Daily Business Live
Unite extends student discount; STV posts player record
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4.30pm: London slips
The FTSE 100 opened higher but slipped back throughout the session to close 8.83 points lower at 6,507.82.
11am: KPMG profits fall
KPMG said it has started its current financial year strongly after a decline in revenue and profit caused by the pandemic.
10.30am: Services fall for third month
Commenting on the latest PMI services figures, Howard Archer, chief economic adviser to the EY ITEM Club, said: “Services activity contracted at the fastest rate for eight months in January, as well as for a third successive month.
“The sector was particularly affected by the restrictions on the hospitality, leisure and travel sectors. There were also reports that some businesses had delayed new projects.
“The services PMI fell to 39.5 in January – revised up from the earlier ‘flash’ reading of 38.8 – after improving to 49.4 in December from a five-month low of 47.6 in November when the second English lockdown was in place.”
9.30am: STV lifted by lockdown viewing
Lockdown TV viewers helped lift streaming numbers at STV (see below) and pushed its shares 4% higher to 345p. The platform delivered 12.5 million streams in January, an increase of 115% on the same month last year.
However, the positive mood for the FTSE 100 index quickly evaporated to shed 2.15 points at 6,514.50.
8.30am: London opens higher
The FTSE 100 rose 56 points in early trade before falling back to 6,536.61, 19.96 points higher.
8am: Scots jobs at payment platform
TranSwap, a cross-border payment platform based in Singapore, has opened an office Edinburgh, creating 54 jobs. It is the company’s fifth market after also extending to Hong Kong, Indonesia and Malaysia.
The UK office and global R&D centre will recruit digital roles such as machine learning engineers, full-stack developers and product owners over three years.
7am: Unite extends discount
Unite Students, the owner, manager and developer of student accommodation, has announced an extension to its 50% rent discount for students, originally announced on 11 January.
This takes the total discount period to seven weeks to 8 March following the UK Government’s continuation of the lockdown restrictions in England.
All eligible students who applied for the four-week 50% rent discount will now receive the additional three-week 50% discount automatically.
In addition, eligible students will be given a 4-week complimentary extension of their tenancy agreement at the end of the academic year to extend their stay into the summer.
The rental discount and tenancy extension will be available to all students checked-in but not living in their accommodation between 18 January and 7 March. Approximately half of checked-in students have now returned to its buildings.
The loss of rental income associated with the additional three-week rental discount is up to £6 million, equivalent to 1.5 pence of EPRA EPS for the 2021 financial year. This further three-week extension results in a total cost for the seven-week rental discount and tenancy extension of up to £15m or 4p.
Unite said it has collected 91% of rent due to date for the 2020/21 academic year. This reflects term one rent collection of 96% and a positive start to term two rent collection at 84% to date. To be eligible for the seven-week rent discount, students are required to be up to date with their rental payments as of 14 February.