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Friday newspaper round-up: Boohoo, Asda, Eli Lilly

By Michele Maatouk

Date: Friday 26 May 2023

Friday newspaper round-up: Boohoo, Asda, Eli Lilly

(Sharecast News) - The founders of fast fashion retailer doubled their pay to about £1m each last year as they were handed hefty bonuses despite missing financial targets. Directors decided that both Carol Kane and Mahmud Kamani deserved bonuses equivalent to their annual basic salary - instead of the 30% they had been due to receive after missing sales and underlying profit targets. - Guardian
Asda is finalising a deal to buy its sister business EG Group's UK and Irish petrol forecourts in a deal worth £3bn, allowing the supermarket to step up its shift into convenience retailing. The businesses are expected to formally announce a long-awaited tie-up in the next few days, which will create a combined business worth about £10bn. - Guardian

Asos, the struggling online retailer, is raising £75 million in cash from shareholders and has refinanced in an effort to strengthen its balance sheet. The fundraising announced last night is fully underwritten by three shareholders, including the investment vehicle of Bestseller, owned by Anders Povlsen, the Danish businessman. - The Times

One of the world's biggest drugs companies has suspended a potential investment in Britain because of the country's "stifling commercial environment". Eli Lilly, the American multinational, had been looking to invest in laboratory space, but it has put its plans for London on hold because, it said, the UK "does not invite inward investment at this time". - The Times

Twitter's head of engineering has announced his departure from the social media platform, having decided to resign on the day of Ron DeSantis' car-crash presidential launch alongside Elon Musk. Foad Dabiri announced on Twitter that he decided on Wednesday to "leave the nest" nearly four years after he joined the company in 2019. Mr Dabiri described his role on LinkedIn as "engineering lead for Twitter's growth organisation". - Telegraph


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