Snap stumbles after missing revenue expectations February 4, 2020 Shares in Snap tumbled as much as 12 per cent in extended trading, after the Snapchat parent firm failed to meet analyst expectations for fourth-quarter sales. Revenue for the three months to the end of December was reported at $560.9m, missing estimates of $563m as compiled by Refinitiv. Global daily active users — a key [...]
Air Asia chief executive Tony Fernandes denies $50m bribery claims February 4, 2020 The chief executive of Malaysian airline Air Asia Tony Fernandes today denied allegations he was paid a $50m (£38m) bribe via his Formula 1 team by aircraft giant Airbus. Prosecutors alleged Airbus paid a bribe of $50m through sponsorship of the now-defunct Caterham F1 team which was owned by Fernandes to win orders from Air [...]
Investors plan to plough billions into UK real estate February 4, 2020 Real estate investors are planning to invest billions of pounds into UK property this year, after the General Election offered some clarity on Britain’s departure from the EU. Investment in the UK’s property market had slowed following the vote to leave the EU more than three years ago. However, the recent Conservative election victory has [...]
EY hit with €95m claim over tax scandal advice February 4, 2020 Big Four accountancy firm EY has been targeted with a €95m (£80.5m) lawsuit for advice it gave to a collapsed bank that allegedly defrauded the German state. The administrator to Maple Bank filed the lawsuit against EY in Stuttgart. The claim relates to the so-called cum-ex scandal which led to the closure of Maple Bank [...]
Amber Rudd joins City firm Teneo to offer “strategic advice” February 4, 2020 Former home secretary Amber Rudd today announced she will be joining City PR giant Teneo Blue Rubicon, offering the firm’s clients “strategic advice”, after stepping down as a member of parliament before the December election. Rudd campaigned for ‘Stronger In’ during the EU referendum, where she worked closely with new Teneo colleague Sir Craig Oliver, [...]
New John Lewis boss makes first key hire February 4, 2020 Former Ofcom boss Sharon White has made her first key hire as she takes over as chairman of struggling department store John Lewis. Nina Bhatia has been appointed executive director of strategy and commercial development following a reshuffle of the partnership’s structure. Bhatia, who was most recently managing director at home energy management company Hive [...]
Goldman Sachs partner caught up in 1MDB scandal barred from banking industry February 4, 2020 The Goldman Sachs partner who was put on leave over the 1MDB scandal has now left the bank and has been permanently barred from the banking industry. The Federal Reserve said it is permanently barring Andrea Vella from the industry for his “role in Goldman’s financing of a defrauded Malaysian sovereign wealth fund.” “The [...]
Irish regulator launches probe into Google and Tinder February 4, 2020 The Irish data regulator has opened inquiries into the way Google and Tinder handle users’ data. The Irish Data Protection Commission (DPC) said it had received complaints relating to both companies from individuals across the European Union. Match Group, which owns the online dating platform Tinder, will be investigated for the “ongoing processing of users’ [...]
Relx splashes out $480m on fraud prevention firm Emailage February 4, 2020 Relx today said it has inked a deal to buy US startup Emailage for roughly $480m (£368m) as the publishing and analytics giant looks to boost its fraud prevention capabilities. Emailage, which uses machine learning technology to help clients spot fraud, is one of a number of businesses cashing in on a booming demand for [...]
Metro Bank in compliance probe over Iran and Cuba sanctions breaches February 4, 2020 Metro Bank is undergoing a major review of its compliance controls after the lender handled money from Iran and Cuba, breaching strict US and EU sanctions. The review is being carried out by law firm DLA Piper. Metro Bank hired the firm after receiving the funds from Iran last year. The bank previously notified US [...]