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Levi Roots : The £30Million man

Profile: Levi Roots – the £30M man

22 February 201215 January 2018 Entrepreneurs, Profiles, Uncategorized Business Matters 5 Comments

Levi Roots, the man from Jamaica who grew up writing songs in a Brixton squat before being imprisoned twice is now the owner and face of a brand worth an estimated £30m at retail prices and has more than doubled in the last 12 months.

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Barclays has reported a 19 per cent rise in first-quarter profits, as market turmoil driven by Donald Trump’s return to the White House boosted trading revenues across its investment banking arm. The FTSE 100 lender posted pre-tax profits of £2.7 billion for the three months to the end of March, beating City forecasts of £2.5 billion. The performance was powered by a surge in revenues from Barclays’ markets division, which capitalised on investor reaction to sweeping policy changes by the Trump administration. Revenues in the markets business climbed 16 per cent year-on-year to nearly £2.7 billion, driven by a 21 per cent increase in fixed income, currencies and commodities trading, and a 9 per cent rise in equities. Activity soared as traders helped clients rapidly rebalance portfolios in response to new US trade and economic measures. The gains offset a rise in loan loss provisions across the group, which increased to £643 million from £513 million a year earlier. Barclays said this included a £74 million charge for “elevated US macroeconomic uncertainty”, reflecting the potential impact of Trump’s newly imposed global tariffs. The results mark a win for chief executive CS Venkatakrishnan, known as Venkat, who unveiled a three-year transformation plan in early 2023 to revive shareholder confidence and reposition the bank. His strategy includes rebalancing Barclays away from its historically volatile investment banking arm and bolstering its UK consumer and corporate businesses, alongside a commitment to return £10 billion to shareholders by the end of 2026. Investment banking fees also saw a strong uplift, rising 16 per cent to £1.2 billion from advising on takeovers, capital raises, and debt issuance. Despite the market gains, challenges remain for Barclays as it navigates a shifting global landscape. Trump’s new trade tariffs, including heavy levies on Chinese goods, pose risks to the global economy and could threaten growth in the UK and US — key markets for the bank. Venkat acknowledged the uncertain backdrop but struck an optimistic tone: “Our high quality, diversified businesses, together with proactive risk, capital and liquidity management and a robust balance sheet, position us well to support our customers and clients and deliver strong risk-adjusted returns in a wide range of macroeconomic scenarios.” Barclays shares have performed strongly since Venkat’s turnaround plan was announced last year, but ongoing geopolitical and economic volatility may test the resilience of his strategy in the months ahead.

Barclays faces complaint over alleged anti-Semitism at Leicester branch

Barclays Bank has received a formal complaint from journalist Martin Blackham alleging anti-Semitism at its Leicester branch after his account was frozen, prompting calls for an urgent investigation.

Online shopping at work not a sackable offence, tribunal rules

Labour weighs human rights reform as Mahmood shifts right on migration to counter Reform UK

M&S calls on ministers to rethink farm inheritance tax reforms amid rural backlash

Jaguar Land Rover cyberattack to take ‘weeks not days’ to fix as West Midlands suppliers hit

UK e-motorbike maker Maeving secures £8m to fuel growth and overseas expansion

Peter Kyle sets sights on UK’s first $1trn company in ‘ambitious’ growth pledge as he replaces Jonathan Reynolds as business minister

Tesla proposes $1 trillion pay package for Elon Musk, the largest in corporate history

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