Business

Petrofac boosted by higher oil prices and production volumes

Petrofac boosted by higher oil prices and production volumes

Petrofac boosted as higher oil prices and production levels lead to energy services firm upholding outlookPetrofac expects to produce over 500,000 barrels per day of oil in the first halfThis compares to just 210,000 daily barrels in the equivalent period in 2021CEO Sami Iskander: 'We have made good progress in the first half of the year'By Harry Wise For This Is Money Published: 10:51 EDT, 28 June 2022 | Updated: 13:02 EDT, 28 June 2022 Energy services group Petrofac his trading in line with guidance, following a strong rebound in the price and production of oil.The London-listed company expects to…
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Volkswagen Sells Stake in Electrify America to Siemens

Volkswagen Sells Stake in Electrify America to Siemens

Volkswagen has agreed to sell a minority stake in its U.S. electric-vehicle charging business to Siemens in a transaction that provides $450 million in new money and values the charging network at $2.45 billion, the companies said Tuesday.Bringing Siemens into Volkswagen’s Electrify America LLC generates additional funding to drive an expansion of EV charging that aims to more than double the number of charging stations that Electrify America operates across the U.S. and parts of Canada to 1,800 by 2026. Reston, Va.-based Electrify America also offers EV charging stations for use at home. Source link
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Heathrow CEO condemns plans to reduce passenger charges

Heathrow CEO condemns plans to reduce passenger charges

Heathrow boss warns aviation regulator's plan to slash airline fees by 6% will see 'passengers getting a worse experience'The CAA's proposed cap is equivalent to a price cut of 6% per year up to 2026Heathrow's CEO: Cap would lead to poorer service and discourage investmentA final decision on the aviation regulator's plans is due sometime in the autumnBy Harry Wise For This Is Money Published: 06:19 EDT, 28 June 2022 | Updated: 06:19 EDT, 28 June 2022 London Heathrow's boss has denounced plans to force the airport to reduce passenger charges over the coming four years.Under proposals by the UK…
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Elon Musk Has Twitter’s Data, but Getting Answers on Spam Accounts May Be Tougher

Elon Musk Has Twitter’s Data, but Getting Answers on Spam Accounts May Be Tougher

Elon Musk has gained access to the Twitter data that he said was needed to complete his $44 billion acquisition, but data scientists and specialists doubt the stream will provide the conclusive answers he seeks about the number of phony accounts on the platform.After some legal back-and-forth between the two sides, Twitter in recent weeks provided Mr. Musk with historical tweet data and access to its so-called fire hose of tweets, people familiar with the matter said. That fire hose shows the full flood of all tweets—people post hundreds of millions of times a day on the platform, according to…
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Cake Box to open more stores after reporting pre-tax profit of £7.7m

Cake Box to open more stores after reporting pre-tax profit of £7.7m

Cake Box to open more stores after reporting profits jump to £7.7m as its Covid recovery continuesBy Daily Mail City & Finance Reporter Published: 16:50 EDT, 27 June 2022 | Updated: 04:08 EDT, 28 June 2022 Cake Box plans to open more stores as it reported a pre-tax profit of £7.7million for the latest financial year.This marked a 83.3 per cent jump from the previous years as the cream cake retailer continued its post-pandemic recovery. Revenue at the firm rose by 50.7 per cent from £21.9million to £33million. Sweet success: Cake Box reported a pre-tax profit of £7.7 m for the…
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M&C Saatchi urges shareholders to reject ‘high risk’ Vin Murria bid

M&C Saatchi urges shareholders to reject ‘high risk’ Vin Murria bid

M&C Saatchi goes on the defensive as ad agency again urges shareholders to reject Vin Murria's 'low price and high risk' takeover bidM&C Saatchi has reiterated that the bid 'materially undervalues' the companyShareholders would face dilution of their shares after Adv's takeover, board saysTakeover risks to 'damage M&C Saatchi’s core business' and cause loss of talentBy Camilla Canocchi for Thisismoney.co.uk Published: 03:42 EDT, 28 June 2022 | Updated: 03:42 EDT, 28 June 2022 M&C Saatchi has once again urged shareholders to reject the latest takeover bid from Vin Murria's Advanced Advt, which values the advertising agency at £254million.In a 48-page long defence…
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Credit Suisse found guilty in Bulgarian drug money laundering case

Credit Suisse found guilty in Bulgarian drug money laundering case

Credit Suisse must pay almost £18m for failing to stop laundering of Bulgarian drug moneyBy Daily Mail City & Finance Reporter Published: 16:51 EDT, 27 June 2022 | Updated: 16:51 EDT, 27 June 2022 Credit Suisse and one of its former bankers have been found guilty of failing to stop the laundering of Bulgarian drug money by a gang led by a former wrestler.In the first ever criminal conviction of a major Swiss lender, Credit Suisse was fined £1.7million and ordered to pay £16million in compensation.One of its former relationship managers – Bulgarian ex-tennis star Elena Pampoulova-Bergomi - was also…
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City watchdog probes Wise boss Kristo Kaarmann over tax affairs

City watchdog probes Wise boss Kristo Kaarmann over tax affairs

City watchdog probes Wise boss over tax affairs: Billionaire Kristo Kaarmann labelled a deliberate defaulter after failing to pay £720,495 billBy Archie Mitchell For The Daily Mail Published: 16:51 EDT, 27 June 2022 | Updated: 16:51 EDT, 27 June 2022 The City watchdog has launched an investigation into the founder and chief executive of money transfer giant Wise.The Financial Conduct Authority is looking into the affairs of Kristo Kaarmann after he was last year labelled ‘deliberate tax defaulter’ by the taxman.The 41-year-old billionaire failed to pay a £720,495 tax bill for 2017-18 and was fined £365,651. Probe: Wise chief exec…
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Cosmetics firm Warpaint London looks its best as sales hit record

Cosmetics firm Warpaint London looks its best as sales hit record

Cosmetics firm Warpaint London - which sells to Boots, Superdrug, Asda and Matalan - looks its best as sales hit recordBy John Abiona For The Daily Mail Published: 16:50 EDT, 27 June 2022 | Updated: 17:01 EDT, 27 June 2022 A cosmetics company which sells skincare and make-up products to Boots, Superdrug, Asda and Matalan looks likely to deliver record half-year sales.In a bullish update ahead of its annual general meeting, Warpaint London hailed its business for ‘delivering high quality cosmetics at affordable prices’.The AIM-listed firm, which is based in Buckinghamshire, said it expects sales for the six months to…
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Russian Gas Cuts Threaten World’s Largest Chemicals Hub

Russian Gas Cuts Threaten World’s Largest Chemicals Hub

LUDWIGSHAFEN, Germany—For years, BASF SE one of the world’s largest chemicals companies, built its business model around cheap and plentiful Russian natural gas, which it uses to generate power and as feedstock for products that make it into toothpaste, medicines and cars.Today, dwindling Russian gas supplies are proving a threat to the company’s vast manufacturing hub here—the world’s largest integrated chemical complex spanning some 200 plants. Earlier this month, Russia started throttling back its supply of gas to Germany and other European countries. In response, company executives are doing what was unthinkable just a few months ago: considering how to…
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Why we can’t just print more money: Storm over Bank of England book

Why we can’t just print more money: Storm over Bank of England book

The learning curve is steep. Only now, after more than a decade of keeping the Bank of England’s printing presses running, a new generation is starting to understand that there is no such thing as a magic money tree.All economic actions have consequences, and the return of double digit inflation – evoking memories of the 1970s – is fast changing the political narrative.When Rupal Patel and Jack Meaning, two Bank of England economists, came up with the idea of writing an explainer on economics for sixth formers and other interested lay people, they could have never imagined that the Bank…
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Studios Battle for Players of ‘Hypercasual’ Videogames, the Latest Mobile Distraction

Studios Battle for Players of ‘Hypercasual’ Videogames, the Latest Mobile Distraction

One of the hottest videogames on the market in June 2022 isn’t a fantastical action-adventure, or a multiplayer shooter with stunning visual effects. It is a mobile game that asks players to stock a virtual refrigerator with milk and other sundry items.“Fill the Fridge,” a creation of Istanbul-based studio Rollic Games, is “hypercasual,” an increasingly popular mobile genre distinguished by ultrasimple gameplay, repetitive and low-stakes challenges, oftentimes rudimentary graphics, and a business model that relies heavily on advertising. Users can learn how to play within a matter of seconds and often without instructions. And some hypercasual games don’t feel like…
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Carex owner PZ Cussons sees revenues continue growing in face of rising inflation

Carex owner PZ Cussons sees revenues continue growing in face of rising inflation

