Volkswagen fitted cars with emissions test ‘defeat devices’, High Court rules April 7, 2020 The High Court has ruled today in favour of thousands of consumers that Volkswagen used a “defeat device” on some of its diesel cars which was able to cheat emissions tests. The vehicles affected were sold under Volkswagen, Audi, Seat and Skoda brands and were fitted with an EA 189 diesel engine. The ruling by [...]
Wework sues Softbank over scrapped $3bn tender offer April 7, 2020 Wework’s special committee is suing Softbank over the Japanese investment giant’s decision to abandon a $3bn (£2.4bn) share purchase, the company confirmed today. Softbank, which holds a controlling stake in Wework, agreed to the tender offer last year as part of a dramatic rescue plan, but withdrew citing the coworking firm’s failure to meet “certain [...]
Dominic Raab and the cabinet have power to make national security decisions April 7, 2020 Foreign secretary Dominic Raab and the cabinet collectively have authority over national security decisions while Boris Johnson is unable to fulfil his role as Prime Minister. Johnson asked Raab, as first secretary of state, by Johnson last night to deputise for him after the Prime Minsiter was sent intensive care as his condition worsened. A [...]
UK petrol prices near £1 on global oil market slump April 7, 2020 Petrol prices around the country have hit their lowest levels since 2016 as the prospect of fuel trading for £1 a litre grows more likely amid the global slump in oil prices. According to the Department of Business, Energy, and Industrial Strategy (BEIS), petrol is currently being sold for an average of £1.10 per litre, [...]
Audioboom shares jump as its ramps up podcast production April 7, 2020 Shares in Audioboom rose almost 17 per cent this morning after the podcast company posted a sharp rise in revenue for the first quarter. The Aim-listed company, which hosts and distributes podcasts, reported revenue of $6.4m (£5.2m) in the first three months of 2020, up 40 per cent on the same period last year. The [...]
Boris Johnson breathing ‘without assistance’ in intensive care April 7, 2020 Boris Johnson has not required respiratory support in hospital and is breathing without any other assistance. A Number 10 official spokesman said today that the Prime Minister “has not required mechanical ventilation or non invasive respiratory support”, after being sent to intensive care last night and was in a stable condition. The spokesman said Johnson [...]
Coronavirus: Global trade offers a route to recovery April 7, 2020 For years now, we have had to put up with endless rhetoric about how political and economic interconnectivity between countries has demonstrably failed to deliver prosperity for all. # Depending on whether you were on the liberal free-trade, or the more protectionist side of the Brexit (remember that) argument, globalisation as we have known it [...]
Wellcome Trust urges firms to donate £6bn to medical coronavirus fight April 7, 2020 Health research charity the Wellcome Trust has urged big businesses to donate £6.4bn ($8bn) to fund treatments, testing and vaccine development to fight coronavirus. Coronavirus has now infected more than 1.3m people around the world and killed more than 74,000. The World Health Organization has urged countries to ramp up testing. Countries are scrambling to [...]
Demand for UK bonds surges as government funds coronavirus spree April 7, 2020 Investor demand for UK government bonds was its highest for three years today as Britain sold £3.25bn worth of debt to help fund its unprecedented coronavirus support programmes. Buyers bid 3.05 times the £3.25bn available of the 0.125 per cent return three-year Gilt (UK government bond). It sold at an average yield of 0.204 per [...]
Shore Capital’s capital markets division drives increase in revenue April 7, 2020 Shore Capital enjoyed a successful year with revenues up 22 per cent in 2019, driven by a strong year for its capital markets business. Total revenue grew to exceed £50m while adjusted pre-tax profits grew more than 60 per cent to £6.6m. Statutory pre-tax profits fell from £4.1m in 2018 to £0.3m in 2019, in [...]
