Vodafone targets 2021 IPO for European towers unit July 24, 2020 Vodafone today confirmed it would target an early 2021 initial public offering (IPO) for its European telecoms towers business. The spin-off will see the division renamed Vantage Towers after Vodafone signalled its intention to separate the unit to maximise shareholder value. Vodafone said it will seek a prime listing in Frankfurt for its European mast [...]
TfL’s financial blackhole hits £3.5bn as commuters stay home July 24, 2020 Transport for London (TfL) this morning said it would need £3.5bn in funding over the full year due to uncertainty over commuter demand due to the coronavirus. The figure is £300m higher than that laid out in the transport operator’s emergency coronavirus budget in May. It also said that it would require an additional £2.9bn [...]
Face masks in England: The new rules on where and when to wear them July 24, 2020 Face masks are now mandatory in enclosed public spaces in England, after new government rules came into effect on Friday, 24 July. So when do you need to wear them, and in what settings? In shops and supermarkets Face masks are now compulsory if you are entering a shop or supermarket in England, at any [...]
Private sector grows at fastest pace in five years as UK economy reopens July 24, 2020 Britain’s all-important services sector grew at its fastest pace in five years in July as much of the UK economy reopened from the coronavirus lockdown, a survey has shown. Private sector output as a whole also grew at its fastest clip since 2015 as manufacturing production picked up speed, according to the early survey reading. [...]
EY prepared ‘unqualified audit’ for Wirecard last month July 24, 2020 EY reportedly prepared an unqualified audit opinion on Wirecard’s accounts in early June, just weeks before the company collapsed. The auditing firm delivered a draft version of its official audit opinion, according to the Financial Times. Accountants usually share a draft to give clients the opportunity to look over the numbers and assessments. The draft [...]
French Connection secures injection from Hilco to help with pandemic fallout July 24, 2020 Fashion retailer French Connection has agreed a £15m liquidity deal with buyout group Hilco Capital to help keep the business going for another two years. French Connection said a deal had to be found as it was ineligible for the government’s coronavirus support schemes. Hilco will provide the retailer with a £15m working capital facility, [...]
UK bosses more positive on hiring but worried about economy July 24, 2020 Employers became more positive in July about making hiring and investment decisions for the first time since February, although more companies laid off workers as coronavirus bit the UK economy. Bosses’ confidence in bringing in new workers and spending to grow rose to a net level of four in July, according to the Recruitment & [...]
Four unique spirits for National Tequila Day – and cocktail recipes to match July 24, 2020 According to the powers that be, Friday 24th July marks National Tequila Day – and who are we, humble City A.M. journalists, to argue? The agave spirit may have once suffered from a reputation for student union misadventures, but over recent years even Brits have woken up to the fact that there is as much [...]
Ferguson sees sales recover after coronavirus drop July 24, 2020 Plumbing parts group Ferguson said it had seen trading improve steadily since the heights of coronavirus lockdown in April. In a trading update, the FTSE 100 firm said that revenue in the period between May and July was down 3.6 per cent, compared to 15.6 per cent in April. Shares in Ferguson rose 1.7 per [...]
‘Zombie’ firms set to fail as pandemic leaves 527,000 businesses on cliff-edge July 24, 2020 A record 527,000 businesses were in significant financial distress at the end of June, an increase of 33,000 since the beginning of the year. It represents a seven per cent increase since the start of the year, and nine per cent year-on-year, according to new research from corporate restructuring firm Begbies Traynor. While the coronavirus [...]