Carex and Imperial Leather owner PZ Cussons maintains revenues growth despite inflation pressuresManchester-based PZ Cussons revealed fourth-quarter revenues increased 7%The group's 'Must Win' brands include Carex, St. Tropez and Original SourcePZ Cussons CEO Jonathan Myers admitted that trading remained 'challenging'By Harry Wise For This Is Money Published: 11:01 EDT, 27 June 2022 | Updated: 12:10 EDT, 27 June 2022 Consumer products company PZ Cussons has been trading in line with forecasts despite cost rises putting greater pressure on shoppers.The Manchester-based group said on Monday revenues for the three months ending 31 May had increased by 7 per cent on a…
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GE Chairman, CEO Culp Also Named CEO of GE Aviation

GE Chairman, CEO Culp Also Named CEO of GE Aviation

General Electric Co. on Monday said H. Lawrence Culp Jr., the architect of the conglomerate’s plans to split into three public companies, is taking on the additional post of chief executive officer of GE Aviation.Mr. Culp remains chairman and CEO of Boston-based GE, which in November announced plans to spin off its healthcare and power businesses while retaining its aviation operations. The breakup of the more than century-old company is the culmination of a yearslong process of shrinking GE after Mr. Culp took the helm in late 2018 and tried to stabilize GE’s operations by selling off business units and…
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Marketers at NFT.NYC Upbeat on Brand-Building in the Metaverse

Marketers at NFT.NYC Upbeat on Brand-Building in the Metaverse

The nosedive in cryptocurrencies and nonfungible tokens peppered conversations, panels and events at NFT.NYC, a four-day event last week focused on the virtual baubles. Marketers seemed unwavering in their zeal for NFTs. The price of crypto is down—by an estimated $2 trillion since November—and high prices for NFTs have faded. Most NFTs are purchased using cryptocurrencies. And as the crypto market has slumped, so has the value of the digital collectibles. Some companies might fail because of that, but the industry is going through a necessary maturation process, said Julian Holguin, chief executive of Doodles, a collection of 10,000 NFTs.…
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Boots takeover flounders as buyers struggle to find £3bn of finance

Boots takeover flounders as buyers struggle to find £3bn of finance

Boots takeover flounders as buyers struggle to find £3bn of finance amid volatile UK public debt marketsBy Mark Shapland For The Daily Mail Published: 17:12 EDT, 23 June 2022 | Updated: 17:48 EDT, 23 June 2022 The proposed sale of Boots is on the rocks amid concerns over how a deal will be financed.The auction for the High Street chemist has rumbled on for six months but the process has become increasingly fractious as banks try to find a way to fund the multi-billion-pound transaction.The frontrunner to buy Boots – which has 2,200 stores across the UK – is a…
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Generator Hostels owner considering £1bn sale

Generator Hostels owner considering £1bn sale

Owner of Generator Hostels understood to be considering a sale that could value it at up to £1bnBy Amy-jo Crowley, Financial Mail On Sunday Published: 16:51 EDT, 25 June 2022 | Updated: 05:50 EDT, 26 June 2022 The owner of Generator Hostels is understood to be considering a sale that could value it at up to £1billion. The boutique hotel and hostel company offers offers lodgings in London, Rome, Paris, New York and other major cities for less than £50 a night.  Up for sale: Generator Hostels' current valuation is unclear, but the economic outlook is expected to help the businessIt was…
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Mulberry results litmus test for how luxury brands are coping

Mulberry results litmus test for how luxury brands are coping

Mulberry's full-year results a litmus test for how luxury brands are coping with cost-of-living crisisBy Daily Mail City & Finance Reporter Published: 16:50 EDT, 26 June 2022 | Updated: 16:50 EDT, 26 June 2022 Mulberry is set to unveil its full-year results on Wednesday in a litmus test for how luxury brands are coping with the cost-of-living crisis. The handbag specialist, favoured by the Duchess of Cambridge, pointed to 'robust' sales in its trading update in March.  Stylish: Mulberry, favoured by the Duchess of Cambridge, pointed to 'robust' sales in its trading update in MarchBut inflation is causing purse strings to be…
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The weak pound is headlining again, says RUTH SUNDERLAND

The weak pound is headlining again, says RUTH SUNDERLAND

Along with inflation, trade union strife and Sir Paul McCartney, the weak pound is headlining again, says RUTH SUNDERLANDPound's problems: Political and economic woes and investor flight to dollar UK is a very open economy and highly susceptible to a tanking currency Fed hiking rates faster than Bank may cause sterling to fall harder against dollarBy Ruth Sunderland for the Daily Mail Published: 16:50 EDT, 26 June 2022 | Updated: 17:06 EDT, 26 June 2022 The Bank of England Governor Andrew Bailey is too young to remember much first hand about the sterling devaluation in 1967, when prime minister Harold Wilson nonsensically…
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Bank for International Settlements pushes for more rate hikes

Bank for International Settlements pushes for more rate hikes

Key institution warns decisive action from central banks needed to stop leading economies from 'tipping' into more severe cost-of-living crisisBy Daily Mail City & Finance Reporter Published: 16:50 EDT, 26 June 2022 | Updated: 17:15 EDT, 26 June 2022 Decisive action from central banks is needed to stop leading economies from 'tipping' into a more severe cost-of-living crisis, a key institution has warned. The Bank for International Settlements (BIS), known as the 'bank of central banks', said the risk of stagflation 'looms over the global economy'.  Cost-of-living crisis: Institutions like the Bank of England need to take 'timely and decisive action'In order…
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British Gas owner Centrica pulls out of race to buy Bulb

British Gas owner Centrica pulls out of race to buy Bulb

British Gas owner Centrica pulls out of race to buy Bulb in blow to Government, which runs collapsed energy firmBy Daily Mail City & Finance Reporter Published: 16:50 EDT, 26 June 2022 | Updated: 17:16 EDT, 26 June 2022 British Gas owner Centrica has pulled out of the race to buy Bulb in a blow to the Government, which runs the collapsed energy firm. Centrica was one of three parties in the running to purchase Bulb and take on its customers, along with Octopus Energy and Abu Dhabi rival Masdar. But it has now ruled itself out, the Financial Times reported, leaving…
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Prime Minister Boris Johnson urged to set tough rules on Chinese deals

Prime Minister Boris Johnson urged to set tough rules on Chinese deals

Ministers must take a stand on whether Chinese companies should be allowed to snap up British tech firms, influential think-tank urgesPolicy Exchange: PM must set out role China-backed firms can play in UK Report comes as Business Secretary weighs takeover of Newport Wafer FabNWF makes high-tech computer chips and is one of few British firms in industryIt attracted attention after lockdowns in China caused global shortage of chipsBy Lucy White For The Daily Mail Published: 19:01 EDT, 26 June 2022 | Updated: 19:01 EDT, 26 June 2022 Ministers must take a stand on whether Chinese companies should be allowed to snap…
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Economy Week Ahead: Factories, Inflation and Consumer Spending in Focus

Economy Week Ahead: Factories, Inflation and Consumer Spending in Focus

MONDAYDemand for U.S. factory goods has been strong during the recent expansion, with consumers and businesses spending heavily on autos, appliances, equipment and other goods. The Commerce Department’s report on new orders for durable goods—products designed to last at least three years—will show whether soaring prices, rising interest rates and an uncertain economic outlook weighed on demand in May.TUESDAYThe S&P CoreLogic Case-Shiller home-price index is expected to show housing costs continued to climb at an elevated rate in April. Separate figures out last week showed record prices for existing-home sales in May as demand from buyers exceeded unusually low levels…
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Cosmetics entrepreneur Irene Forte may seek new investment

Cosmetics entrepreneur Irene Forte may seek new investment

Cosmetics entrepreneur Irene Forte may seek new investment to grow her business after a surge in demandBy Neil Craven, Financial Mail on Sunday Published: 16:50 EDT, 25 June 2022 | Updated: 05:53 EDT, 26 June 2022 Cosmetics entrepreneur Irene Forte might seek new investment to grow her business after a surge in demand. Sales at Irene Forte Skincare have risen 300 per cent this year after a string of luxury department stores and websites snapped up the brand. Products, including the £88 Hibiscus Night Cream, are stocked in Bergdorf Goodman in New York and Le Bon Marche in Paris, as well as…
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Senior City advisers expect Unilever to sell off its Ben & Jerry’s brand

Senior City advisers expect Unilever to sell off its Ben & Jerry’s brand

Senior City bankers expect Unilever to sell off its Ben & Jerry's brand in a dramatic shake-up of the consumer goods giantBy Amy-jo Crowley, Financial Mail On Sunday Published: 16:50 EDT, 25 June 2022 | Updated: 05:56 EDT, 26 June 2022 Ice move: Magnum, promoted by model Bella Hadid (pictured), could be part of the saleSenior City advisers expect Unilever to sell off its Ben & Jerry's brand in a dramatic shake-up of the consumer goods giant. The sale is likely to be made alongside the rest of the ice-cream division, which includes Magnum and Carte D'Or. Sources said this would…
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HAMISH MCRAE: We don’t have to fear the R-word of Recession

