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Tuesday Update

DB Live: FanDuel pair raise funds; new Coop Bank CEO

REFRESH PAGE FOR UPDATES

10pm: Markets

US equities rallied on investor optimism that a deal would be reached in Washington to provide new relief measures for the economy.

The Dow Jones Industrial Average was up 113.37 points, or 0.40%, and the S&P 500 was 16.20 points, or 0.47% higher, while the tech-heavy Nasdaq Composite rose 37.51 points, or 0.33.

5pm: New Premier League plot

Liverpool and Manchester United have emerged as the leaders of another plan to shake up elite football

Full story here

4.30pm: Blue chips just in positive territory

The FTSE 100 closed 4.57 points higher at 5,889.22.

3pm: Clarity needed

The FSB and Scottish Hospitality Group are calling for early clarification on the latest restrictions… plus check-out how to apply for a hospitality grant

Full story here

2.45pm: Fanduel founders raise funds

Nigel Eccles and Rob Jones

Two of the co-founders of fantasy sports platform FanDuel Nigel Eccles and Rob Jones have raised a $5 million in Series A funding for their new company, Flick.

The round was led by AlleyCorp with participation from previous investors including Bullpen Capital, Everblue Management, Amity Ventures, Courtside VC and a number of angels.

Flick, a brand engagement company, raised $4m in 2018 and was created in the aftermath of Fanduel’s sale to US investors.

11.45am: Internet sensation

Read about the Glasgow-based online management specialist who has become the highest-paid Scottish businessman on YouTube.

Full story here

11.15am: Tories ‘in panic mode’ says SNP

The SNP says the Conservative government is in “panic mode” after a report of its planning a new strategy to fight independence was leaked.

Full story here

8am: London opens lower

The FTSE 100 opened marginally lower following subdued trading in overseas markets. In the opening minutes it was trading at 5,876.50, down 8.15 points (0.14%).

7am: New Coop CEO

Cooperative Bank has promoted CFO Nick Slape, pictured, to chief executive with effect from 31 October. He succeeds Andrew Bester, who, as previously announced, has decided to step down following the delivery of key elements of the bank’s transformation plan.

Mr Slape joined the Manchester-based bank in his current role in 2018 and was appointed to the board last year.

He has worked closely with Andrew Bester in shaping the Bank’s five year plan.

Nick has spent 37 years in financial services, in the UK and overseas. Prior to joining the Bank, he spent five years as CFO of the commercial division at Lloyds Banking Group and has also held senior positions at a number of global investment banks including Deutsche Bank and Merrill Lynch.

Hampden raises £3m

Private bank Hampden & Co is raising £3 million from existing investors during Q4 which will take its overall share capital raise to approximately £10 million in 2020. 

Full story here

Bellway’s encouraging start

House builder Bellway reported an “encouragingly strong start” to trading in the new financial year, with overall reservations up by 30.6% to 239 per week in the nine weeks since 1 August.

It has a record forward order book at 4 October with a value of £1.87 billion (2019: £1.31bn), supported by a strong work-in-progress position, provides a solid platform for recovery in the year ahead.

The company said Covid-19 had a significant impact on its figures and ended Bellway’s track record of ten consecutive years of revenue growth.

Pre-tax profits fell to £236.7m from £666.2m on revenue down 30.7% to £2.2bn. The total dividend was cut to 50p a share from 150p.

Collagen deal sealed

Collagen Solutions, the Glasgow-based stem cell company, said the offer from Rosen’s Diversified has become wholly unconditional and that it will become part of the RDI Group.

RDI is a multi-billion dollar, family-owned and controlled business, headquartered in Minnesota near the Company’s US offices. RDI sells a broad range of food, agricultural and scientific products into more than 30 countries, across five continents, and has over 4,500 employees.

Markets

Wall Street’s equity markets were left frustrated by a lack of any indication of a pre-election economic stimulus, with House leader Nancy Peolosi’s deadline today.

The Dow Jones dropped 410 points or 1.4%, while the S&P 500 lost 1.6%, the Nasdaq dropped 1.7%.

Today’s agenda

Businesses are able to apply for a share of the Scottish government’s £40 million package for licensed premises affected by coronavirus restrictions.

Today’s top Daily Business headlines

Johnson rejects Barnier offer to resume Brexit talks

Office deals hit five-year high despite home working

Salmon exports expected to fall from record level



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