Peloton sends staff back to the office in far-reaching turnaround plan Peloton Exercise bike maker Peloton has set out plans to hike its prices, cut costs, and force its staff back into the office, as it seeks to turnaround after demand for its home gym equipment dipped following the lifting of Covid-19 restrictions. In an internal memo published by Bloomberg, the New York headquartered running machine seller [...]
Claims globalisation has ‘had its heyday’ are premature, Lloyd’s chief executive says Globalisation Claims the dual shocks of Covid and the war in Ukraine have halted the “all conquering forces of globalisation” are “premature,” Lloyd’s of London chief executive John Neal told City A.M. In an op-ed in this newspaper, the insurance chief said that while we will “rightly see a degree of retreat and retrenchment” in [...]
UK’s Insolvency Service uses new powers to crack down on Covid loan fraud Covid support fraud The UK’s Insolvency Service has begun using new powers, given to it last December, to crack down on company directors that dissolve their firms to avoid making repayments on government backed loans. The Insolvency Service used its “tough new powers” to ban three individuals from acting as company directors, for dissolving their companies to avoid [...]
Jubilee weekend boom fails to lift June’s retail sector July 22, 2022 An uptick in sales of food during the Jubilee weekend was offset by slower sales across the rest of the retail sector to see June retail volumes drop 0.1 per cent compared to previous month. The Jubilee weekend saw food shops sell 3.1 per cent more food last month than they did in May, as [...]
Photo-Me posts ‘extremely strong’ results as Covid restrictions ease July 19, 2022 Photobooth operators Photo-Me today vowed to pay its shareholders almost £25m in the form of a special dividend after posting “extremely strong” results for the first half of 2022. The Epsom headquartered firm, that sells a range of photobooths and vending machines, said its balance sheet was bolstered by the reopening of the global economy, [...]
Covid loan fraudsters should turn themselves in to avoid harsher penalties, lawyers say July 4, 2022 Individuals who defrauded the government’s Covid support schemes should consider turning themselves in to avoid even harsher penalties, amid a far-reaching crackdown on those responsible for making fraudulent claims, lawyers have said. The comments come after figures from the UK’s Insolvency Service showed the executive agency has struck off a total of 179 company directors, [...]
UK’s charity watchdog opens probe into Captain Tom Foundation June 30, 2022 The UK’s charities watchdog has launched an investigation into The Captain Tom Foundation, over concerns about potential conflicts of interest involving the late Army officer’s family. The Charity Commission today said it had opened an inquiry into The Captain Tom Foundation over concerns about the charity’s management. The watchdog said a company that is controlled [...]
Stagecoach returns to growth as bus journeys bounce back to 81 per cent of pre-Covid levels June 29, 2022 Britain’s biggest bus company Stagecoach today said it now in a “good financial position” after “recovering customer demand” saw passenger journeys bounce back to 81 per cent of pre-pandemic levels. The public transport operator said it had “firmly returned to growth” after its profits more than doubled year on year, from £17m in the financial [...]
London lawyers expect boom in legal disputes on the back of Brexit and Covid-19 April 11, 2022 London litigators are readying themselves for a new wave of litigation lawsuits on the back of Brexit and Covid-19. In a survey carried out by the London Solicitors Litigation Association (LSLA), 84 per cent of lawyers polled said they expect a surge in the number of Covid related contractual disputes. Another 70 per cent of [...]
Planned redundancies drop 86 per cent from pandemic peak January 24, 2022 Businesses are planning far fewer redundancies than they were a year ago amid growing confidence about the UK's economic recovery.