HAMISH MCRAE: We don’t have to fear the R-word of Recession

Recession keeps popping up in the commentaries here, in the US and in Europe - but we don't have to fear the R-word, says HAMISH MCRAEBy Hamish Mcrae, Financial Mail On Sunday Published: 16:50 EDT, 25 June 2022 | Updated: 06:09 EDT, 26 June 2022 After the mayhem in the markets there has been a week of calm. The American markets have clawed back a bit of their losses this year, and the Footsie – which had not fallen nearly so far – has settled well above 7,000. But it is an uneasy calm. The R-word – Recession – keeps popping…
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Global Tax Deal Faces Roadblocks From Hungary, Congress

Global Tax Deal Faces Roadblocks From Hungary, Congress

U.S. and European officials are trying to inject fresh momentum into a global drive for a minimum corporate tax rate, but they are finding it difficult to navigate around a series of roadblocks, namely Democrats’ narrow margins in Congress and consequential objections from Hungary.Nearly 140 countries agreed last year to impose a 15% minimum tax on large companies, paving the way for the most significant overhaul of international tax rules in a century. Getting to that point took years of negotiations that often seemed close to collapse. Now, eight months later, there has been little progress on changing national laws…
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Euromoney likely to be broken up if deal to buy group is successful

Euromoney likely to be broken up if deal to buy group is successful

City sources say Euromoney likely to be broken up if deal to buy media and events group is successfulBy Amy-jo Crowley, Financial Mail On Sunday Published: 16:50 EDT, 25 June 2022 | Updated: 06:12 EDT, 26 June 2022 Euromoney is likely to be broken up if a deal to buy the media and events group is successful, say City sources. The FTSE 250 firm said last week it was in talks with private equity firms Astorg and Epiris.  Negotiations: Euromoney said it was in talks with private equity firms Astorg and EpirisThe announcement was prompted by revelations in The Mail on Sunday that…
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STOCKS TO WATCH: Boatman blasts Thungela’s coal comeback

STOCKS TO WATCH: Boatman blasts Thungela’s coal comeback

STOCKS TO WATCH: Shadowy research outfit Boatman Capital pours cold water on coal comeback as Thungela's share price soarsBy Francesca Washtell, Financial Mail On Sunday Published: 16:50 EDT, 25 June 2022 | Updated: 06:16 EDT, 26 June 2022 When Anglo American spun off its coal arm to form Thungela Resources last June, no one could have predicted that the taboo energy source would make a comeback. Thungela's stock has rocketed from £1.11 at its debut to £12.60 now, valuing it at £1.7billion as coal prices soar. But Boatman Capital – the shadowy research outfit best known for its attacks on Babcock –…
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Bank of England Governor Andrew Bailey on rack over inflation

Bank of England Governor Andrew Bailey on rack over inflation

Senior economists and an influential MP have demanded a major parliamentary inquiry into the Bank of England's spectacular failure to predict soaring inflation. Bank Governor Andrew Bailey's £575,000-ayear job could be on the line if he is found to have been 'asleep at the wheel' for not spotting the escalating cost-of-living crisis, one added. Bailey has come under mounting pressure to explain why the Bank didn't raise interest rates sooner and faster. That was despite warnings more than a year ago from the likes of former Governor Lord King that inflation – dormant for a decade – would roar back into…
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Give firms tech tax break Sage boss tells Chancellor Rishi Sunak

Give firms tech tax break Sage boss tells Chancellor Rishi Sunak

After business leaders call for lower taxes, boss of FTSE100 giant Sage tells Chancellor Rishi Sunak: Give firms a tech tax breakBy Neil Craven, Financial Mail on Sunday Published: 16:51 EDT, 25 June 2022 | Updated: 20:26 EDT, 25 June 2022 The boss of FTSE100 software giant Sage has called on Chancellor Rishi Sunak to deliver sweeping tax breaks for tech investment. Steve Hare said this could foster an unprecedented £232billion 'turbo charge' for the economy. He said Ministers must 'pull every lever' to accelerate the shift and he called for new policies to encourage investment.  Plea: Steve Hare has called on Chancellor…
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MIDAS SHARE TIPS: Dividend powerhouses for income

MIDAS SHARE TIPS: Dividend powerhouses for income

In 1991, a 44-year-old American financier published a stock-picking theory that grabbed the attention of investors around the world. His name was Michael B. O'Higgins and his Dogs of the Dow idea was simple – invest in the ten highest-yielding stocks in the American Dow index, check that your portfolio is up to date every year and you should end up with stocks that pay generous dividends and increase in price over time as well. Midas picked up the theme 20 years ago and we have been revisiting it on and off ever since. Instead of selecting stocks from the Dow, however, we…
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Sage boss Steve Hare: Our tax system should be remodelled

Sage boss Steve Hare: Our tax system should be remodelled

Sage boss Steve Hare: Our tax system should be remodelled so that every pound spent on tech equipment is treated as a capital investment rather than an operating expenseBy Steve Hare, Chief Executive Of Sage Group Plc Published: 16:50 EDT, 25 June 2022 | Updated: 20:37 EDT, 25 June 2022 Plea: Steve Hare, chief executive Of SageThere is no denying that the economy is facing real challenges right now, with some dark clouds on the horizon for the United Kingdom. Rising inflation that remains untamed. A global pandemic and war have fuelled this pressure further. The net effect is a squeeze…
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MPs plan new law to prevent repeat of LV sale debacle

MPs plan new law to prevent repeat of LV sale debacle

New law to help protect mutuals from being sold off to predators after LV debacle tabled in ParliamentBy Lucy White, Financial Mail On Sunday Published: 16:50 EDT, 25 June 2022 | Updated: 20:57 EDT, 25 June 2022 A new law to help protect mutuals from being sold off to predators has been tabled in Parliament. Following the disastrous attempt to sell insurer LV to private equity firm Bain Capital last year, MPs are drawing up plans to help safeguard mutually owned businesses. The move by MPs comes after a successful campaign by The Mail on Sunday to stop the sale. Since then,…
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Bentley boss: Order book is bulging, wealthy still have pots of money!

Bentley boss: Order book is bulging, wealthy still have pots of money!

Marque of success: Bentley chief executive Adrian Hallmark at the plant in Crewe, which employs 4,000 staffThe boss of car maker Bentley is struggling to find the words to describe the company's recent success. As war rages in Ukraine and the world's economies teeter on a cliff-edge, Adrian Hallmark says: 'I've never seen anything like it.' Despite a cost-of-living crisis and the impact of soaring inflation, Bentley has continued to smash records in a market for top-end luxury brands that seems recession-proof. The manufacturer sells hand-built cars ranging from SUVs at more than £150,000 that have become the ultimate status symbol for…
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Hepatitis drug trial gives pharmaceutical giant GSK big boost

Hepatitis drug trial gives pharmaceutical giant GSK big boost

Drugs giant GSK says encouraging results from trial of its hepatitis B treatment raises hopes for millions suffering from chronic infectionBy Neil Craven, Financial Mail on Sunday Published: 16:50 EDT, 25 June 2022 | Updated: 18:17 EDT, 25 June 2022 Drugs giant GSK said encouraging results from a trial of its hepatitis B treatment have raised hopes for millions suffering from chronic infection. It estimated its treatment bepirovirsen could generate peak annual sales of more than £2billion ($2.5billion) if later stage trials are successful.  Boost: GSK estimated its treatment bepirovirsen could generate peak annual sales of more than £2billion ($2.5billion) if later…
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Barclays to hunt down the £1BN Covid crooks

Barclays to hunt down the £1BN Covid crooks

Barclays to hunt down the £1BN Covid crooks: Bank to send in a crack team of fraudbusters to claw back loans - as taxpayers face huge lossesBogus borrowers may have got £5bn of total of £47bn issued by all banksTreasury guaranteed Bounce Back loans so banks not exposed to excessive risks There are mounting fears that large numbers of these loans will never be repaid Barclays needs official approval to hire outside firm to hunt down swindlersBy Lucy White, Financial Mail On Sunday Published: 16:50 EDT, 25 June 2022 | Updated: 18:16 EDT, 25 June 2022 Barclays bank is drafting in a…
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GSK’s £1bn fight against infectious diseases in low-income countries

