Will pressure on Chinese tech firms spark renewed interest in value stocks? February 26, 2021 The flotation of Ant Group in December last year was supposed to be a landmark event. The initial public offering (IPO) was set to raise $37 billion, valuing Ant at over $313 billion and making it the biggest IPO ever. It was due to list in Hong Kong and Shanghai, rather than having a US [...]
Puppy love: Pets at Home hikes profit forecast as Brits splash out on furry friends February 26, 2021 Pets at Home has scrubbed up its profit expectations for the full year after continued demand for its animal offerings helped boost trading. The reptile and rabbit retailer said it now expected pre-tax profit for 2020 to hit £85m — ahead of its previous guidance of £77m. This includes a £28.9m repayment of business rates [...]
Primark owner takes £1.5bn sales hit from lockdown restrictions February 25, 2021 Primark owner Associated British Foods (ABF) this morning warned lockdown store closures would take £1.1bn off first half sales
Retail landlord Shaftesbury expects West End ‘revival’ as lockdown lifts February 25, 2021 West End landlord Shaftesbury this morning said occupier interest had improved after the lockdown lifting roadmap was announced, saying the easing of restrictions will herald a “revival” of the London’s theatre and shopping district. However, the FTSE 250 developer said current restrictions were continuing to have a “significant impact on economic activity and consumer spending [...]
Aston Martin careers to £320m loss as car sales fall a third February 25, 2021 Iconic sports car brand Aston Martin fell to a £322m operating loss in 2020, the firm said this morning, as coronavirus restrictions saw car sales fall a third. In line with this fall, total retail sales slipped 32 per cent, from 6,150 last year to 4,150 this year. Despite the fall in sales, however, shares [...]
Chancellor ‘to pay out £7,500 grants’ for self-employed in Budget February 24, 2021 The chancellor will pay out grants of up to £7,500 for self-employed workers in next week’s Budget, though he is considering dropping the scheme from May, according to reports. The fourth round of grants handed out through the Self-Employment Income Support Scheme (SEISS) will cover February, March and April. People who meet the criteria will [...]
City Moves February 24th: Who is switching jobs in the Square Mile this week? February 24, 2021 Snakes and Ladders provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. This week we see appointments to the British Property Federation ahead of a pinnacle year for the high street. Deloitte has welcomed a fresh lead to the firm’s creative branch which launched in [...]
Reddit website goes down as Gamestop shares jump February 24, 2021 Reddit, the self-titled “front page of the internet”, crashed last night as shares in amateur trader favourite Gamestop climbed once again. The site, which is accessed by millions of people daily, went down at around 9pm on Wednesday. Shortly afterwards Reddit tweeted that it had identified the issue and its systems had recovered. It came [...]
FTSE reshuffle: Newcomers Dr Martens and Moonpig battle for promotion February 23, 2021 The FTSE 100 is set for another reshuffle next week as the blue-chip index adapts to the pandemic and makes way for a handful of newcomers. FTSE Russell, which runs the index, will decide who’s up and who’s down according to closing prices on 2 March, with changes effective from 19 March. Despite the pandemic [...]
Retail, wholesale and motor trade employment falls at sharpest rate in 35 years February 23, 2021 Employment levels across the retail, wholesale and motor trades fell at a record pace in the year to February as the coronavirus pandemic continued to wreak havoc on the economy. The latest research showed that job losses in the distributive sector spiked last month, with employment levels falling at the steepest rate since records began [...]