ICAS CEO: ‘Finance professionals are keeping businesses alive’ September 22, 2021 | City Talk The pandemic has shown CAs at their best. Now we have to build on that trust by continually demonstrating how our actions benefit the greater good, says ICAS CEO Bruce Cartwright CA. This article first appeared in ICAS’ CA magazine. When I speak to students who are joining ICAS to pursue their CA qualification, something I [...]
CEO: ‘Incredible year’ for £88bn Covid loan bank as it helped 1.6m businesses to bounce back September 22, 2021 The taxpayer-owned bank that helped funnel billions of pounds worth of loans to British companies said it went through a “gigantic shift” during the pandemic year, the chief of the British Business Bank said this morning. Catherine Lewis La Torre said this morning that the BBB, which she leads, had an “important role” in the [...]
Entain caught between US rivals DraftKings and MGM as £18bn takeover looms September 22, 2021 Ladbrokes owner Entain has confirmed a £18.4bn takeover bid by US betting giant Draftkings which puts the FTSE 100 company at the centre of a battle between its US partner MGM and its prospective buyer. In a statement published yesterday, the board of Entain confirmed it had received a second takeover offer from Draftkings on [...]
Markets: Fed decision the key focus later today as Evergrande uncertainty remains September 22, 2021 Turnaround Tuesday may have been an apt description for markets in Europe yesterday, however the performance of US markets was much less exuberant, with the S&P500 and Dow both closing the day lower, after initially looking as if they were going to follow suit and post a decent rebound. “That failure to recover even some [...]
Suburban takeover: Pret sets out plans for more than 200 new shops September 22, 2021 Sandwich chain Pret a Manger has announced plans to open more than 200 UK shops in the next two years, as it aims to become more than a “white collar worker’s staple”. The business hopes to double its size within five years, with a £100m net investment by JAB and Pret founder Sinclair Beecham to [...]
Chartered Accountant’s role in battling climate change September 22, 2021 | City Talk As the demand for progress on combating climate change grows stronger, CAs will find themselves in the thick of the action, says James Barbour CA, Director, Technical Policy. This article first appeared in ICAS’ CA magazine. In 2000, the world watched as Edinburgh played host to the International Federation of Accountants Conference. At this historic gathering, [...]
Volatile equity market swells state-owned bank’s balance sheet September 22, 2021 A strong performing equity market amid pandemic-induced volatitlity swelled the state-owned development bank’s balance sheet. The British Business Bank (BBB) extended £89bn of loans to UK businesses last year, up £80bn from last year, as businesses scrambled for credit during the pandemic. The BBB extended just £8bn in loans before the pandemic, highlighting the scale [...]
Easing Evergrande fears lift FTSE 100 as investors brace for Fed rate decision September 21, 2021 The FTSE 100 rallied today to cancel out sharp losses registered yesterday, driven by easing fears over the fallout if heavily indebted Chinese property Evergrande collapses. The capital’s premier index finished up 1.12 per cent at 6,980.98 points, up from this week’s starting position of 6,963.64 points. Global markets sold off sharply on Monday, triggered [...]
Entain’s share price jumps 18 per cent following takeover proposal September 21, 2021 Ladbrokes owner Entain’s shares soared late yesterday afternoon after revealing it had received a takeover inquiry from American betting giant DraftKings. Entain plc, a FTSE100 company and one of the world’s largest sports-betting and gaming groups, saw its shares surge by 18.04 per cent to 2,261.00 GBX. Before news of the deal broke, Entain’s enterprise value was [...]
Avalanche’s Vee Finance loses $35m in exploit September 21, 2021 Vee Finance has confirmed an attacker exploited its network for $35m (£25.6m) taking 8,805 ETH ($26.6m) and 214 BTC ($9.2m). Vee Finance is a cross chain lending platform which provides a bridge between blockchains. The platform is built on the ultra-fast Avalanche blockchain to provide users with high speeds and low transaction costs. “We are [...]