Exclusive: Consumer goods firm Ultimate Products to repay furlough scheme wages August 24, 2020 Consumer goods firm Ultimate Products will repay all the money that it has claimed through the government’s job retention furlough scheme after outperforming expectations despite the coronavirus pandemic. City A.M. can reveal that the London-listed firm is set to give back the £465,237 it was given to keep staff on over the lockdown period, and [...]
Wall Street ticks up as FTSE 100 sinks into red amid Covid-19 case worries August 21, 2020 Wall Street crept marginally higher this afternoon and the FTSE 100 dropped again as investors weighed up the global economic recovery and pockets of rising coronavirus cases. London’s blue-chip index closed down almost 0.19 per cent at 6,001 points, while the FTSE 250 climbed 0.24 per cent. US markets opened in the red before reversing [...]
Retailer AO to create 650 new jobs due to ‘sustained’ surge in online shopping August 21, 2020 Online electricals store AO will create 650 new UK jobs as it ramps up growth plans following a sustained surge in demand due to the coronavirus pandemic. The firm said it is preparing for “significant growth” after it saw an influx of customers shopping online during the Covid-19 crisis. The new roles will bolster AO’s [...]
CBI: UK manufacturing sector remained ‘depressed’ in August August 21, 2020 The UK manufacturing sector remained “depressed” in August although the downturn eased, according to a new survey that showed new orders rising only slightly month on month. The CBI’s monthly industrial trends survey’s measure of orders rose to minus 44 in August from minus 46 in July. It was below economists’ expectation of a rise [...]
UK businesses grow at fastest rate in seven years as economy reopens August 21, 2020 The UK economy bounced back sharply in August after coronavirus restrictions were lifted, with a closely-watched measure of growth hitting its highest level in almost seven years. However, companies slashed jobs at the fastest pace since May as they adjusted to life during the pandemic, in a worrying sign of what could turn into a [...]
UK’s public debt pile tops £2 trillion for first time ever August 21, 2020 The UK government’s debt exceeded £2 trillion for the first time in July and is expected to go higher as the Treasury pours unprecedented amounts of stimulus into the economy amid the coronavirus pandemic. The debt – the total amount that the government has borrowed and owes – jumped by an enormous £228bn in the [...]
Retail bosses square up in £6.5bn bidding war for Asda August 21, 2020 Two veteran UK retail bosses are set to go head-to-head in a dramatic £6.5bn private equity bidding war for supermarket chain Asda. Former Debenhams chief executive Rob Templeman is said to be working with Apollo Global Management, while Paul Mason, who served as Asda boss 20 years ago, has teamed up with Lone Star Funds. [...]
UK retail sales climb above pre-pandemic levels in July August 21, 2020 UK retail sales climbed 3.6 per cent higher in July compared to June, to beat their pre-pandemic levels, official data showed today. The climb came despite a seven per cent fall in online shopping after digital retail comprised a record 33.3 per cent of all retail sales in May. A sharp 11.9 per cent jump [...]
Estee Lauder to cut 2,000 jobs due to coronavirus pandemic August 20, 2020 Beauty brand Estee Lauder is preparing to cut up to 2,000 jobs due to the impact of the coronavirus pandemic on demand. The firm said it will slash between 1,500 to 2,000 jobs, or about three per cent of its workforce globally. It also said it is planning to close between 10 per cent to [...]
Alibaba gets lockdown revenue boost as US threat looms August 20, 2020 Alibaba today posted better-than-expected revenue and profit in its latest quarter as the coronavirus lockdown boosted trading in its core ecommerce business. The Chinese conglomerate booked revenue of 135.8bn yuan (£14.9bn) in the three months to the end of June, up 34 per cent on the same period last year. Net income also jumped from [...]