Amazon quarterly sales near $100bn amid online shopping boom October 29, 2020 Amazon has continued its bumper year of trading, posting quarterly sales of nearly $100bn (£77.4bn) as the pandemic sparked a surge in demand for online shopping. The ecommerce giant said net sales had increased 37 per cent year on year to hit $96.1bn in the three months to the end of September. Net profit hit [...]
Model railway brand Hornby returns to profit on lockdown boom October 29, 2020 Model railway company Hornby has returned to a profit for the first time in nearly a decade after an upsurge in interest for its products during lockdown. The group reported a 33 per cent increase in revenue to £21.1m in the first half of the year, up from £15.9m in 2019. And the Margate-based Hornby [...]
I won’t let the government cancel Christmas — will you? October 29, 2020 It is hard to believe that just weeks ago, there appeared to be light at the end of the tunnel. The autumn sun was bringing people out of the house and back into offices, shops, restaurants and bars. But the period of positive convalescence for the mental, physical and economic trauma this country has been [...]
Keep the dream alive, and support a female-led business during lockdown October 29, 2020 When Kiera-Lorelle opened the doors to her new family business — Cinnamon Leaf foodhall in Tottenham, North London — she was full of hope: “It’s been a life-long dream of my mum’s to open a store.” That was back in January. Needless to say, the months since haven’t been easy. But Cinnamon Leaf has carried [...]
UK advertising market not set to recover until 2022 after Covid-19 crash October 29, 2020 The UK advertising market will not recover until 2022 after sinking to record lows this year as a result of the coronavirus outbreak. Ad spend is set to come in at £21.5bn this year, marking a fall of £3.6bn — or 14.5 per cent — compared to 2019. The figures come ahead of the crucial [...]
Germany to enter four-week lockdown from November October 28, 2020 Germany will enter a four-week lockdown from 2 November, Chancellor Angela Merkel confirmed today. Pubs, bars and restaurants across the country will shut for one month, while all inter-household mixing will be banned. Gyms, cinemas and theatres will also shutter for four weeks, as Merkel scrambles to contain a second wave sweeping across the nation. [...]
Two-thirds of all UK businesses at risk of insolvency October 28, 2020 Two-thirds of all businesses across the UK currently trading have a “low to severe risk of insolvency”, according to the Office for National Statistics (ONS). The latest Business Impact of Coronavirus Survey (BICS) from the ONS found that 64 per cent of businesses across all industries are at risk of insolvency, with 43 per cent [...]
Majority of London offices cancel Christmas parties in face of new restrictions October 28, 2020 Almost all London offices have parked the tinsel and cancelled their Christmas parties this year, according to new research, as the capital faces a bleak festive season under Tier 2 restrictions. More than 95 per cent of London businesses have cancelled bookings for traditional office parties this Christmas, after the capital’s move to “high” alert [...]
Tough on dirty money? The UK has a way to go October 28, 2020 In 2016, the National Crime Agency estimated that £90bn is laundered via London each year. The UK government’s response was swift, with a commitment to “block dirty money flowing into the City of London”. It unveiled radical plans to “overhaul the approach to tackling economic crime, with greater partnering between the government, law enforcement and [...]
Retail sales fall sharply as new restrictions dampen economic recovery October 27, 2020 Retail sales fell sharply this month as new coronavirus restrictions dampened the UK’s economic recovery, according to the latest research. In the year to October retail sales dropped to a balance of minus 23 per cent, from growth of 11 per cent last month, according to the CBI distributive trades survey. Retail sales have been [...]