FTSE 100 Live: City stocks rally after tech sell-off; Iran threatens ‘forceful response’ over Strait of Hormuz
Burberry shares plunge to a 14-year low, but what’s behind the collapse? August 16, 2024 Once a beacon of British heritage and craftsmanship, Burberry’s recent decline has been striking. Shoppers and investors seem to have fallen out of love with the retailer. Sales have plunged, and Burberry shares have fallen 70 per cent over the past year. Earlier this week, the stock touched a 14-year low before rebounding. While the [...]
More rail strikes coming: Aslef accuses LNER of ‘bullying’ and breaking agreements August 16, 2024 The Aslef train drivers union has called for industrial action every weekend until November, citing a “breakdown” in relations with the LNER train company. In an announcement this morning, the leader of the union said the company’s “continued failure” to sort out long-standing issues had “forced us into this position.” Drivers on the east coast [...]
EP: 291 Newbury, Ripon & Newmarket August 16, 2024 The Hungerford Stakes and Geoffrey Freer Stakes are the two Group class races at Newbury’s Premier Meeting on Saturday with Ripon staging the 6-furlong Great St. Wilfrid Handicap as their feature event. They also race at Newmarket on Saturday where the grey horses take each other on over 6 furlongs. City AM Racing editor Bill [...]
The UK tech and media companies making the most of AI August 16, 2024 As the artificial intelligence (AI) revolution sweeps through the tech and digital media sectors, some companies are embracing its potential more effectively than others, according to a recent report by Shore Capital. The investment firm has zeroed in on companies where AI is more than just a buzzword and can “accelerate an already positive investment [...]
ULEZ: Sadiq Khan to shut scrappage scheme as London drivers scramble to apply August 16, 2024 London Mayor Sadiq Khan will close the ULEZ (Ultra Low Emissions Zone) scrappage scheme next month as drivers in the capital scramble to make last-minute applications. The announcement comes after Khan expanded the controversial scheme to more areas of greater London shortly before his re-election earlier in the year. The scrappage scheme, which drivers can apply to [...]
Donald Trump discloses $513m in income from US golf clubs and resorts August 16, 2024 Former president Donald Trump’s latest financial disclosure revealed that he has made over half a billion in income from his US golf clubs and resorts and is facing hundreds of millions in legal problems. A Bloomberg analysis of the Republican presidential nominee’s 265-page filing highlighted that the businessman-turned-politician listed a total of $513m (£398m) in [...]
PwC fined £15m by FCA after London Capital & Finance fraud failure August 16, 2024 PwC has been fined £15m by the Financial Conduct Authority after it failed to alert the regulator that London Capital & Finance (LCF) might be involved in fraudulent activity. In the first ever fine issued by the FCA to an audit firm, the watchdog said that PwC had encountered “significant issues” throughout their 2016 audit [...]
Infected blood scandal: Compensation for some victims by end of the year after review August 16, 2024 The government has published its report into the infected blood scandal, saying it will pass legislation this month and expect compensation by the end of the year for victims. The long-running scandal saw thousands given infected blood, leading to infections and diseases which killed many. It has been reported that 30,000 have been infected with [...]
Revolut achieves $45bn valuation in employee share sale August 16, 2024 Revolut has cemented its position as Europe's most valuable private technology company after securing a $45bn (£34.9bn) valuation in a share sale by employees.
PwC faces lawsuit from property developer over ‘negligent’ tax advice August 16, 2024 PwC is facing a lawsuit from Revelan, a UK commercial property developer, alleging that the firm provided “negligent” tax advice that caused Revelan to face a £3m tax bill. Revelan, which was previously backed by US investment manager Ares, is seeking £6.6m from PwC, according to reports from the Financial Times. The company claimed that [...]
