Pendragon: Car dealership’s profits leap as it finds itself in three-way bidding war September 27, 2023 Car dealership Pendragon has posted higher half-year profits as the group finds itself at the centre of a three-way takeover tussle. Its half-year figures, which come just hours after it revealed a rival bid approach from US car retail giant Autonation, show pre-tax profits rising 10.6 per cent to £36.4 million in the six months [...]
Asos’s treatment on the stock market shows up investor short-termism September 27, 2023 Bold leadership takes many forms: one such is at Asos, where boss Jose Antonio Ramos Calamonte has leant in to one of the more eye-catching methods of turning round a business – selling less, to fewer people. The early indications are that the strategy is paying off, with profitability per order higher today than it [...]
Bitcoin and Ethereum struggling to keep a grip on key price levels September 26, 2023 Bitcoin is down by roughly 2.3% over seven days while Ethereum is trading below the key level of $1.6k and following a similar pattern.
Facebook owner Meta shells out £149m to break London Regent’s Place lease September 26, 2023 Facebook owner Meta Platforms surrendered one of its two buildings at Regent’s Place, paying £149m at the end of September to break the lease. Property developer British Land revealed that the end of the lease will result in post interest savings of 0.6 pence for the half year. The £149m fee was first reported by [...]
FTSE 100 close: London markets flat as investors digest higher for longer message September 26, 2023 Markets opened lower on Tuesday as markets digested the implications of interest rates having to remain higher for longer.
The Notebook: Victoria Scholar on the future of supermarkets September 26, 2023 Interactive Investor's Victoria Scholar on supermarkets, China's growth and a new podcast in the City A.M. notebook
UK growth set to slow as economy experiences ‘renewed signs of stress’, KPMG warns September 25, 2023 The UK economy will “struggle to keep its head above water” for the remainder of this year as it is experiencing “renewed signs of stress,” KPMG warned today.
London VC firm raises record $700m to fuel European tech September 25, 2023 London investment firm Dawn Capital has raised $700m (£572m) as it looks to nurture the tech talent and innovation blossoming across the continent. The venture capital (VC) firm’s $620m flagship fund, Dawn V, aims to support software startups with initial investments ranging from $10-$40m at Series A and B stages. It is the largest ever [...]
British Business Bank says ‘social benefit’ is high as it swings to yearly loss September 25, 2023 The government-owned British Business Bank has said UK taxpayers will feel the long-term benefits of plugging billions of pounds into small firms after revealing it swung to a loss of more than £147m last year. The UK’s economic development bank said it was impacted by wider economic difficulties which led to a drop in the valuation of firms [...]
Shein reaches £1bn in UK sales with tax bill of just £2.3m September 24, 2023 Fast fashion giant Shein has made over £1bn-worth of sales within the first two years of its UK presence.