@peter_IFAMAG reads Twitter so you don’t have to.
UK Fintech Curve raised £70 million in a Series C funding round yesterday, however their overdue business accounts, filed yesterday, show pre-tax losses quadruple, negative gross margin and previous accounts restated due to a ‘number of errors.’ Meanwhile rents go unpaid across the UK, the FT reports – suggesting a brewing crisis.
First, the Deputy Governor of Monetary policy for the Bank of England shares his analysis of consumer spending patterns through the pandemic and how it may have a knock-on effect on prices and inflation.
Ben Broadbent looks at how Covid has changed the spending habits of households. Then he looks at what this may have meant for costs and inflation. https://t.co/O21pGcO95A pic.twitter.com/6pDZSNkGV7
— Bank of England (@bankofengland) January 12, 2021
Mark Kleinman, City Editor for Sky News, suggests UK aviation in dire straits. Gatwick Airport is currently reduced to 10-20 flights a day.
Revealed: London's second-biggest airport, Gatwick, is to fully close one of the remaining piers at its North Terminal from this afternoon, limiting the airport to between 10 and 20 flights per day – a statistic which underlines the grave impact of the pandemic on UK aviation.
— Mark Kleinman (@MarkKleinmanSky) January 12, 2021
George Hammond, property reporter for the FT, looks to the mounting unpaid business rents paid to lenders throughout the UK.
Yesterday it was British Land, today Land Securities is saying it has collected a fraction of rent from retailers. This problem is not going away, nor is a clear resolution emerging. https://t.co/xRwRGPhIwl
— George Hammond (@GeorgeNHammond) January 12, 2021
James Hurley, business journalist for the TImes, took a look at Curves accounts, released yesterday. The UK fintech start-up just successfully raised $95m in funding for US expansion, however their accounts have left some pundits scratching their heads.
Overdue accounts for fintech Curve are a dog's dinner:
🔘Revenues doubles, pre-tax loss more than quadruples
🔘Negative gross margin
🔘Accumulated losses of £38.7m
🔘Previous accounts significantly restated due to number of errors— James Hurley (@jameshurley) January 12, 2021
And finally, Deutsche Bank, that made $1.3trn of ‘suspicious’ transactions between 1999 – 2017, has closed Donald Trump’s bank accounts.
As reported on @TODAYshow: Deutsche Bank will refrain from any future business with President Trump and his company, per a person familiar, and Signature Bank says it's closing the president's two personal accounts, where he had $5m+, as the bank calls for his resignation.
— Hallie Jackson (@HallieJackson) January 12, 2021
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