Thursday newspaper round-up: Debt crisis, Pfizer, Codemasters
Britain is “sleepwalking into a debt crisis” after a steep rise in emergency borrowing by low- and middle-income households to cope with the Covid-19 jobs crisis. Research by the debt charity Stepchange found that household borrowing and arrears linked to the coronavirus pandemic have soared 66% since May to £10.3bn. The number of people who are in severe debt has risen to 1.2 million – nearly doubling since March – with a further 3 million people at risk of falling into arrears after taking on extra short-term loans. - Guardian
Pfizer’s chief executive sold shares in the company worth $5.6m (£4.2m) on the day the drugmaker announced that its Covid-19 vaccine was more than 90% effective in protecting people from transmission of the virus, triggering a surge in the company’s stock. Albert Bourla sold 132,508 shares at $41.94 a share, equivalent to 62% of his shareholding in Pfizer, according to filings with the US Securities and Exchange Commission (SEC). This is close to the $41.99 peak the share price hit on Monday. - Guardian
Retailers are bracing for December chaos as supply chain mayhem threatens to deprive millions of families of their presents and wreck hopes of a profitable Christmas. A brutal mix of lockdown measures, staff absences and fearful customers are in danger of derailing the crucial festive season even when non-essential shops are able to reopen next month, experts warned. - Telegraph
Codemasters is facing a backlash from investors over the proposed £726 million sale of the computer game developer to an American rival. Some shareholders are unhappy with the small premium that Take-Two Interactive Software is offering to buy the London-listed developer of racing games, while the big stock component of the cash-and-shares deal also has drawn criticism. - The Times
Large numbers of migrants left Britain during the pandemic, causing the number of foreign-born workers in the country to fall by more than 700,000. Official figures from the Office for National Statistics show that there were 5.1 million workers born outside of the UK between July and September, down from 5.9 million between January and March. - The Times