Greggs swings to £65m loss during coronavirus crisis July 28, 2020 Greggs swung to a loss of more than £65m for the six months to 27 June after Brits tried their own hand at baking during lockdown, it revealed today. The results Greggs swung to a pre-tax loss of £65.2m, down from a profit of £36.7m in the same period last year. Total sales for the [...]
An e-citizenship scheme would put the UK at the heart of global trade July 28, 2020 The global population of startups and entrepreneurs is on the rise. According to the Global Entrepreneurship Monitor, just 8.9 per cent of the world’s population was involved in some sort of startup business in 2001. By 2016, that figure was 14 per cent. In the most entrepreneurial countries, particularly in sub-Saharan Africa, startups can employ [...]
A property wealth tax is the only fair way to pay for the Covid-19 crisis July 28, 2020 Two years ago, the director of the Office for Budget Responsibility wrote the following: “Broadly speaking, the fiscal position is unsustainable if the public sector is on course to absorb an ever-growing share of national income… The baseline projection in each of our reports — since the first was published in 2011 — has pointed [...]
Alstom set for green light for €6bn Bombardier rail deal July 27, 2020 French giant Alstom is set to get approval from the EU’s competition watchdog to buy Bombadier’s rail business, paving the way for the creation of the world’s second largest rail firm. Reuters reported that regulators were set to give the deal the go-ahead after Alstom made a number of concessions due to antitrust fears. In [...]
CBILS: Three ways SMEs can avoid a coronavirus loan rejection July 27, 2020 It has been nearly four months since the Treasury introduced the Coronavirus Business Interruption Loan Scheme (CBILS) in a bid to help firms through the pandemic. The scheme did not arrive without criticisms, coming under fire for what its critics called its unclear eligibility criteria and demanding personal guarantees. While some issues have since been [...]
Why the UK should rethink its restrictive rules on dual-class shares July 27, 2020 The ability to have a dual-class voting structure can be an important consideration for high-growth, innovative companies (especially those in the technology sector) when deciding on an IPO venue. These structures are not possible for a premium listing in London, whereas they are available on other major stock exchanges, meaning that the UK risks missing [...]
BA owner IAG mulls €2.75bn raise by ‘end of summer’ July 24, 2020 British Airways owner IAG is mulling for a share issue worth up to £2.75bn (£2.4bn) at the end of the summer. The plans to raise equity come as the airline group takes steps to shore up its finances in light of the coronavirus pandemic, which has battered the global aviation sector. In a regulatory notice [...]
FCA launches probe into Woodford depositary Northern Trust July 24, 2020 The City regulator has launched an investigation into Neil Woodford’s depositary Northern Trust over the events that led to the gating of the flagship Equity Income fund last June. The investigation was launched in recent months following an ongoing probe into Link Fund Solutions, the firm supervising the Woodford Equity Income Fund. Last June the [...]
Vodafone targets 2021 IPO for European towers unit July 24, 2020 Vodafone today confirmed it would target an early 2021 initial public offering (IPO) for its European telecoms towers business. The spin-off will see the division renamed Vantage Towers after Vodafone signalled its intention to separate the unit to maximise shareholder value. Vodafone said it will seek a prime listing in Frankfurt for its European mast [...]
EY prepared ‘unqualified audit’ for Wirecard last month July 24, 2020 EY reportedly prepared an unqualified audit opinion on Wirecard’s accounts in early June, just weeks before the company collapsed. The auditing firm delivered a draft version of its official audit opinion, according to the Financial Times. Accountants usually share a draft to give clients the opportunity to look over the numbers and assessments. The draft [...]