Latest news with #tradingprofits
Bloomberg
9 hours ago
- Business
- Bloomberg
Billionaire Gerko Takes Trader Profit Tax Appeal Over to UK's Top Court
Billionaire Alex Gerko, one of the UK's largest taxpayers, took a legal challenge to the country's highest court arguing that British tax authorities were seeking to impose 'massive double taxation' on deferred trading profits. The XTX Markets Ltd. founder is at the UK Supreme Court this week over the tax treatment of a deferred payment plan while he was still running high-frequency trading strategies at GSA Capital Partners between 2010 and 2015. Judges ruled last year that Gerko and other traders should pay income tax on their share of the trading profits from the fund. The total size of the tax bill is some £22.5 million ($30.5 million).
Sky News
21-05-2025
- Business
- Sky News
M&S warns of £300m hacking crisis hit - and disruption could last months
Marks and Spencer (M&S) has warned investors it is facing a £300m hit to trading profits as a result of last month's ransomware attack. The company said its estimate did not include other costs, such as insurance - as it warned the disruption may last for months. The continuing fallout from last month's cyberattack is hanging over the retailer's outlook as its online channels remain down for payments. M&S said: "Over the last few weeks, we have been managing a highly sophisticated cyber incident. As a team, we have worked around the clock with suppliers and partners to contain the incident and stabilise operations, taking proactive measures to minimise the disruption for customers. "We are seeking to make the most of the opportunity to accelerate the pace of improvement of our technology transformation and have found new and innovative ways of working. "We are focused on recovery, restoring our systems, operations and customer proposition over the rest of the first half, with the aim of exiting this period a much stronger business. "Since the incident, Food sales have been impacted by reduced availability, although this is already improving. We have also incurred additional waste and logistics costs, due to the need to operate manual processes, impacting profit in the first quarter. "In Fashion, Home & Beauty, online sales and trading profit have been heavily impacted by the necessary decision to pause online shopping, however stores have remained resilient. We expect online disruption to continue throughout June and into July as we restart, then ramp up operations. This will also mean increased stock management costs in the second quarter. Please refresh the page for the fullest version.
Sky News
21-05-2025
- Business
- Sky News
M&S warns of £300m profit hit due to hacking crisis
Marks and Spencer (M&S) has warned investors it is facing a £300m hit to trading profits as a result of last month's ransomware attack. The company said its estimate did not include other costs, such as insurance. The continuing fallout from last month's cyberattack is hanging over the retailer's outlook as its online channels remain down for payments. This breaking news story is being updated and more details will be published shortly. Please refresh the page for the fullest version.