GSK’s £1bn fight against infectious diseases in low-income countries

GSK to pile £1bn into tackling infectious diseases in low-income countries over the next decadeBy Daily Mail City & Finance Reporter Published: 17:14 EDT, 23 June 2022 | Updated: 17:49 EDT, 23 June 2022 Vaccines drive: Glaxosmithkline chief exec Emma WalmsleyGlaxosmithkline will pile £1billion into tackling infectious diseases in low-income countries over the next decade.The pharmaceutical giant’s investment will focus on finding vaccines and medicines to treat malaria, tuberculosis and HIV.GSK also promised an emphasis on antimicrobial resistance and neglected tropical diseases, those affecting people in the world’s poorest regions.The group has formed a global health unit for which success…
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Crackdown on online gambling will hit sales, warns betting group 888

Crackdown on online gambling will hit sales, warns betting group 888

Crackdown on online gambling will hit sales, warns betting group 888, ahead of its £2.1bn takeover of William Hill UKBy Daily Mail City & Finance Reporter Published: 17:16 EDT, 23 June 2022 | Updated: 18:00 EDT, 23 June 2022 888 is next month completing its £2.1bn takeover of William Hill’s UK businessA Government crackdown on online gambling will hit sales, a major betting group warned yesterday.888, which offers gaming and sports betting and is next month completing its £2.1billion takeover of William Hill’s UK business, said revenue in the six months to July will be between £330million and £335million, down…
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SMALL CAP MOVERS: Actual Experience tumbles; Engage XR rises

SMALL CAP MOVERS: Actual Experience tumbles; Engage XR rises

Actual Experience, the digital workplace management systems provider, lost more than half of its value as a customer terminated a contract.The company has been notified by a channel partner that one of its customers, a leading global energy supplier, will terminate its contract with Actual Experience.The contract, originally announced on 23 August last year with a total value of around £1million over a three-year period, will continue to run until 18 August this year. This contract generated revenues of £200,000 or so during 2021.Naked Wines also saw its share price halve after it told the market it would not pursue…
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Ultra shares rocket after sellout approval from Kwasi Kwarteng

Ultra shares rocket after sellout approval from Kwasi Kwarteng

Ultra Electronics shares soar after Kwasi Kwarteng waves through its sale to US private equity firm Advent InternationalBy Daily Mail City & Finance Reporter Published: 16:51 EDT, 24 June 2022 | Updated: 11:06 EDT, 25 June 2022 Ultra Electronics shares soared after Business Secretary Kwasi Kwarteng waved through its sale to US private equity firm Advent International. The British defence group is set to be bought by Advent subsidiary Cobham for £2.6billion, despite opposition. Kwarteng was urged to block the takeover amid fears of the hollowing out of the UK's defence sector.  Take-off: Shares in Ultra, which makes submarine-hunting kit, jumped 12.3 per…
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Shoppers quit private equity grocery giants: Asda and Morrisons in reverse

Shoppers quit private equity grocery giants: Asda and Morrisons in reverse

Shoppers quit private equity grocery giants: Asda and Morrisons in reverse after buyouts as Aldi heads for 'Big Four'Third and fourth-biggest grocers losing ground to rivals Tesco and Sainsbury's They are also haemorrhaging shoppers to Aldi and Lidl Findings raise questions over private equity ownership of leading supermarketsBy Archie Mitchell For The Daily Mail Published: 16:51 EDT, 24 June 2022 | Updated: 03:56 EDT, 25 June 2022 Shoppers are deserting private equity-owned supermarkets Asda and Morrisons as the cost-of-living crisis bites. Britain's third and fourth-biggest grocers are losing ground to larger rivals Tesco and Sainsbury's, industry figures show. They are also haemorrhaging shoppers to…
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MARKET REPORT: Stock markets end another rocky week on a high

MARKET REPORT: Stock markets end another rocky week on a high

MARKET REPORT: Stock markets end another rocky week on a high in boost for investors reeling from recent turmoilBy John Abiona For The Daily Mail Published: 16:51 EDT, 24 June 2022 | Updated: 04:19 EDT, 25 June 2022 Stock markets ended another rocky week on a high in a boost for investors reeling from the recent turmoil in global finance. The FTSE 100 rose 2.7 per cent, or 188.36 points, to 7208.81 while the FTSE 250 was up 2.3 per cent, or 430.73 points, to 19,123.71. The rally was mirrored in Europe and on Wall Street and was a welcome relief for…
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ALEX BRUMMER: UK economy not subsiding just yet

ALEX BRUMMER: UK economy not subsiding just yet

Buoyant housing market and moderate consumer spending show that, for all the political spin, the UK economy is not subsiding yet, says ALEX BRUMMERConsumers for the moment refuse to be blown off trackBoris Johnson's drubbing in Tiverton and Wakefield left trading unaffected Many citizens (and businesses) still cushioned by credit balances By Alex Brummer for the Daily Mail Published: 16:51 EDT, 24 June 2022 | Updated: 04:20 EDT, 25 June 2022 Financial markets are never the best readers of the political runes. But the drubbing that Boris Johnson took in the Tiverton and Wakefield by-elections left trading largely unaffected. In spite of the…
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Investors will be looking for good news when Moonpig publishes results

Investors will be looking for good news when Moonpig publishes results

What next for Moonpig shares? Investors await full year results for comments on spending habits after bumpy ride since stock market floatBy Daily Mail City & Finance Reporter Published: 16:51 EDT, 24 June 2022 | Updated: 04:27 EDT, 25 June 2022 It's been a bumpy ride for Moonpig investors since the greetings card seller floated in London in February last year. Having listed at 350p, the stock hit 430p on day one and was close to 490p a year ago. But it's been downhill ever since, with high street rivals reopening after lockdown, the cost-of-living crisis eating into budgets, and concerns about…
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Student-Loan Forgiveness for Public-Service Workers Totals $8.1 Billion Since October

Student-Loan Forgiveness for Public-Service Workers Totals $8.1 Billion Since October

The Biden administration’s overhaul of a largely moribund student debt forgiveness program for public-service employees has led to $8.1 billion in approved relief for 145,000 borrowers since October.Last fall, the Education Department instituted a waiver for its Public Service Loan Forgiveness program, which was created by Congress in 2007 to encourage students to enter professions like teaching, nursing and public-interest law. The waiver was intended to make it easier for more public-service workers to qualify for debt relief, after the Education Department revealed that since its creation only 5,500 borrowers had seen their debt wiped clean under the program. Source…
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Concerns in UK and Germany fuels fears over health of global economy

Concerns in UK and Germany fuels fears over health of global economy

Slump in spending in UK and business confidence in Germany fuels fears over health of global economyBy Daily Mail City & Finance Reporter Published: 16:51 EDT, 24 June 2022 | Updated: 17:51 EDT, 24 June 2022 A slump in spending in the UK and business confidence in Germany has fuelled fears over the health of the global economy. Ahead of this weekend's meetings of G7 leaders in Bavaria, data from the UK showed consumer spending fell 0.5 per cent in May. And business confidence slid in Germany this month, according to data from statistics firm Ifo.  Coming unstuck: Data from the UK…
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Theranos Ex-President Ramesh ‘Sunny’ Balwani’s Fraud Case Goes to Jury

Theranos Ex-President Ramesh ‘Sunny’ Balwani’s Fraud Case Goes to Jury

The fate of Ramesh “Sunny” Balwani is now in the hands of a dozen jurors after a federal judge on Friday handed them the criminal-fraud case with instructions to decide whether the former Theranos Inc. president deceived investors and patients in a high-profile Silicon Valley saga.The conclusion of testimony and arguments in the white-collar case follows a marathon four days of closing arguments. Mr. Balwani’s defense spent more than 11 hours making its case to the jury that Mr. Balwani, who was the longtime chief operating officer of the defunct blood-testing startup Theranos, acted in good faith and was honest…
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Shares in Zalando, Europe’s largest online fashion retailer, hit eight-year low

Shares in Zalando, Europe’s largest online fashion retailer, hit eight-year low

Shares in Zalando, Europe's largest online fashion retailer, hit eight-year low as it slashes profit forecasts as fears of recession mountBy Milo Pope For The Daily Mail Published: 16:51 EDT, 24 June 2022 | Updated: 17:53 EDT, 24 June 2022 Fear: Zalando's customers are typically women aged 25 to 45Shares in Europe's largest online fashion retailer hit an eight-year low after it slashed profit forecasts as fears of recession mount. Zalando, whose customers are typically women aged 25 to 45, said revenues may not increase at all this year having previously targeted double-digit growth. It also said profits would only be around…
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U.S. Port Backups Are Extending Into Freight Rail Supply Chains

