Heatwave, Wonga, Ola v Uber, cannabis, rent increase: your commercial news round-up
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With the madness associated with extreme temperatures abating (for one day at least), employ this brief period of coolness to gather your thoughts. We suggest stepping away from the fan and concentrating on improving your commercial awareness in advance of the interviews that you’re (hopefully) going to have lined up following your successful applications. Read on for this week’s selection of scintillating business news:
- The heatwave has had its pros and cons for UK retailers; sales of food, drink and fans have increased significantly, while clothes and household goods were down, with temperatures “too hot to hit the high street”. Again, not surprisingly, pubs were enjoying a 17% increase when compared to July 2017.
- With a helping of irony that is wryly noted, Wonga has had to borrow £10 million from its shareholders in order to stop it from going bust. Part of the payday lender’s troubles come from the fact it is facing a surge of compensation claims from customers.
- Ola, India’s version of Uber, is set to enter the UK taxi market, initially in South Wales and Manchester. Ola already operates in 110 cities in India and Australia, and has 125 million customers, so is well positioned to give Uber a run (drive?) for its money.
- With the use of medicinal cannabis approved by the government, City investors are wondering how to capitalise on this newly authorised product. The UK market is potentially both large and lucrative, and several cannabis companies are already listed on London stock exchanges.
- Rents could be sent skyrocketing due to a significant shortage of rental properties; stats from the Royal Institution of Chartered Surveyors indicate that rents could rise by 15% by 2023. One of the reasons for the shortage is that many small-scale landlords are pulling out of the market due to tax changes making buy-to-let properties less financially attractive.