More work from home employees use the new online portal to claim tax relief

THE new online portal to claim tax relief for employees working at home has received more than 54,800 claims so far. Launched on 1 October, the online portal was set up to process tax relief on additional expenses for work from home employees. From 6 April 2020, employers have been able to pay employees up to […]

UK unemployment rate highest in more than three years

BRITAIN’s unemployment rate has hit 4.5 per cent, its highest in more than three years, in the three months to August before the imposition of new restrictions in the country to slow the pandemic. The number of people counted as unemployed rose by the most since 2009, during the global financial crisis, and the Office […]

Asian technology firms praised for green plans

By Nadeem Badshah BRITISH Asian entrepreneurs have been praised by business­es and MPs for their work in trying to save the planet by tack­ling climate change. Thirty tech start-ups address­ing green issues have been cho­sen to join the world-first Net Ze­ro support programme, business and energy secretary Alok Shar­ma recently announced. The firms include electric […]

Indiabulls Housing Finance sells 8 per cent stake in London-based OakNorth Bank for £111.8m

INDIAN mortgage lender has sold part of its stake in London-based OakNorth Bank at 25 per cent discount. Indiabulls Housing Finance, the country’s third-largest mortgage lender, sold nearly 8 per cent of its stake in OakNorth for £111.8 million to Boston-based HighSage Ventures over the past couple of months, valuing the business at around $2 […]

Hotel billionaire Surinder Arora says the government should focus on rapid Covid-19 tests at airports

By Pramod Thomas INDIAN-ORIGIN hotel billionaire Surinder Arora will be relieved if his Arora Group avoids a hefty loss during the Covid-19 pandemic. The earlier estimate was to hit earnings of about £100 million this year. Arora said that the government has done a ‘fantastic job’ of supporting businesses, but the job protection scheme should […]

UK hospitality sector warns of over half a million job cuts as furlough ends

BRITAIN’S hospitality trade is likely to see more than half a million job losses after the government’s furlough scheme ends this month, as local lockdowns and reduced opening hours hurt the sector, an industry representative said on Tuesday (6). Kate Nicholls, chief executive of UK Hospitality, told Parliament that recent restrictions meant she needed to revise up […]

Sunak channels ‘overwhelming focus’ on jobs, says tax rises not priority now

RISHI SUNAK has said saving jobs will take priority over tax rises, even as he noted that record borrowing and a £2 trillion debt pile cannot be sustained for long. The UK government is grappling with one of the worst economic hits to the country in three centuries, and the chancellor has repeatedly warned that […]

UK’s top fund manager calls for diverse boards, warns of ‘investment consequences’

THE UK’s biggest asset manager, Legal and General Investment Management (LGIM), will use its voting power to force top firms to hire more ethnic minorities, it emerged on Monday (5). “We have initiated a new engagement campaign that specifically engages FTSE 100 and S&P 500 companies that do not have ethnically diverse directors on the […]

Surinder Arora’s group gets £50m loan from OakNorth Bank to ‘take advantage of opportunities’ during Covid-19

ARORA GROUP, founded by British-Indian businessman Surinder Arora, has received £50m loan from the OakNorth Bank to ‘take advantage of opportunities’ arising from the Covid-19 pandemic. Founded in 1999, the group consists of Arora Hotels, Grove Developments and Arora Property. It has a portfolio of 30 properties across the UK, including the InterContinental at The […]

Ola set to appeal as TfL cancels licence due to ‘passenger safety’ issues

TRANSPORT for London has stripped Indian ride-hailing company Ola of its London operating licence, saying that the taxi app was not “fit and proper” to hold one, having put passenger safety at risk. Bengaluru-based Ola entered the London taxi market in February this year. The market is dominated by rivals including Uber, Freenow and Bolt, […]