Rentokil boosts revenue on disinfection sales during pandemic October 22, 2020 Rentokil’s revenue climbed almost 10 per cent in the third quarter, after strong demand for its hygiene and disinfection services helped offset a slump in pest control sales, and boosted its full-year outlook. The figures The Camberley-based ratcatchers saw ongoing group revenue climb 9.8 per cent to £754.6m in the third quarter. The group said [...]
Ed Miliband calls on government to extend ‘wrongful trading’ suspension until end of year October 21, 2020 Shadow business secretary Ed Miliband has urged the government to extend the suspension of “wrongful trading” rules to the end of the year or risk a flurry of firms going bankrupt. Back in March, ministers introduced a temporary protection for business directors to protect them from liability if they kept trading despite facing bankruptcy due [...]
Banks not ready for negative interest rates, says Natwest chairman October 15, 2020 British banks are not ready to implement negative interest rates, the chairman of Natwest said today. “We’re not completely ready for it,” Howard Davies said during an interview. “There would be technical issues and many contractual issues.” The chairman said he was not in favour of negative rates being introduced, telling Bloomberg Radio there was [...]
Beware the risk to economic stability if banks are asked to shoulder the full burden of Covid-19 October 15, 2020 The economic cost of Covid-19 has been — and will continue to be — immense. As the Bank of England publishes its surveys on bank liabilities and credit conditions today, it is a reminder that much of that cost will fall on the financial sector, and within that, on the larger banks. But how that [...]
BR Shetty seeks India probe into NMC Health and Finablr bosses October 12, 2020 Indian entrepreneur BR Shetty has filed a complaint with federal investigative agencies in India, seeking a probe into two former top executives of his companies and two Indian banks linked to the multibillion dollar scandal engulfing his business empire. Several firms linked to Shetty including UAE hospital operator NMC Health and payments firm Finablr have [...]
Peacocks and Jaeger owner files for administration, putting 24,000 jobs at risk October 9, 2020 Around 24,000 jobs are on the line as Edinburgh Woollen Mill (EMW) group, the owner of retailers Peacocks and Jaeger, has filed a notice to appoint administrators. Bosses wrote to employees this morning warning them that lockdowns across the country had battered sales, forcing the company to review the future of its business. Steve Simpson, [...]
Government to crack down on pre-pack administration conflicts October 8, 2020 Pre-pack administrations involving people connected to the insolvent company are set to come under greater scrutiny in a bid to make the process more transparent. Pre-pack sales where connected parties, such as the insolvent company’s shareholders or directors, are involved in the process will be required by law to undergo independent scrutiny, the government announced [...]
Cambridge Analytica did not misuse data to influence Brexit, watchdog rules October 7, 2020 Disgraced political consultancy Cambridge Analytica did not misuse data to try and influence the outcome of the 2016 Brexit referendum, a major probe has concluded. The Information Commissioner’s Office (ICO) has spent three years investigating the use of personal data in political campaigning by the now defunct SCL Elections — the parent company of Cambridge [...]
Be brave Mr Sunak… and keep spending October 7, 2020 Since Rishi Sunak stepped into the suddenly vacant 11 Downing Street back in February, he’s proved a fleet-footed chancellor, earning praise for the speed at which he launched the furlough programme, provided cash support to struggling companies, and stood behind the economy as the pandemic took hold. He quickly realised that extraordinary times required extraordinary [...]
Fed’s Jay Powell: Too much stimulus is better than too little October 6, 2020 It is better for US policymakers to do too much to try to help the economy than to do too little, US Federal Reserve chair Jay Powell said in some of his most pointed comments about stimulus to date. Powell told the National Association for Business Economics that the recovery from the coronavirus lockdowns of [...]