Record £11.9bn invested in London’s smaller businesses in 2021 June 22, 2022 Equity investment in London’s smaller businesses hit a record £11.9bn in 2021, according to data released today by the British Business Bank. This was an 89 per cent increase year over year, with the number of deals announced in the capital increasing by 23 per cent to 1,286, the Bank’s annual Small Business Equity Tracker showed. The upward trend continued in [...]
Glencore pleads guilty to seven counts of bribery June 21, 2022 Glencore Energy today pleaded guilty on seven charges of bribery and failing to prevent bribery in relation to a series of African oil deals. The Anglo-Swiss firm pleaded guilty on all seven counts put forward to it at Southwark Crown Court, after charges were brought against the company by the UK’s Serious Fraud Office (SFO). [...]
Oil and gas body warns windfall tax will deter investment in domestic energy sector June 20, 2022 OEUK has ramped up its criticisms of the imposed windfall tax - describing the new levy as "punitive," amid fears it could jeopardise investment.
Swissport threatens to sue as hubs axe hundreds of flights June 20, 2022 Airport service provider Swissport has threatened to take airports to court following the ongoing reduction in the number of daily flights at European hubs. “I think that there’s going to be some challenges, I suspect legally, to putting caps on airlines,” said chief executive Warwick Brady. “We recruited enough people for the summer schedule and they [...]
Euromoney receives £1.6bn takeover offer from private equity firms June 20, 2022 The board of Euromoney Institutional Investor PLC confirmed today that Astorg Asset Management S.àr.l and Epiris LLP (the Consortium) approached it with a possible all-cash offer of £1.6bn at £14.61 per share. This is the fifth time Euromoney has been approached by the two private equity firms, following possible all-cash offers of £11.75, £12.50, £13.10 and [...]
Exclusive: We need a business mindset shift and new tools to get us there, says City insider June 20, 2022 ESG commitments for 2030 are high on the boardroom agenda, but are we asking the right questions? The big money question is, even if we meet our sustainability targets, does that secure the social conditions and environmental resources that we will need for businesses to operate in the future? Across the City, a viewpoint on [...]
London boroughs sound the alarm bells as skyrocketing inflation is eating £400m hole into budget June 20, 2022 Skyrocketing inflation is driving £400m of additional budget pressures on boroughs in the capital, London Councils warned this morning. Although the government increased local authority funding this year, fast-rising inflation has effectively cut £100m from the financial uplift boroughs received for 2022-23. London Councils, a cross-party group representing all 32 boroughs and the City of [...]
Etsy accused of not paying enough UK tax, forking out £128,000 after pocketing £160m in sales June 20, 2022 Online marketplace Etsy has become the latest US retailer to be accused of not paying enough tax in the UK, having forked out just £128,000 as it pocketed £160m in sales. Etsy would have been liable to pay some £7m in corporation tax, had it booked all sales made in the UK at its [...]
IoD: Voluntary director code of conduct will help prevent future Carillions June 20, 2022 Directors of companies should follow a code of conduct to prevent Carillion-like scandals from happening again, according to the representative body for business leaders. Some 78 per cent of directors agree a set of rules should be created to boost corporate compliance, the Institute of Directors (IoD) said in a policy paper published today called [...]
Gordon Brown predicts government will ditch tax rises June 19, 2022 Gordon Brown has predicted Boris Johnson and Rishi Sunak will ditch a series of planned tax rises in the face of the UK’s poor economic outlook. The former PM also hit out at the government for having “no plan” and lurching from “crisis to crisis”. The Bank of England this week moved to raise interest [...]