Private firms that lease out trains for Britainâs railway have seen their profits treble in a year, with more than £400m paid in dividends, official figures show. The rolling stock companies paid out a total of £409.7m to shareholders and profit margins rose to 41.6% in 2022-23, according to the Office of Rail and Road, … Read more
Mumbai: Edelweiss Alternatives has lent ₹700 crore to Vatika Hotels, which owns The Westin Gurgaon, by partly buying out existing debt from Piramal Group and Goldman Sachs India, said people aware of the development. Vatika Hotels (VHPL), established in April 2004 in New Delhi, is a special purpose vehicle (SPV) under the umbrella of the … Read more
The amount of fraud committed in the UK more than doubled to £2.3bn in 2023, marking the second-biggest year for scams in the last two decades, according to a report that also warns of the future impact of fraudsters using artificial intelligence to rip off consumers. The accounting firm BDOâs latest FraudTrack report found that … Read more
Beijing: Volkswagen is reviewing the future of its joint venture in the Xinjiang region of northwestern China and another German industrial giant is starting to sell its stakes there following new international scrutiny of forced labor by predominantly Muslim ethnic groups. Volkswagen said last week that it was in discussions with one of its main … Read more
Mumbai: A narrower-than-expected trade deficit and higher services exports in January have prompted economists to scale down the current account deficit (CAD) estimates for FY24. Capital inflows through both foreign direct investment (FDI) and portfolio flows are expected to improve during the rest of the fiscal. But potentially higher foreign exchange inflows may not mean … Read more
The number of civil investigation cases opened by a HM Revenue and Customs (HMRC) fraud unit investigating offshore, corporate and wealthy taxpayers has fallen by more than half in five years, figures reveal. The Observer reported last month that HMRC has not charged a single company under landmark legislation to crack down on tax evasion. … Read more
The Body Shopâs fair trade suppliers who work with vulnerable people from the Amazon to Africa say they have been left with more than $1m-worth of beauty ingredients which may now never be ordered or paid for by the ethical beauty chain. The retailer, which called in administrators to its UK arm last week, has … Read more
Wang Jin felt sure that he could invest in Sichuan Trust, an institution that was part of one of what he describes as the âfour pillarsâ of Chinaâs financial system: banks, securities, insurance and trusts. Promised a return on his investment of 8.3%, he handed over 1.6m yuan (£178,000) in 2019. âThe trust had a … Read more
Currys has rejected a takeover bid from US investment group Elliott saying it significantly undervalued the electrical goods retailer. Elliott tabled a £700m bid for Currys – at 62p a share a 32% premium to its latest share price – with the investment group. Currys was valued at £533m at the close of trading on … Read more
MPs have demanded assurances from the gambling regulator about the new national lottery operator, Allwyn, raising concerns about its commitments to safer gambling and donations to good causes, as well as its ownership structure. The Gambling Commission said in March 2022 that it had decided to award Allwyn the lucrative 10-year licence to run the … Read more
