‘Painful’ Budget ahead, Keir Starmer warns in gloomy No10 speech August 27, 2024 Sir Keir Starmer has warned Brits to expect a “painful” Budget this autumn as he insisted the state of the public finances is “worse than we ever imagined”. The Prime Minister addressed the nation from the No10 Rose Garden as he cautioned voters his government’s first fiscal statement would be “short-term pain for long-term good”. [...]
Primark owner AB Foods’ shares drop after investors advised to sell up August 27, 2024 Shares in Associated British Foods, which owns British stalwarts like Primark, Kingsmills and Twinings, dropped this morning after stockbroker Deutsche Numis downgraded its rating from ‘hold’ to ‘sell’. Shares in the FTSE 100 firm, which owns businesses in five segments including grocery, sugar, agriculture, ingredients and retail, dropped more than three per cent in early [...]
Santander launches £1.3bn share buyback under new payout scheme August 27, 2024 Santander has launched a share buyback for up to €1.5bn (£1.3bn) as the banking giant fulfills its promises to boost investor payouts.
Oaknorth: London challenger bank readies for US expansion as New York office authorised August 27, 2024 Oaknorth has received regulatory approval to open a representative office in New York, paving the way for the digital challenger bank to expand further into the US market ahead of a potential stock market listing.
Temu owner PDD shares plunge after profit warning August 27, 2024 Shares in Pinduoduo (PDD Holdings), the Chinese owner of discount retailer Temu, have plunged by nearly 29 per cent in New York in a move that has wiped $55bn (£41.6bn) off the company’s market value. The steep decline followed a warning from management about an impending nosedive in profits, causing investors to reassess the company’s [...]
Profit slumps by over £400m at Lloyds-owned car leasing firm August 27, 2024 Profit at the car leasing company owned by Lloyds Bank slumped by more than £400m during 2023, it has been revealed. Lex Autolease, which is headquartered in London, has posted a pre-tax profit of £124.4m for its latest financial year, according to newly-filed accounts with Companies House. The new total comes after the business posted [...]
Arts and crafts giant Hobbycraft sold to Ted Baker investor August 27, 2024 Hobbycraft, which is one of the UK’s biggest arts and crafts retailers, has been snapped up by a specialist investor whose team has previously supported chains including Paperchase and Tie Rack. Investment group Modella Capital announced it had bought the Bournemouth-headquartered company from its majority owner, the fund management group Bridgepoint, for an undisclosed sum. [...]
Applied Nutrition limbers up for £500m London Stock Exchange debut this year August 27, 2024 Protein shake maker Applied Nutrition has confirmed plans for a potential £500m float on the London Stock Exchange today in the latest sign of life for the capital’s beleaguered bourse. In a statement to the market, the Liverpool-based health and wellness brand said it was gearing up for an IPO on the main market of [...]
Go Ape continues climb down from Covid-19 pandemic high August 27, 2024 The financial performance of Go Ape continued its post-pandemic climb down following the “exceptional demand” it experienced as the UK came out of the Covid-19 lockdowns. The employee-owned adventure group, which is headquartered in Bury St Edmunds, Suffolk, has reported a fall in its revenue by eight per cent in 2023 to £27.5m. The decrease [...]
AS Watson: Pharma partner Icanthera’s cash reserves soar August 27, 2024 UK-based pharmaceutical company Icanthera said its cash reserves soared over the last year as it has struck a major deal and is focusing on developing new products. The company that manufactures dermatology and oncology treatments said its cash position increased to £61,000 at 31 March 2024, up from £3,000 in the previous year. Icanthera said [...]