U.S. Port Backups Are Extending Into Freight Rail Supply Chains

Port bottlenecks that have tied up U.S. supply chains are spreading from the docks to the country’s freight rail networks, raising costs and adding new shipping complications for importers trying to manage the flow of goods.Some retailers are waiting weeks to move cargo by train out of Southern California’s ports of Los Angeles and Long Beach, while others are giving up on the railroads and shifting shipments of furniture, apparel and other consumer goods to trucks for long inland journeys on highways. The backups stretch to major freight hubs including the key transit point at Chicago, freight executives say, where…
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SoftBank boss dampens Arm London hopes

SoftBank boss dampens Arm London hopes

Japanese owner of Arm says New York remains the favourite destination for a float despite a charm offensive from LondonBy Mark Shapland For The Daily Mail Published: 16:51 EDT, 24 June 2022 | Updated: 17:53 EDT, 24 June 2022 Masayoshi Son: US 'favourite'The Japanese owner of Arm said New York remains the favourite destination for a float despite a charm offensive from London. SoftBank chief executive Masayoshi Son told shareholders at the company's annual general meeting: 'Nasdaq is the favourite.' The 64-year-old billionaire added: 'Most of Arm's clients are based in Silicon Valley and stock markets in the US would love to…
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Investor Ron Gonen Thinks a Greener Economy Depends on Businesses

Investor Ron Gonen Thinks a Greener Economy Depends on Businesses

At a student orientation in 2002, Ron Gonen told his professors and peers at Columbia Business School that he hoped to build a business that was both financially successful and environmentally sustainable. The response was “dead silence,” he recalls. “People thought I was there by mistake.”Twenty years on, Mr. Gonen, 47, counts Microsoft, Nestlé, PepsiCo and Unilever among his investors as the founder and CEO of Closed Loop Partners, a firm that invests in the technology and infrastructure needed to boost recycling rates and reduce the waste that ends up in landfills. With nearly $500 million in assets under management…
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Lamprell shares dive as firm warns of ‘urgent and severe liquidity constraints’

Lamprell shares dive as firm warns of ‘urgent and severe liquidity constraints’

Lamprell shares crash more than 70% as group fails to agree new financing and prospect of bargain basement takeover bid loomsLamprell warned that it was at risk of not meeting $75m in funding obligations Major shareholder Blofeld Investment has also made a takeover bid for Lamprell A year ago, Lamprell shares were worth around 65p each, compared to 4p today By Harry Wise For This Is Money Published: 10:54 EDT, 24 June 2022 | Updated: 12:05 EDT, 24 June 2022 Struggling oil and gas services firm Lamprell has seen its shares collapse by more than 70 per cent today after warning it was…
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Juul Asks Court to Block FDA Ban on Its E-Cigarettes

Juul Asks Court to Block FDA Ban on Its E-Cigarettes

By Alex Harring and Jennifer MaloneyUpdated June 24, 2022 10:07 am ETJuul Labs Inc. asked a federal appeals court on Friday to temporarily block the Food and Drug Administration’s order that the vaping company pull its e-cigarettes off the U.S. market.In a filing with the U.S. Court of Appeals for the D.C. Circuit, the company asked for an administrative stay until it can petition the court for an emergency review of the FDA’s order. Juul said the FDA’s order was extraordinary and unlawful and it would suffer significant irreparable harm without a stay, according to its court filing, which was…
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Ferguson commences next phase of $2bn share buyback scheme

Ferguson commences next phase of $2bn share buyback scheme

Building materials supplier Ferguson commences next phase of $2bn share buyback scheme as profits soarThe NY-listed business was formerly known as Wolseley until five years agoLast week, Ferguson said it had bought c.$500m of shares in the third quarterBy Harry Wise For This Is Money Published: 06:52 EDT, 24 June 2022 | Updated: 07:41 EDT, 24 June 2022 Plumbing and heating products supplier Ferguson has begun the latest tranche of a $2billion share buyback programme.The US-focused business, formerly known as Wolseley, said it had entered into an agreement with brokers from JP Morgan to acquire up to £375million of its…
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Fertility Doctors Move Embryos to Other States in Case of Roe v. Wade Impact

Fertility Doctors Move Embryos to Other States in Case of Roe v. Wade Impact

Fertility companies and patients are moving embryos and making contingency plans in case Roe v. Wade is overturned and abortion laws in some states extend to protect eggs fertilized in laboratories.More than 2% of 3.7 million babies born in the U.S. in 2019 were conceived through in vitro fertilization, the latest federal data show. Many embryos created through IVF aren’t viable, fertility specialists said, and those that aren’t ultimately transferred into a uterus may be discarded. Some fertility and legal experts said the loss or discarding of embryos could be criminalized by statutes that ban abortion from the moment of…
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Britain’s economy ‘running on empty’ as recession fears grow

Britain’s economy ‘running on empty’ as recession fears grow

Britain's economy 'running on empty' as fears grow over a global recession, experts warnBy Lucy White For The Daily Mail Published: 17:13 EDT, 23 June 2022 | Updated: 03:27 EDT, 24 June 2022 The economy is ‘running on empty’ as fears grow over a global recession, experts warned yesterday.Businesses are the gloomiest they have been about their growth prospects since May 2020, according to data provider S&P Global. At the same time, activity in the manufacturing sector is at a 23-month low.The slowdown is echoed around the world – fuelling fears of a global slump as inflation soars and interest…
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Tesla factories losing billions due to battery shortages and China woe

Tesla factories losing billions due to battery shortages and China woe

Tesla factories in Texas and Berlin have become 'gigantic money furnaces' 'losing billions' due to battery shortage and Shanghai shutdown, says MuskProduction has been limited by a shortage of batteries and Chinese port issuesElon Musk said supply chain interruptions have been 'extremely severe''It's really like a giant roaring sound, which is the sound of money on fire,' the CEO addedWaiting times for some Tesla cars in the UK are up to two years due to sky-high demand and reduced vehicle outputsBy Daily Mail City & Finance Reporter and Rob Hull For Thisismoney.co.uk Published: 17:14 EDT, 23 June 2022 | Updated:…
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MARKET REPORT: Naked Wines shares lose their lockdown sparkle

MARKET REPORT: Naked Wines shares lose their lockdown sparkle

Naked Wines became the latest so-called ‘lockdown winner’ to come crashing back to earth as shares fell more than 40 per cent.The online wine seller warned sales could fall by up to 4 per cent in the year to March 2023 and it would only just break even in terms of profits. In a sobering update, the company highlighted ‘greater uncertainty’ in the economy.Naked soared through the pandemic as customers stuck at home signed up in numbers for its home booze deliveries. Hangover: Naked Wines warned sales could fall by up to 4% in the year to March 2023 and it would…
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Former Civil Service head Lord Sedwill joins BAE’s board

Former Civil Service head Lord Sedwill joins BAE’s board

Former Civil Service head and Afghanistan ambassador Lord Sedwill joins BAE's boardBy Daily Mail City & Finance Reporter Published: 17:17 EDT, 23 June 2022 | Updated: 18:12 EDT, 23 June 2022 Well informed: Lord Sedwill will become a non-executive director at BAE in NovemberA former head of the Civil Service is joining BAE’s board.Lord Sedwill, who worked for prime ministers Theresa May and Boris Johnson, will become a non-executive director of the UK’s largest defence business in November. The job typically comes with an £85,000 a year fee.In his final decade in public service, he was British ambassador and Nato…
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ALEX BRUMMER: Don’t let overseas marauders erode Britain’s defences

ALEX BRUMMER: Don’t let overseas marauders erode Britain’s defences

Rarely does the choice of a non-executive director send share prices higher. The selection of former Cabinet Secretary and Nato representative Lord Sedwill to the board of BAE Systems is a rare exception.Russia’s unprovoked and villainous war on Ukraine is proving an economic shock every bit as damaging as the Covid pandemic.It has turned an already perilous rise in inflation into a cost-of-living crisis which is feeding into the national narrative, with the strikes by railwaymen and unrest across the transport and public sectors. Ukraine fears: BAE's recent trading update notes the pledges of increased defence spending by NATOHowever, Britain’s…
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The Controversial Economics of Abortion Law

The Controversial Economics of Abortion Law

When economist Joshua Angrist was a young researcher in the mid-1990s, he saw a wrinkle in the history of abortion law that presented an opportunity for analysis. Before the Supreme Court legalized abortion nationally with its 1973 decision in Roe v. Wade, a number of states had already done so. Prof. Angrist, who is now on the faculty of MIT, saw an opportunity to examine the economic and social effects of abortion access by zeroing in on the states that had legalized abortion by 1970—Alaska, California, Hawaii, New York and Washington—and several others that had liberalized restrictions. His paper “Schooling…
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Sexual abuse shaming of mining giants Rio Tinto and BHP

