Daily Archives: September 17, 2020

Fed mulls extension of bank dividend and buyback curbs

The US Federal Reserve is considering whether to extend restrictions on dividends and share buybacks that it imposed on large banks after determining that the pandemic could trigger up to $700bn in losses for the lenders. The US central bank had acted in June to ban share buybacks by the …

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P&O cancels cruises for the whole of 2020: Customers to receive credit

P&O Cruises has cancelled all its 2020 sailings. The holiday group has extended the suspension of sailings until early next year due to coronavirus. The UK’s largest cruise line said the decision was taken due to ‘evolving restrictions on travel’. Land ahoy: P&O Cruises has extended the suspension of sailings …

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ALEX BRUMMER: Bailey dips into the toolbox at the Bank of England

As the Chancellor who dusted off long-neglected plans to give the Bank of England independence, Gordon Brown deserves to be heard. But whether the middle of a pandemic is the right time for grand plans about changing the Bank’s remit is debateable. The Old Lady’s response to lockdown was immediate …

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Fat-cat pay revolt hits Ryanair boss Michael O’Leary

Ryanair faced an investor revolt over fat-cat pay as the industry reels from the Covid-19 pandemic. Around a third of voting shareholders refused to back a package that handed chief executive Michael O’Leary £3.2million in the financial year that ended in March. The rebellion came after concerns were raised over …

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Branson’s £300m Virgin blank cheque: British tycoon to expand empire

Sir Richard Branson has proposed a so-called special purpose acquisition vehicle – or ‘spac’ Sir Richard Branson has revealed plans for a £300million ‘blank cheque’ company to help expand his Virgin empire. The British tycoon has proposed a so-called special purpose acquisition vehicle – or ‘spac’ – that would hunt …

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MARKET REPORT: Novacyt sales up tenfold amid battle to beat Covid

Being a fast mover in the battle to beat Covid has paid off for Novacyt, a biotechnology tiddler listed on AIM that few retail investors had heard of at the start of the year. Things have changed dramatically since then, after the French group’s Southampton-based subsidiary, Primerdesign, developed one of …

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The ‘Czech Sphinx’ becomes Sainsbury’s fourth largest shareholder 

A billionaire investor known as the ‘Czech Sphinx’ has become the fourth-largest shareholder in Sainsbury’s. Daniel Kretinsky, who is already the biggest shareholder in Royal Mail through his firm Vesa Equity, has built up a 3.05 per cent stake in the supermarket giant worth £130million. The arrival of the 45-year-old …

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Big store chains hope for Christmas cheer amid Covid chaos

Britain’s biggest store chains are pinning their hopes on a bumper Christmas despite fears that strict measures to stop a second wave of coronavirus could devastate business. After lurching to a £635million half-year loss – and revealing there would be no staff bonus for the first time since 1953 – …

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ByteDance proposes US IPO for TikTok to woo White House

ByteDance has agreed to list TikTok on a US stock market at some point after its proposed partnership deal with American software group Oracle, as part of its effort to satisfy the Trump administration’s national security concerns with the video-sharing app. People with direct knowledge of the matter said that …

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