H&M reinstates divided payments as profits triple on back of global recovery September 30, 2021 Swedish retail giant H&M nearly tripled its profit during the past quarter on the back of a “strong recovery” in sales as restrictions eased across the globe. H&M told shareholders this morning that it had reinstated its dividend for the first time in 18 months as a result. It reported a pre-tax profit of £520m [...]
GDP uplift boosts FTSE 100 as London markets shake off ‘cocktail’ of headwinds September 30, 2021 A better than expected GDP reading boosted London’s FTSE 100 during the morning session today. The capital’s premier index climbed 0.52 per cent to 7,145.44 points during the first two hours of exchanges. The UK economy grew by a faster than first thought rate between April and June, driven by Brits heading out spending savings [...]
Central bank chiefs warn inflation shock will persist September 30, 2021 The cream of the central banking crop collectively warned yesterday shortages plaguing rich nations pose a threat to their economic recovery and are unlikely to end anytime soon. Andrew Bailey, governor of the Bank of England, Jerome Powell, chair of the US Federal Reserve and Christine Lagarde, president of the European Central Bank (ECB) said [...]
London fintech TransferGo raises $50m after pandemic fuels growth September 30, 2021 London-based international money transfer fintech TransferGo has raised another $50m in funding in its Series C round. Co-led by Elbrus Capital’s third fund and Black River Ventures, the latest round brings the total TransferGo has raised thus far to $77m. Existing investors Hard Yaka, VEF, SmartHub and Milano Investments backed the round, and new investor [...]
UK’s Tortilla Mexican food chain valued at £70m as it prices shares ahead of IPO September 30, 2021 Mexican fast food chain Tortilla has been valued at £70m after pricing its shares in the region of expectations ahead of its debut on London’s Aim market. Tortilla priced its shares at 181 pence per share, less than a week after it announced its intention to float on the London stock exchange. The restaurant brand [...]
Boohoo shares slump as profit dwindles from pandemic highs September 30, 2021 Boohoo’s shares sank as much as 15 per cent today, after the fast fashion retailer reported profits were down on last year’s pandemic highs, as increased operational costs slightly offset business gains. The e-commerce giant announced this morning that revenue surged 20 per cent in the six months ending 31 August, with sales jumping to £975.9m [...]
Investors get nervous as Evergrande misses another bond payment despite $1.5bn debt deal September 30, 2021 At least some of China Evergrande’s offshore bondholders had not received a due coupon payment by the close of Asia business yesterday, sources said, although the cash-strapped developer reached a $1.5bn deal to settle debt with a Chinese bank. Watch the full report.
Igloo, Symbio, ENSTROGA: Three energy firms collapse in one day September 29, 2021 Three energy firms have collapsed today, leaving some 233,000 customers awaiting a new supplier. The suppliers – Igloo Energy, Symbio Energy and ENSTROGA – join a string of other smaller energy companies that have been battling the weight of record high gas prices, according to energy regulator Ofgem. Ofgem will appoint the customers of the [...]
Starmer promises ‘strong economy’ and tells Johnson to ‘get a grip or get out of the way’ September 29, 2021 Sir Keir Starmer has vowed in his party conference speech to “never again under my leadership go into an election with a manifesto that is not a serious plan for government”, while promising four times to deliver a “strong economy”. The Labour leader said “the good society and the strong economy” are “partners” as he [...]
Forward Partners’ portfolio value swells in maiden results September 29, 2021 Early stage venture capital firm Forward Partners today reported a jump in its portfolio value in the first half of the year, in the first results since its listing on London’s Aim market in July. Ventures portfolio value increased by £22m to £108m in the six months to 30 June, including £3.5m new investments during [...]