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Britain's fledgling banking startups are spreading their wings and increasingly expanding overseas.
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Yahoo
29 minutes ago
- Yahoo
MedTech Europe calls for medtech tariff and export restriction exemptions
MedTech Europe has issued a statement calling on European policymakers to exempt medical technologies from any trade tariffs or export restrictions. In response to the European Commission's (EC) conclusion of a public consultation on proposed EU countermeasures impacting trade with the US, MedTech Europe expressed deep concern over a draft package that 'targets a broad range of finished medical devices, in vitro diagnostic (IVD) medical devices, and a variety of essential components used in their manufacture'. The trade body's overall request was that medical technologies be included and prioritised in a 'zero for zero' tariff agreement on industrial goods or as part of any negotiated settlement that seeks to eliminate tariffs on both sides of the Atlantic. The EC's consultation, which was announced on 8 May and closed on 10 June, was launched to gather input towards finalising proposals for the adoption of countermeasures against the Trump's administration's imposition of tariffs on the bloc. Upon launching the consultation, EC president Ursula von der Leyen said: 'Tariffs are already having a negative impact on the global economies. The EU remains fully committed to finding negotiated outcomes with the US. 'At the same time, we continue preparing for all possibilities, and the consultation launched today will help guide us in this necessary work.' President Trump's initial announcement of tariffs for many countries and regions worldwide on 2 April has been marked by continued flip-flopping. The EU was originally facing 20% blanket tariffs on all imported goods from 9 April; however, the White House walked back its plans on the date, instead choosing to enact a 90-day pause on the imposition of tariffs. Trump has since threatened to raise tariffs on the EU to 50% if no deal is reached by the end of the pause period on 9 July. According to reports by German newspaper Handelsblatt, the EU was willing to accept a flat fee of 10% tariffs. However, in a statement shared with Reuters, the EC dismissed the claims, stating: "Negotiations are ongoing, and no agreement has been reached at this stage. The EU has from the start objected to unjustified and illegal US tariffs.' In concluding remarks, MedTech Europe stated: 'Patients must not become collateral damage in a trade dispute. Safeguarding their access to the technologies they depend on must remain a shared priority.' On 11 June, leading players from the medtech industry convened on Capitol Hill alongside the Advanced Medical Technology Association (AdvaMed) to advocate for the elimination of tariffs on medical technologies. After the Trump administration's announcement of a 90-day pause on the imposition of tariffs for most countries, barring China, AdvaMed CEO Scott Whitaker voiced similar hopes as MedTech Europe, restating his previous request that a 'zero for zero' tariff deal on medtech with all of the US's key trading partners be struck. Navigate the shifting tariff landscape with real-time data and market-leading analysis. Request a free demo for GlobalData's Strategic Intelligence "MedTech Europe calls for medtech tariff and export restriction exemptions" was originally created and published by Medical Device Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
32 minutes ago
- Yahoo
More than £2.6m cash seized in 'money laundering' investigation
More than £2.6m of cash has been seized as part of a National Crime Agency (NCA) investigation into suspected money laundering in Newry. The NCA said after searches of two businesses and two residential properties, a total of £882,695 and €1.055m (£902,000) was recovered by its officers as suspected criminal funds. It said a further £692,140 and €223,490 (£191,028) had previously been seized by Police Service of Northern Ireland officers, working in partnership with the NCA, "in earlier disruptions". A 26-year-old man from Newry, who was arrested on 19 June, has been bailed as the investigation continues.
Yahoo
33 minutes ago
- Yahoo
Time Finance reports £217m gross lending-book for FY24/25
AIM-listed specialist finance provider Time Finance has reported a record gross lending book of £217m for the financial year ended 31 May 2025 (FY24/25), marking its 16th consecutive quarter of growth. The company said its continued focus on secured, own-book lending to UK businesses helped it register an 8% increase in lending volumes, underlining the success of its shift towards invoice finance and the hard element of asset finance. These areas accounted for more than 90% of the new lending volume originated in the financial year and now constitute 83% of the total lending book. Revenue for the FY24/25 increased by 11% to £37m while profit before tax saw a substantial rise of 34% to £7.9m. The profit before tax (PBT) margin also improved by 300 basis points to 21%. The company's net tangible assets grew by 14% to £44.1m. Deferred income, which provides visibility of future earnings, rose by 5% to £26.7m. Importantly, the company maintained its lending discipline, with net arrears and bad debt write-offs remaining unchanged at 5% and 1% of the gross lending book, respectively. Time Finance also secured extended and enhanced funding facilities, providing headroom in excess of £90m to fuel future growth. Time Finance CEO Ed Rimmer expressed satisfaction with the company's performance, stating: "31 May 2025 saw the end of the four-year strategy that we commenced in June of 2021. We can look back with great satisfaction on a period of strong delivery. "The business ends the year having enjoyed record revenues, improved margins and with an ever-growing lending book as UK SMEs take advantage of our multi-product offering. This has been achieved without the lowering of our credit quality, as demonstrated by the consistent and stable nature of both our arrears and our net write-offs. Looking forward, Rimmer expressed confidence in the company's new three-year growth plan through to May 2028 and its potential to continue building long-term value for shareholders. "Time Finance reports £217m gross lending-book for FY24/25" was originally created and published by Leasing Life, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Fehler beim Abrufen der Daten Melden Sie sich an, um Ihr Portfolio aufzurufen. Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten
