‘Zombie’ firms set to fail as pandemic leaves 527,000 businesses on cliff-edge July 24, 2020 A record 527,000 businesses were in significant financial distress at the end of June, an increase of 33,000 since the beginning of the year. It represents a seven per cent increase since the start of the year, and nine per cent year-on-year, according to new research from corporate restructuring firm Begbies Traynor. While the coronavirus [...]
Where is the no-deal planning we need to extract a deal from the EU? July 24, 2020 The UK ended its fifth round of negotiations this week, and still there has been no agreement on the principles of a future trading deal — let alone an actual deal. This was all too predictable. The EU is seeking a deal founded in ideology, and the UK simply wants to trade. Back in January, [...]
Green King’s Cross development receives £69m boost July 24, 2020 A new sustainable development in the heart of King’s Cross has received a boost with a £69m green loan facility from HSBC and Natwest. Property developer Argent secured the loan to complete the Cadence project, which will offer 163 flats, including 60 “intermediate affordable” rent apartments. The deal follows a similar £400m green loan for [...]
Tesla sues Amazon-backed rival Rivian over technology secrets July 23, 2020 Tesla has filed a lawsuit against electric truck-making startup Rivian, accusing it of stealing trade secrets and poaching its employees. “Rivian is knowingly encouraging the misappropriation of Tesla’s trade secret, confidential, and proprietary information by Tesla employees that Rivian hires,” the company said in a lawsuit. The filing pointed to four former Tesla employees for [...]
FTSE 100 rises but US markets fall as jobless claims grow July 23, 2020 The FTSE 100 clung on to its gains but US markets fell as investors weighed rising American joblessness against the prospect of more economic stimulus. London’s main stock index was 0.2 per cent higher in afternoon trading at 6.218 points. The FTSE 250 was up 0.1 per cent. Read more: Unilever beats sales forecasts as [...]
Counting the human cost of Covid — and of leaving small business owners behind July 23, 2020 The daily lists of cases, tests and R numbers tell a tale of the scale of the Covid-19 crisis, but they don’t always explain the full story of the cost on people’s lives. ACCA and the Corporate Finance Network (CFN) are running a tracker poll among accountancy firms representing more than 22,000 small businesses to [...]
Social responsibility belongs in the boardroom, not the marketing suite July 23, 2020 The issues that concern young people the most today — from the climate crisis and global pandemic to new conversations on race and privilege — are ones that also belong in the boardroom. Our world is changing fast, and so too are society’s expectations of corporate Britain — not just when it comes to the [...]
DEBATE: Will long-term remote working jeopardise London’s status as a global financial centre? July 23, 2020 Will long-term remote working jeopardise London’s status as a global financial centre? Giles Fuchs, chief executive of Office Space in Town, says YES. An enduring shift towards remote working and away from the office in the wake of the Covid-19 pandemic would spell disaster for London’s status as a global financial hub. Home to 1.1m [...]
Sports Direct owner Mike Ashley warns of closures after business rates review delay July 22, 2020 Mike Ashley’s Frasers Group, formerly known as Sports Direct, has warned it could be forced to close stores after the government delayed a business rates review. The government has promised a “fundamental review” into the long-term future of business rates. In March it gave retail, hospitality and leisure businesses a year-long holiday from the tax [...]
Exclusive: MPs ask banks for clarity on state aid rules and coronavirus loans July 22, 2020 A group of MPs and Lords has written to lenders to try to ensure they take into account changes to EU state aid rules that could boost the UK’s coronavirus loan scheme, amid confusion about the alterations. It came as business group UK Hospitality urged the government to take the lead and make sure the [...]