Sexual abuse shaming of mining giants Rio Tinto and BHP

Sexual abuse shaming of mining giants Rio Tinto and BHP: Landmark inquiry finds 'horrifying and appalling' treatment of womenBy James Salmon for the Daily Mail Published: 17:15 EDT, 23 June 2022 | Updated: 17:15 EDT, 23 June 2022 Women working for some of the world's biggest miners have been subjected to years of 'horrifying' sexual abuse, a landmark inquiry has found.A bombshell report into Australia's mining sector uncovered the 'appalling' treatment of women at companies including Rio Tinto and BHP, both listed on the stock market in London at the time.Among the cases it highlights is a woman who testified…
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Netflix Confirms Partnership Talks for Ad-Supported Service

Netflix Confirms Partnership Talks for Ad-Supported Service

Updated June 23, 2022 10:28 am ETListen to article(2 minutes)CANNES, France—Netflix Co-Chief Executive Ted Sarandos confirmed that the streaming company is speaking to multiple potential partners to help it enter the advertising business, telling an industry conference that it may build its own ad business in the future.Netflix said in April that it is exploring an ad-supported version of its platform and in recent weeks has explored a range of partnerships that could help it bring those plans to fruition. Comcast NBCUniversal and Alphabet Google have emerged as top contenders to work with Netflix, The Wall Street Journal reported Wednesday.…
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Naked Wines shares plummet more than 40% as retailer notes weak sales growth

Naked Wines shares plummet more than 40% as retailer notes weak sales growth

Naked Wines shares plummet 44%: Online retailer described as a 'pandemic winner' reveals weak sales growth and cost pressuresNaked Wines revealed annual sales only increased by 3% to £350.3m last yearBoss Nick Devlin declared that the firm would not 'pursue growth at any cost'The group's subscriber base - known as 'Active Angels' - has risen to 964,000By Harry Wise For This Is Money Published: 10:49 EDT, 23 June 2022 | Updated: 12:51 EDT, 23 June 2022 Online retailer Naked Wines has seen its shares nosedive after the reopening of hospitality venues led to a slowdown in the group's sales.The Norwich-based…
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Biden Administration Agrees to Cancel $6 Billion in Student Debt Over Fraud Claims

Biden Administration Agrees to Cancel $6 Billion in Student Debt Over Fraud Claims

The Biden administration has reached a settlement with more than 200,000 students who said they were defrauded, mostly by for-profit colleges, paving the way for the immediate cancellation of around $6 billion in student loans.The proposed settlement, which must be approved by a federal judge, was agreed to by a group of borrowers who sued the Education Department in 2019 during the Trump administration, because they believed their fraud claims were being ignored by the department. The department, under Secretary Miguel Cardona, has made it a priority to resolve the longstanding backlog of borrower defense claims and agreed to the…
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Heathrow Airport boosts passenger forecast for the second time this year

Heathrow Airport boosts passenger forecast for the second time this year

Heathrow Airport boosts 2022 passenger number forecasts for a second time amid chaos of flight cancellationsHeathrow now expects 54.4m travellers to come through its premises this yearBack in December, the British Airways hub was predicting 45m people for 2022The airport cautioned that operating costs are forecast to climb by almost half By Harry Wise For This Is Money Published: 06:05 EDT, 23 June 2022 | Updated: 06:11 EDT, 23 June 2022 London Heathrow has hiked its annual passenger forecast again as it continued to benefit from a resurgence in overseas travel even.Britain's largest airport now expects 54.4 million travellers to come…
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Sweden’s Einride to Test Autonomous Trucks on U.S. Roads

Sweden’s Einride to Test Autonomous Trucks on U.S. Roads

Swedish autonomous-truck startup Einride AB will test its self-driving freight vehicles on public roads in the U.S. in an operation with GE Appliances after getting approval from federal regulators. Einride plans to put one of its chunky electric vehicles, which have no cabs for drivers, on a one-mile stretch of road between two warehouses in Tennessee for GE Appliances, a subsidiary of home appliances company Haier. The National Highway Traffic Safety Administration recently greenlighted the company’s test run. “This is a step-by-step approach, and this is a major step forward, in that it’s actually now on public roads,” said Robert…
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Grainger buys Bristol build-to-rent development for £128m

Grainger buys Bristol build-to-rent development for £128m

Grainger snaps up Bristol build-to-rent development for £128m with 'Redcliff Quarter' construction set to begin later this yearGrainger has agreed to buy the build-to-rent element of a Bristol development Construction is expected to start in the third quarter of this year By Jane Denton For Thisismoney Published: 04:48 EDT, 23 June 2022 | Updated: 04:48 EDT, 23 June 2022 Residential landlord group Grainger has agreed to forward fund and buy the build-to-rent element of a Bristol development for £128million.The 'Redcliff Quarter' in Bristol comprises 374 private rental homes, as well as 94 affordable homes and six commercial units.Construction is expected to start…
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National security rules may be used to force Arm to list in London

National security rules may be used to force Arm to list in London

Plan to use national security rules to force Arm to list on the stock market in LondonBy Daily Mail City & Finance Reporter Published: 16:56 EDT, 22 June 2022 | Updated: 17:24 EDT, 22 June 2022 Government officials have floated the idea of using national security rules to force Arm to list on the stock market in London.The UK chip giant, owned by Japan’s SoftBank, is in talks with ministers who want it to return to Britain’s public markets.Officials have considered applying the National Security and Investment Act as a means of influencing SoftBank to choose London, says the Financial…
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ALEX BRUMMER: The EU is malfunctioning at a political and technical level

ALEX BRUMMER: The EU is malfunctioning at a political and technical level

Cracks appear in the eurozone: The EU is malfunctioning on a political and technical level, says ALEX BRUMMERBy Alex Brummer for the Daily Mail Published: 16:57 EDT, 22 June 2022 | Updated: 17:35 EDT, 22 June 2022 Britain’s conspicuous G7-topping inflation rate and the fall in the pound have reawakened Brexit critics.The Resolution Foundation think-tank says that Brexit has reduced the competitiveness of the UK economy, with alarming implications for productivity and wages.An analysis in the Financial Times argues that, six years after the EU referendum, economists conclude that the damage to Britain has been real.  The European Central Bank…
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MARKET REPORT: Sliding oil stocks hit FTSE as crude takes a tumble

MARKET REPORT: Sliding oil stocks hit FTSE as crude takes a tumble

The London stock market went into reverse as a fall in commodity prices hit oil stocks and miners while surging inflation fuelled fears of recession.On another difficult day for investors, the FTSE 100 was dragged down 0.9 per cent, or 62.83 points, to 7089.22 while the FTSE 250 shed 0.3 per cent, or 57.83 points, to close at 18,891.22.Heavyweight oil stocks were on the slide after the price of Brent crude fell 4 per cent, though it remained almost 40 per cent higher than its level at the start of the year. Oil slump: On another difficult day for investors, the FTSE…
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Government extends NatWest share-selling scheme by another 12 months

Government extends NatWest share-selling scheme by another 12 months

Natwest moves a step closer to private ownership as Government extends share-selling scheme by another yearBy Daily Mail City & Finance Reporter Published: 16:57 EDT, 22 June 2022 | Updated: 17:37 EDT, 22 June 2022 Sale: Natwest chief exec, Alison Rose, was appointed in 2019Natwest has moved another step closer to private ownership after the Government extended its share-selling scheme by another year.The lender, formerly the Royal Bank of Scotland, was rescued by the Government in a £45.5billion bailout during the 2008 financial crisis and is still 48.5 per cent owned by the taxpayer.Its chief executive, Alison Rose, was appointed…
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Credit Suisse caught up in fresh scandal over Vatican charity funds  

Credit Suisse caught up in fresh scandal over Vatican charity funds  

Fresh scandal for beleaguered Credit Suisse after it emerges Vatican charity cash was invested in a luxury London propertyBy Lucy White For The Daily Mail Published: 16:57 EDT, 22 June 2022 | Updated: 17:53 EDT, 22 June 2022 Credit Suisse has been hit with another lawsuit – this time in a deal involving the Vatican, a luxury London property and a high-flying fund manager.The beleaguered bank is accused by Raffaele Mincione of failing to tell him that money invested in his fund group WRM came from donations the Vatican earmarked for the needy.Instead, the cash was put into a WRM…
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Rolls-Royce Offers $2,500 Payment to Workers as Inflation Bites

Rolls-Royce Offers $2,500 Payment to Workers as Inflation Bites

LONDON—Rolls-Royce Holdings PLC is offering U.K. staff a one-time payment of £2,000, equivalent to about $2,450, hoping the bonus will help ease pressure from union officials and employees over rising inflation while keeping a lid on the jet-engine maker’s costs ahead of an uncertain economic future.The move is one of many approaches companies are taking to address soaring inflation that has unions and workers in many parts of the world demanding higher pay. For months, private companies have been boosting salaries and wages and offering signing or retention bonuses, amid exploding post-lockdown demand and super-tight labor markets. More recently, surging…
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House prices have soared by £50,000 since the start of the pandemic

