as Nigeria-focused miner lists June 22, 2021 Nigeria-focused gold miner Thor Explorations has this morning listed on London’s AIM market with an expected market capitalisation of around £127m. The firm has a number of assets in the West African country, and is expecting to produce its first gold in July. It is expecting to produce 40,000 ounces of gold from the Segilola [...]
Revolut revenues surge as firm says it’s on the road to profitability June 22, 2021 Fintech firm Revolut made an adjusted full-year operating loss of £122m last year but a spike in customer numbers, the firm says, means it is on the path to profitability. Customer numbers jumped 45 per cent in the year ending 31 December and the firm’s adjusted revenues surged by 57 per cent to £261m, up [...]
Tube set for full mobile coverage by end of 2024 June 22, 2021 Commuters will be able to access phone and internet coverage on every part of the London Underground network by the end of 2024, Sadiq Khan has announced. Transport for London (TfL) has today signed a new deal with mobile provider BAI Communications to provide 4G and 5G service across the transit system. The first stations, [...]
MPs to write to competition watchdog over potential takeover of Morrisons June 22, 2021 The Business, Energy and Industrial Strategy Committee is reportedly preparing to write to the Competition and Markets Authority over the takeover of Morrisons. The MPs’ decision to intervene followed concern from a group of Labour MPs that a private equity takeover of the UK’s fourth biggest supermarket would put thousands of jobs at risk, the [...]
London hedge fund White Square Capital shuts after swallowing lofty GameStop losses June 22, 2021 London-based hedge fund White Square Capital will close its doors today, according to reports, following its lofty losses in GameStop’s first ‘meme stock’ rally in January. White Square bet against the US retailer GameStop, the Financial Times first reported today, which led to a percentage loss hitting double-digits at the beginning of an already tough [...]
UK Government borrows another £24.3bn in May as debt approaches 100 per cent of GDP June 22, 2021 The UK borrowed £24.3bn in May despite the gradual winding down of lockdown restrictions, according to the latest official estimates. The Office for National Statistics also confirmed this morning that the UK’s debt hit £2.19trn at the end of last month, representing around 99.2 per cent of GDP. Read more: Analysts warn Rishi Sunak: Treasury’s [...]
City institution 1 Lombard Street reopens after lockdown June 22, 2021 The Lord Mayor and the City’s Sheriff visited Square Mile institution 1 Lombard Street yesterday as it reopened after lockdown. Monday was due to be the first day without Covid-19 restrictions in the UK, but the so-called ‘freedom day’ was pushed back by four weeks. Read more: There are staycations – and then there’s the [...]
Protecting the green belt is not about the environment, it’s blinkered self-interest June 22, 2021 The UK needs approximately 345,000 new homes per year if we are to tackle our housing crisis. It is also estimated that by developing just 5.2 per cent of the existing Green Belt, we could build 1.4 million homes. Everybody knows the UK is in the throes of a housing crisis, yet we refuse to [...]
Hospitality hiring crisis drives up wages by 14 per cent as venues turn to temporary workers June 22, 2021 Hiring bottlenecks in the UK’s hospitality sector are prompting pubs and restaurants to turn to temporary staff to keep up with demand. It has also forced companies to increase wages by as much as 14 per cent, according to new research from Indeed Flex, an online marketplace for flexible workers. Analysis of pub, bar and [...]
