Gupta says ‘aggressive’ creditors threaten steel jobs April 9, 2021 Sanjeev Gupta has today hit out at that the “aggressive tactics” of his steel empire’s creditors were putting tens of thousands of jobs at risk. Since the collapse of supply chain financiers Greensill, Gupta’s GFG Alliance has been teetering on the brink of insolvency, having had a £170m bailout bid rejected by ministers. The firm, [...]
Greensill lobbying row: Rishi Sunak’s texts to David Cameron published April 8, 2021 Texts sent by chancellor Rishi Sunak to David Cameron relating to collapsed finance firm Greensill Capital have been published amid a row over lobbying. The former prime minister is facing an investigation over messages he sent to the chancellor asking for more Covid support for Greensill. In response to a Freedom of Information request, the [...]
US outlines new global plan to tax tech titans April 8, 2021 The US has put forward a new plan on global corporate taxes in an effort to resolve disagreements over upcoming tech tax reforms. President Joe Biden’s administration has submitted proposals that would see tech giants and other large multinational corporations pay higher taxes in countries in which they operate, regardless of their physical presence in [...]
Biden willing to compromise on plans to hike US corporate tax April 8, 2021 US President Joe Biden said last night he is open to compromise on his $2tn (£1.45bn) infrastructure plan amid fiery criticism from businesses over a proposed $2.5tn increase in corporate taxes. Biden faced furious backlash from Republicans, large corporations and members of his own Democratic Party to elements of the proposal he laid last week including major [...]
Lex Greensill boasted of company’s ‘enormous’ liquidity before collapse April 7, 2021 Lex Greensill boasted to staff that his company had “enormous” liquidity just three weeks before the finance firm collapsed into insolvency, according to reports. The Australian financier reassured Greensill Capital staff in an internal video on 15 February that a funds held by Credit Suisse were robust, the Financial Times reported. “We’ve got enormous amounts [...]
Net zero front and centre in G7 meeting hosted by Sunak April 6, 2021 Chancellor Rishi Sunak chaired a meeting with his G7 counterparts today, where the importance of achieving net zero emissions targets were the main focus of discussion. The meeting, which Sunak hosted alongside Bank of England governor Andrew Bailey, will be the first in a series taking place this week. In a statement the Treasury said: [...]
The multi-billion-pound pot that could be fuelling Britain’s green recovery April 6, 2021 As the Government pushes on to Build Back Greener, capital invested via the investor visa route should be considered as another means of directly supporting the UK’s sustainable recovery. Finding a pound down the back of the sofa used to be one of those small life wins. Now imagine it’s closer to £1bn – and [...]
The City View podcast with Tim Ashley April 6, 2021 In this episode Andy Silvester talks to asset manager Tim Ashley – but rather than funds, it’s whisky that Tim manages. He’s a Director at VCL Vintners, who’ve turned whisky collecting into smart investment. Andy also speaks to Hargreaves Lansdown’s Susannah Streeter about big news from both Deliveroo and Next. Read more: Andy Silvester sits [...]
Government resists calls for Eurostar bailout despite £400m debt pile April 6, 2021 The government has resisted calls for a bailout for cross-Channel train operator Eurostar, despite the company teetering towards bankruptcy. Eurostar has until June to repay £400m loans that it took out to bolster a collapse in revenue after passenger numbers plummeted during the pandemic. Chancellor Rishi Sunak last year unveiled a scheme called Project Birch to [...]
UK launches £75bn Covid Recovery Loan Scheme April 6, 2021 Businesses will from today be able to apply for new government-backed Covid-19 “recovery loans” through a £75bn scheme. The new loan programme will see businesses able to apply for loans of between £25,001 and £10m, with the government taking on 80 per cent of the default risk of each loan. The new loan scheme, announced [...]