Deliveroo union deal branded ‘desperate attempt for positive PR’ May 12, 2022 Deliveroo has been criticised over a “publicity stunt” union deal, with investors unsure of what the move means for riders’ rights. The union announced on Thursday it was forging a “first of its kind” union recognition deal with GMB union, which has not traditionally been associated with the gig economy. The Independent Workers Union of [...]
More rate hikes are coming, Bank of England official warns May 12, 2022 More rate hikes are on the way this year as the Bank of England continues to wrestle with a historic inflation crunch, a senior official at the monetary authority has said. Sir Dave Ramsden, a member of the Bank’s monetary policy committee, told households to brace for higher borrowing costs despite new figures released today [...]
Grainger: UK’s largest listed landlord sets aside £9.2m for fire safety remediation May 12, 2022 The UK’s largest listed residential landlord has taken a £9.2m provision to fix historic fire safety defects. The build-to-rent developer was not asked by the government to sign up to the building safety pledge, however reviewed its estate in a similar fashion. Speaking to CityA.M., CEO Helen Gordon said the company had “mirrored” housebuilders and [...]
Top City bosses should face jail over failures to prevent economic crime, cross-party MPs say May 12, 2022 MPs today called for a crack down on “dirty money” as they argued City bosses should face jail if they fail to prevent illicit cash from flowing through the UK’s financial system. In launching an Economic Crime manifesto, the cross-party MPs said the UK and its overseas territories have played a key role in enabling [...]
Rolls-Royce trading in line with expectations following aviation recovery May 12, 2022 Rolls-Royce’s trading in the first four months of the year has remained in line with expectations following the aviation sector’s gradual recovery and investments into defence. Despite market volatility and other macroeconomic and geopolitical headwinds, the group said today it was expecting “positive momentum in our financial performance in 2022” and maintained its financial guidance [...]
Bitcoin hits 16-month low amid trouble at Terra May 12, 2022 Bitcoin is currently changing hands for around $27k - a 15 per cent drop over the past 24 hours and 32 per cent over the past week.
Apple knocked off perch as world’s most valuable firm by oil giant Saudi Aramco May 12, 2022 Apple has been knocked off its perch of the world’s most valuable company by Saudi Aramco. The oil giant topped $2.426tn this on Wednesday, overtaking the iPhone-maker at $2.415tn, representing just over £10bn. This is the first time the state-backed Saudi Aramco has taken the top spot since 2020 according to the The Financial Times, [...]
Tory MP Lee Anderson refuses to apologise for saying poor people who use food bank ‘cannot cook and budget’ May 12, 2022 A Conservative MP said he stands by his comments that people who use food banks do so because they “cannot cook properly” and “cannot budget”. Lee Anderson invited “everybody” on the opposition benches in the Commons to visit a food bank in his Nottinghamshire constituency where, when people come for a food parcel, they now [...]
Superdry revenue increases after customers flock back to stores May 12, 2022 UK clothing company Superdry has posted an 8 per cent increase in group revenue after customers returned to the stores post-Covid. In the 12 months ended 23 April, Superdry’s revenue increased to £600m, driven by a 59.8 per cent growth in store revenue. Proceedings derived by Superdry’s e-commerce business, on the other hand, went down [...]
House price inflation surge shows ‘little’ signs of slowing May 12, 2022 There is “little evidence” to show house price inflation will slow down as prices continue to be driven by historically low stock levels. Despite warnings of a recession on the horizon, current property activity continues to be buoyant, according to the latest RICS Residential Market Survey. Its April survey found that supply of homes on [...]