Government must tackle £35bn corporate debt crisis, warn City bosses July 16, 2020 The government must take urgent action to prevent a wave of defaults on £35bn of corporate debt taken on during coronavirus wreaking havoc in the economy, a new report backed by some of the City’s biggest names has said. Policymakers should create a “UK Recovery Corporation” to turn risky debts into more manageable forms like [...]
‘Late’ Hong Kong motion won’t be voted on by City chiefs July 15, 2020 A controversial motion on Hong Kong will not be debated at the City of London’s Court of Common Council meeting tomorrow, but will instead be presented only as a ‘question’ from a member of the Court. The motion would have criticised the imposition of Beijing’s new security law on the territory, as well as welcoming [...]
Is the office an analogue product in a digital world? July 15, 2020 Reports of the death of the office are premature, but change is coming as Covid-19 means more of us will work from home in the future. The Covid-19 pandemic has acted as a catalyst, accelerating a number of global trends. One of the most significant of these is working from home, a trend which is [...]
Apple wins appeal against EU’s €13bn Irish tax fine July 15, 2020 Apple has won an appeal against the European Commission over €13.1bn in back taxes it was ordered to pay the Irish government in 2016. The tech firm was fighting alongside Ireland to challenge the EU’s ruling, which said the pair violated state aid rules in a tax deal that permitted Apple to record its sales [...]
DEBATE: With the economy under such strain, should new fintech regulation be paused? July 15, 2020 With the economy under such strain, should new fintech regulation be paused? Elisabeth Kohlbach, co-founder and chief executive at Skwire, says YES. The UK’s fintech scene is one of the most vibrant and well-regulated in Europe. And in extraordinary times, this UK success story needs to be nurtured, not subject to more red tape. The [...]
COVID-19: How stock exchanges can help us #BuildBackBetter July 14, 2020 Mark Oliphant, Head of Communications at The International Stock Exchange Group, explores how agile public markets can help the economic and social recovery from COVID-19. Stock exchanges have been somewhat out of fashion in recent years and this seemed to be a trend reinforced earlier this year during the onset of the coronavirus (COVID-19) global [...]
Vegan milk firm Oatly raises $200m from investor group including Oprah Winfrey and Howard Schultz July 14, 2020 Vegan milk producer Oatly has raised $200m from a group of investors led by Blackstone, including Oprah Winfrey, actress Natalie Portman and former Starbucks boss Howard Schultz. The investment round, which was also backed by Jay Z’s Rocnation, will be used to fund the company’s growth plans, which include expansion in current markets and new [...]
Give me Liberty or Give me TikTok July 14, 2020 Bytedance’s superstar mobile app, TikTok has risen to hero status becoming the go-to source of entertainment during lockdown. Viral dance challenges, comedic skits and short snippets of video content have grabbed the attention of over 1 billion monthly users. In a time where uncertainty and boredom reigns, a bit of creative romance is received with [...]
Former BP boss Lord Browne to step down as Huawei UK chair July 14, 2020 Lord John Browne has resigned as UK chairman of Huawei, ahead of an expected ban on the telecoms provider to be announced later today. He will step down from the board in September, ending his tenure seven months early. Culture secretary Oliver Dowden is expected to tell MPs this afternoon that the government will ban [...]
Businesses must find their purpose, or risk becoming the next corporate scandal July 14, 2020 In the midst of a pandemic, the corporate scandals keep coming. The most recent is Boohoo, a previously admired brand in the fashion industry that has been accused of sourcing clothes from a Leicester factory where workers were paid as little as £3.50 an hour. For many in the fashion industry, the darker side of [...]