Sep 15, 2020

City Bulletin: Young feel the force of rising unemployment

There was a large decrease in the number of young people in employment and unemployment for young people increased over the three months between May and July, the Office for National Statistics said. The overall unemployment rate has ticked up - as have the number of redundancies - but at 4.1 per cent over the quarter, the unemployment rate remains low by historical standards. The average number of orders per week is around 10 per cent higher than a year ago, while order sizes also remain elevated. Ocado Group expects to report full-year ebitda of at least £40m, it said. US private equity group Silver Lake, Singapore's sovereign wealth fund GIC and BlackRock are investing $650m in Klarna, valuing the Swedish fintech group at more than $10bn ahead of an expected IPO. The new fundraising means Klarna's valuation has doubled in a year to $10.65bn after enjoying rapid growth in the US. The group, which was founded in 2005, said it would use the fresh equity to accelerate its growth, expand globally and improve its product offering.

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