Toyota cuts annual production target as semiconductor shortage and Covid outbreaks weigh September 10, 2021 Car giant Toyota today said that it would slash its global production target by 300,000 units as a combination of the semiconductor shortage and the coronavirus continue to hammer output. Having already announced that it would cut production in September alone by 360,000 cars, the Japanese automaker said it would have to reduce output by [...]
Estimating figures: The new normal for tax September 10, 2021 | City Talk ICAS has sent in its response to HMRC’s consultation on Basis Period reform, but what does it all mean for professional partnerships, seasonal businesses and others brought within the changes? And is there a wider application to the corporate sector? Priming the sat nav with the correct address for the final destination is a useful precaution even [...]
IFS: Tax hikes will not provide enough funds for NHS September 10, 2021 A leading economic think tank has warned the government’s decision to launch a tax assault will not raise enough funds for the NHS in the long run, in brand new research published today. The Institute for Fiscal Studies said ongoing cost pressures stemming from dealing with the long-term health implications of the Covid crisis will [...]
High street bosses call on government to close ‘vindictive’ rent debt loophole September 9, 2021 Retail and hospitality bosses have criticised the government for not banning a loophole used by landlords to chase commercial tenants for unpaid rent. Industry representatives said new measures left a vindictive loophole in protections for commercial tenants. The groups welcomed news that protection from statutory demands leading to winding up petitions will be extended to [...]
Petrol station firm EG Group mulls ‘potential $15bn sale’ September 9, 2021 Petrol station forecourt giant EG Group is reportedly mulling options for its future, including a potential sale. Bloomberg reported that a deal to sell the company, which is backed by the billionaire Issa brothers and private equity firm TDR Capital, could fetch as much as $15bn. The firm could also go for an initial public [...]
FTSE 100 slides after ECB reins in stimulus September 9, 2021 London’s FTSE 100 slid to its lowest level in almost a month during opening exchanges this morning, before paring back losses in the afternoon session as investors digested news the European Central Bank (ECB) will tighten policy soon. The capital’s premier index sank 0.84 per cent to 7,036.05 points. The ECB announced today it will [...]
ECB to rein in Covid stimulus measures but promises to maintain support September 9, 2021 The European Central Bank announced today it will start reining in the wave of stimulus measures it unleashed in response to the Covid crisis, becoming the first of the world’s big three central banks to do so. The ECB said the Eurozone economy’s rapid economic recovery from the Covid crisis has engineered favourable financing conditions, [...]
888 bets big on William Hill with £2.2bn acquisition September 9, 2021 888, a world leading online betting company, beat the odds to snap up William Hill in a £2.2bn acquisition. 888 saw off fierce competition from Apollo Global Management and CVC Capital Partners to purchase the UK betting company which has over 1,400 retail betting shops across the country. The acquisition will create a global online [...]
Perfect storm of glitches constrains UK economy September 9, 2021 Severe shortages of raw materials, constrained labour supply and persistently high furlough rates are putting the UK economy in a vice, according to new official figures released today. The Office for National Statistic’s latest business insights survey shows almost one in three hospitality firms are finding it harder to recruit workers compared to normal times. [...]
Morrisons revenue tops £9bn, painting picture of health for bidders September 9, 2021 Morrisons has topped a revenue of £9bn in the past six months, as the bidding battle over the supermarket giant escalates. The retailer enjoyed a revenue lift of 3.7 per cent, including its fuel earnings, in its interim results for the six months to 1 August, painting a picture of health for potential buyers. The [...]