House prices have soared by £50,000 since the start of the pandemic

House price data defies expectations with cost of the average home surging £50,000 since start of the pandemicBy Mark Shapland For The Daily Mail Published: 16:56 EDT, 22 June 2022 | Updated: 17:24 EDT, 22 June 2022 House prices in Britain have soared by £50,000 since the start of the pandemic, according to official figures released yesterday.In a report that cast doubt on expectations of a sharp slowdown in the property market, the Office for National Statistics (ONS) said that the value of a typical home hit £281,000 in April.That was £50,000 higher than in February 2020 as the coronavirus…
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U.S. Gains in Push for Exception to EU Sanctions on Russian Oil

U.S. Gains in Push for Exception to EU Sanctions on Russian Oil

A U.S. push to pare back one of the European Union’s sanctions on Russian oil has tentatively started to gain traction within the 27-member bloc, with officials weighing whether to allow insurers to cover shipments of Russian oil if the price the oil will sell for falls under a cap.After weeks of infighting, the EU in early June approved a ban on insuring shipments of Russian oil alongside a ban on imports of Russian oil that is set to go into effect this later year. Because many shipments of Russian oil are insured in the EU and U.K., Treasury Secretary…
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Vertu Motors boasts of strong start as supply constraints keeps gross margins resilient

Vertu Motors boasts of strong start as supply constraints keeps gross margins resilient

Vertu Motors boasts of strong start to the year as steep demand and short supply of cars keeps gross margins resilientVertu owns the Bristol Street Motors and Macklin Motors dealership chainsGross margins across all channels remain high due to production shortages The firm said new car volumes will 'improve gradually' in the coming months By Harry Wise For This Is Money Published: 11:01 EDT, 22 June 2022 | Updated: 12:20 EDT, 22 June 2022 Vertu Motors has recorded a solid start to the financial year due to continued supply chain troubles creating a shortfall of vehicles for sale.Since reporting its annual results…
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Companies Review Hedging Strategies as Strong Dollar Cuts Profits

Companies Review Hedging Strategies as Strong Dollar Cuts Profits

Companies are reviewing their hedging strategies in light of the strong U.S. dollar, which is denting the value of overseas earnings. The strength of the currency also is making some American products less competitive overseas, forcing businesses to look for ways to cut costs as they struggle to maintain margins.The dollar in recent months has appreciated significantly against other currencies as weaker global economic growth drives investors toward safe havens. Steps by the Federal Reserve to tighten its monetary policy and increase interest rates also support the dollar. The WSJ Dollar Index, which measures the performance of the U.S. currency against…
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Berkeley profits jump £60m thanks to surge in new home sales

Berkeley profits jump £60m thanks to surge in new home sales

Berkeley reveals no let up in surge of new home demand in London and the South East as profits rocket £60m helped by an average £600k sale priceBerkeley saw profits climb by £59.7m to £482.4m in the year ending 30 AprilThe firm sold 42% more homes last year and increased revenues by £145.8mIts London home sales have benefited from the opening of the Elizabeth Line By Harry Wise For This Is Money Published: 07:09 EDT, 22 June 2022 | Updated: 07:18 EDT, 22 June 2022 Berkeley Group has reported another bumper set of annual results following a jump in home purchases…
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Canada to Compel YouTube, TikTok and Streamers to Boost Domestic Content

Canada to Compel YouTube, TikTok and Streamers to Boost Domestic Content

OTTAWA—Canada approved legislation that targets what video- and audio-sharing platforms like YouTube and TikTok can broadcast to a Canadian audience, as the country follows in Europe’s footsteps in imposing a heftier regulatory burden on the digital sector.This marks the second attempt in as many years by Canada’s Liberal government to compel digital platforms, including streaming companies like Netflix Inc., to prominently feature Canadian artists on their services when users with a Canadian internet-protocol address log in. As contemplated under the new measures, users who search for music, television programming, films or do-it-yourself video shorts would get results incorporating a certain…
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Inflation hits 9.1% as BoE economist warns it’s poison

Inflation hits 9.1% as BoE economist warns it’s poison

Inflation hits 9.1% as Bank of England's chief economist warns it is 'biggest poison to the economy' and Britain must brace for more rate hikesBy Lucy White For The Daily Mail Published: 18:38 EDT, 21 June 2022 | Updated: 03:04 EDT, 22 June 2022 The Bank of England’s chief economist has told Britain to brace for more interest-rate hikes amid a warning that inflation is ‘the biggest poison for the economy’.Official figures published today showed inflation at a 40-year high of 9.1 per cent. Huw Pill, who took over from Andy Haldane last year, said it would be necessary to keep…
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Outgoing B&M boss Simon Arora lands a £5m pay bonanza

Outgoing B&M boss Simon Arora lands a £5m pay bonanza

Outgoing B&M boss Simon Arora lands a £5m pay bonanza - 270 times as much as the average employeeBy Daily Mail City & Finance Reporter Published: 18:40 EDT, 21 June 2022 | Updated: 18:40 EDT, 21 June 2022 Departing B&M boss Simon Arora was paid £5million last year, the company’s annual report revealed.That was up from £3.7million a year earlier and was made up of his £810,000 salary as well as pension contributions, benefits and bonuses.Arora’s package outstrips the £4.7million earned by Ken Murphy at Tesco and £2.2million handed to Alison Brittain at Premier Inn owner Whitbread. Departing B&M boss…
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Anglian Water to pay £92m dividend to owners

Anglian Water to pay £92m dividend to owners

Anglian Water to pay £92m dividend to owners despite rising bills and backlash over pollutionBy Daily Mail City & Finance Reporter Published: 18:40 EDT, 21 June 2022 | Updated: 18:40 EDT, 21 June 2022 Anglian Water is paying a £92million dividend to its owners despite rising bills and a backlash over pollution.The utilities titan, which is owned by a consortium of overseas investors, said it was ‘repaying the faith’ which its shareholders had placed in it.But the bumper payout comes at a time when Anglian has raised customer bills by £22 a year. It has also been slapped with three…
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Biden Administration Targets Removal of Most Nicotine From Cigarettes

Biden Administration Targets Removal of Most Nicotine From Cigarettes

The Biden administration is moving forward on a plan to mandate the elimination of nearly all nicotine in cigarettes, a policy that would upend the $95 billion U.S. cigarette industry and, health officials say, prompt millions of people to quit smoking.The plan, unveiled Tuesday as part of the administration’s agenda of regulatory actions, likely wouldn’t take effect for several years. The Food and Drug Administration plans to publish a proposed rule in May 2023, though the agency cautioned that date could change. Then the agency would invite public comments before publishing a final rule. Tobacco companies could then sue, which…
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Ministers could have kept chip maker Arm in the UK, City lawyer claims

Ministers could have kept chip maker Arm in the UK, City lawyer claims

Ministers could have kept chip maker Arm in the UK on security grounds, leading City lawyer claimsBy Luke Barr For The Daily Mail Published: 18:41 EDT, 21 June 2022 | Updated: 18:41 EDT, 21 June 2022 A leading City lawyer has claimed SoftBank’s takeover of Arm could have been blocked had the Government introduced the National Security and Investment Act earlier.At a business, energy and industrial strategy committee meeting yesterday, Linklaters head of antitrust and foreign investment Nicole Kar said the tech firm could have remained in Britain.It was six years ago that then-Chancellor Philip Hammond waved through SoftBank’s £24billion…
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Lawyers Make Final Arguments in Fraud Case Against Former Theranos President

Lawyers Make Final Arguments in Fraud Case Against Former Theranos President

Government prosecutors in the criminal-fraud trial of Theranos Inc.’s former second-in-command, Ramesh “Sunny” Balwani, made their final pitch to the jury in closing arguments Tuesday, as the Silicon Valley case moves closer to a resolution.Assistant U.S. Attorney Jeff Schenk said that Mr. Balwani, longtime president and chief operating officer of the now-defunct blood-testing startup, had full knowledge of the fraud he was committing because he was in charge of Theranos’s laboratory and was well-informed of its many problems with test accuracy and reliability—and fired employees who raised concerns. Source link
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Pendragon shareholders vote against the car dealership’s pay policy

