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Britishvolt owner facing £8m tax bill in Australia
The reputation of the Australian businessman accused of intentionally ignoring tax laws in Australia has been further damaged. He faces a tax bill nearing £8 million.
The allegations against Australian David Collard have raised further…
Gymshark sales are up but profits have dropped
The sales of activewear brand Gymshark have increased by 20 percent compared to last year. This is ahead of the projected 15-percent increase in revenue, which will reach £556 millions in 2023.
Ben Francis, a 31-year-old Solihull…
Capital One agrees to buy Discover Financial for $35bn
US lender Capital One has agreed to buy rival Discover Financial for $35.3bn, in an all-stock tie-up that is set to unite two of America's largest credit card companies.
Capital One's acquisition of Discover values its smaller rival's…
Why Britain’s Brewers are in Crisis — and Your Pint Costs More
George Adnams and his brother Ernest bought the Sole Bay Brewery at Southwold in Suffolk in 1872. But his brewing career only lasted two years. George Adnams, who was a bit of a free-spirited individual, left his brother in charge of the…
Lyft shares take a bumpy ride over rogue zero in financial results
The executives at Lyft are left with a red face after a typo was found in the financial results of the ride-hailing service. This led to a nearly 70 per cent increase in its share price.
Lyft announced that it would grow its margins by a…
British Gas profits increase tenfold as millions struggle with bills
Centrica's recovery has been aided by the energy crisis. The profits for British Gas' owner were nearly £2.8 billion in 2018. This is a drop from the £3.3 billion record set in 2022 but still second in group history.
British Gas was one…
The Body Shop: UK Chain collapses into Administration
After The Body Shop went into administration and put more than 2,000 job at risk, landlords are preparing for a wave closures.
Aurelius, a private equity firm, put the UK branch of the ethical cosmetics brand, which has around 200…
Yodel is saved from going into administration by a deal arranged by Shift, a rival.
The logistics company of the Barclay family has been merged into the startup that purchased Tuffnells from administration last year.
Yodel is one of Britain's largest parcels delivery services. It will combine with Shift to exit the…
Truss Budget Disaster forced UK Councils to Take out Massive 50-Year Loans at Soaring Rates
Official figures reveal that local authorities in the UK, who were in dire need of cash after Liz Truss’s disastrous mini-budget of 49 days ago, took out huge 50-year loans with soaring interest rates.
The government's Debt Management…
EY has taken on debt of $700mn for the doomed Project Everest spin-off.
EY piled more than $700mn of extra debt on to its global operating business to deal with the costs of the failed plan to spin off its consulting arm, according to newly filed accounts.
The figures, made public at the UK’s Companies House…
British American Tobacco cuts stake in India’s ITC following $17bn loss
The London-listed manufacturer of Lucky Strike cigarettes and Dunhill cigarette is looking to reduce its £15 billion shareholding in an Indian conglomerate. This has triggered a sharp rise in the price of its shares as investors welcomed a…
AstraZeneca predicts double-digit growth for another year
AstraZeneca's long-serving chief executive vowed that the future of Britain’s largest drugs group was "never healthier", as it predicted another year of double digit growth. However, the shares fell as core earnings did not meet market…
Adam Neumann wants to save WeWork from bankruptcy
Adam Neumann claims to have Wall Street backing in order to purchase WeWork from bankruptcy. He was fired after accruing billions of dollar losses.
Neumann's lawyers sent a letter on Monday to WeWork saying that he had "partnered" with…
Private equity investors pile up debt to pay dividends
US private equity firms rush to capitalize on lower borrowing costs, by putting debt onto their portfolio companies. They then use the cash they generate to pay dividends both to themselves and to their investors.
In January, corporate…
Boeing is in the ‘last-chance saloon’: warns Emirates’ head
Emirates Airline's head has warned Boeing that it is in the "last-chance saloon", as he prepares to send his engineers to oversee Boeing's production line after witnessing the long decline in the manufacturing performance.
Sir Tim Clark…
Signa Holdings’ €5bn of debt is backed by €250mn in collateral, according to administrator
The administrator of the company that is at the heart of Rene Benko’s crumbling property empire said only €250mn out of €5.26bn in debt had been secured by tangible assets. This raises new questions about the amount of money lenders can…
St James’s Place scares the market
Yesterday, St James's Place shareholders were shocked by disappointing quarterly inflows as well as plans for an operational review.
The market was digesting news that net inflows totalled £770 million in the December quarter, a slower…
After FCA investigation into commissions, UK auto lenders may face a bill of up to £13bn
The UK financial watchdog has revealed the extent of its investigation into historical commission agreements which led to consumers paying more than they should have in transactions dating back to 2007.
The Financial Conduct Authority…