Pendragon shareholders vote against the car dealership’s pay policy

Two-thirds of Pendragon shareholders voted against the car dealership's executive pay policyBy Daily Mail City & Finance Reporter Published: 18:41 EDT, 21 June 2022 | Updated: 18:41 EDT, 21 June 2022 Voted down: 65.51% of Pendragon investors rejected its remuneration reportA bruising AGM season claimed its latest victim yesterday as two-thirds of Pendragon shareholders voted against its executive pay policy.In one of the biggest revolts to rock the City this year, 65.51 per cent of investors in the car dealership rejected its remuneration report. It is the third year in a row the business has faced a pay revolt.A further…
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New York City Developer Launches Life-Science Venture

New York City Developer Launches Life-Science Venture

Taconic Partners, one of New York’s largest private owners and managers of lab space serving pharmaceutical and biotech companies, is consolidating its life-sciences portfolio into a new subsidiary named Elevate Research Properties. Elevate will control three life-sciences laboratories currently under development by Taconic. Elevate also plans to spend more than $250 million to redevelop an office property that it owns with Nuveen Real Estate near several academic medical institutions, including Mount Sinai Hospital, according to Matthew Weir, executive vice president of Taconic. The building, at 309 East 94th St., will include 200,000 square feet of lab space, with construction scheduled…
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Paramount’s Maverick move into UK streaming market

Paramount’s Maverick move into UK streaming market

Paramount's Maverick move into UK streaming market: Media giant to launch new subscription platform By Daily Mail City & Finance Reporter Published: 16:50 EDT, 20 June 2022 | Updated: 16:50 EDT, 20 June 2022 A US media giant is piling into the UK's fiercely competitive streaming market with the launch of its own subscription platform tomorrow.  Paramount Global is rolling out Paramount+, which will include content from brands including Paramount Pictures, Comedy Central, MTV and Nickelodeon.  Films will include the newly released Top Gun: Maverick, set to be added when it leaves cinemas.  A-List: Films set to become available on…
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Empty Wall Street Offices to Be Revived as Apartments

Empty Wall Street Offices to Be Revived as Apartments

A venture of two New York developers has purchased a one-third empty office building in the city’s financial district with plans to convert it into apartments, one of the largest such conversion schemes to be launched during the pandemic. The venture, which includes Silverstein Properties and Metro Loft, has agreed to pay $180 million for the 30-story building that opened in 1967 and has housed numerous technology and financial-services tenants over the decades. The new owners plan to convert it into 571 market-rate apartments, ranging from studios to three bedrooms, during the next three to four years. Source link
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Britons face a £380 rise in annual food bill

Britons face a £380 rise in annual food bill

Shoppers opt for cheaper lines as annual food bills surge by £380 after grocery inflation hits 13-year highFood price inflation soared to 8.3%, from 7% in May, its highest level since 2009 The surge adds £380 to the average annual food bill, according to KantarShoppers are already swapping branded items for cheaper own-label productsAldi and Lidl major beneficiaries of trading down as their market share rise By Camilla Canocchi for Thisismoney.co.uk Published: 07:21 EDT, 21 June 2022 | Updated: 07:21 EDT, 21 June 2022 Supermarket shoppers are already swapping branded items for cheaper own-label alternatives as grocery bills rise at their fastest…
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Airports Around the World Battle Long Lines, Canceled Flights

Airports Around the World Battle Long Lines, Canceled Flights

Delays, cancellations, long lines and lost baggage are plaguing air travel world-wide, as airlines and airports struggle with soaring summer demand and staff shortfalls.London’s Gatwick Airport has told airlines to cut back on inbound flights as it struggles with staff shortages and canceled flights. Over a four-day weekend celebrating Queen Elizabeth II’s Platinum Jubilee earlier this month, lines of passengers waiting to check in stretched out of the terminal. Amsterdam’s Schiphol Airport is limiting the number of passengers allowed inside, asking travelers not to show up more than four hours before their flights. It is also warning them to wear…
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DS Smith bounces back thanks to higher packaging prices

DS Smith bounces back thanks to higher packaging prices

DS Smith bounces back as packaging firm raises prices and cardboard box demand continues to stack upRevenues at the packaging group climbed by £1.5bn in the year ending 30 April Sales growth outpaced the increase in energy, raw materials and transport costsDS Smith's pre-tax earnings rebounded by nearly two-thirds to £378m last yearBy Harry Wise For This Is Money Published: 07:36 EDT, 21 June 2022 | Updated: 07:36 EDT, 21 June 2022 DS Smith has seen a strong recovery in trade, thanks to record growth in cardboard box volumes and price hikes offsetting inflationary pressures.Revenues at the packaging business climbed by…
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U.S. Natural-Gas Exporter Completes First Deal With German Buyer

U.S. Natural-Gas Exporter Completes First Deal With German Buyer

Venture Global LNG Inc. has struck the first binding deals by a U.S. natural-gas exporter to supply natural gas to a German company, as the European nation turns to America to help replace supplies from Russia. On Tuesday, Venture Global said it agreed to sell 1.5 million metric tons of liquefied natural gas a year in two separate 20-year deals with German energy company EnBW Energie Baden-Württemberg starting in 2026. Half of the amount will come from Venture’s Plaquemines LNG facility under construction in Louisiana, while the other half will come from another proposed facility in that state, it said.…
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Chancellor Rishi Sunak must slash taxes to save small businesses

Chancellor Rishi Sunak must slash taxes to save small businesses

Chancellor Rishi Sunak must slash taxes to save small businesses from going under, Federation of Small Businesses saysBy John Abiona For The Daily Mail Published: 16:50 EDT, 17 June 2022 | Updated: 05:29 EDT, 21 June 2022 Rishi Sunak must slash taxes to save small businesses from going under, a leading trade body says. The Federation of Small Businesses (FSB) has called on the Chancellor to reverse the national insurance hike and cut VAT after firm closures rose 23 per cent in the first three months of this year. The organisation, which represents 5.5m businesses, also wants the threshold for business rates…
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JetBlue Lifts Offer for Spirit Airlines, Commits to Selling Assets

JetBlue Lifts Offer for Spirit Airlines, Commits to Selling Assets

JetBlue Airways Corp. JBLU 5.30% is continuing its quest to buy Spirit Airlines Inc., SAVE 2.11% increasing its offer and strengthening its commitment to divest itself of assets to get regulatory approval for the deal. JetBlue JBLU 5.30% on Monday increased its offer to $33.50 in cash per Spirit share. Previously, it had offered $31.50 per share. Spirit is weighing whether to go ahead with a planned acquisition by Frontier Group Holdings Inc. or to accept JetBlue’s offer. The budget airline was supposed to hold a shareholder vote on the Frontier deal earlier this month, but postponed it to negotiate…
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AssetCo snaps up Edinburgh-based asset manager SVM for £10.7m

AssetCo snaps up Edinburgh-based asset manager SVM for £10.7m

Martin Gilbert's AssetCo snaps up Edinburgh-based fund manager SVM for £10.7m as acquisition spree rolls onIt follows the acquisition of asset manager Revera for £2.8m in FebruaryAssetCo is aiming to create the next major UK player in asset managementSVM was founded in 1990 by Colin McLean and Margaret Lawson By Camilla Canocchi for Thisismoney.co.uk Published: 03:39 EDT, 21 June 2022 | Updated: 03:46 EDT, 21 June 2022 Martin Gilbert's AssetCo has struck a deal to buy Edinburgh-based asset manager SVM for £10.7million.The move is the latest in AssetCo's strategy to create the next major UK player in wealth and asset management. It follows the…
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MARKET REPORT: Chips are down for Rank as top casinos feel pain

MARKET REPORT: Chips are down for Rank as top casinos feel pain

Shares in casino and bingo firm Rank plunged after it warned of rising costs and slow recovery.The FTSE 250 group, which owns the Grosvenor Casinos chain, lamented the lack of wealthy foreign customers returning to its London venues following Covid.The turnout in its Grosvenor casinos had improved since April, but the firm said it has been ‘considerably weaker than expected’. Shares down: FTSE 250 group Rank, which owns the Grosvenor Casinos chain, lamented the lack of wealthy foreign customers returning to its London venues following CovidRank, which also owns Mecca Bingo, said the performance across its other businesses has been…
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Easyjet set for ANOTHER year of losses as it cuts thousands more flights

Easyjet set for ANOTHER year of losses as it cuts thousands more flights

Easyjet heads for ANOTHER year of losses: Airline braced for £200m hit as it is forced to cancel thousands more flights over summerBy Luke Barr For The Daily Mail Published: 16:50 EDT, 20 June 2022 | Updated: 16:55 EDT, 20 June 2022 Easyjet will likely rack up another year of losses as it cancels thousands more flights and leaves holidaymakers in the lurch.The budget airline was on track to return to profit this year as it bounced back from the pandemic.But amid chaotic scenes at airports across the UK and Europe, the carrier yesterday slashed the number of flights it…
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