Tiger cuts Juul’s valuation in half to $19bn December 9, 2019 E-cigarette maker Juul has had its valuation slashed in half to $19bn (£14.5bn) by investment firm Tiger Global Management. According to the Wall Street Journal, the writedown happened at the end of September, as investors continue to cool on one-time Silicon Valley darlings. Read more: Vaping backlash hits Altria for $4.5bn Fellow investors such as [...]
Amazon sues Pentagon over claims Trump to blame for failure to win $10bn defence contract December 9, 2019 Amazon has opened legal proceedings against the Pentagon, alleging that the online giant was denied a $10bn (£7.6bn) US defence contract due to US President Donald Trump’s personal vendetta against chief executive Jeff Bezos. In a court filing made public today, Amazon claimed that its failure to secure the contract was result of improper pressure [...]
Exclusive: City of London mulls over historic Lord Mayor selection reform December 9, 2019 The City of London Corporation’s highest body is considering changes to the way it selects the Lord Mayor as part of its efforts to attract a more diverse range of candidates. Guildhall’s ancient Court of Aldermen is comprised of 25 elected members – one from each of the Square Mile’s different wards. It sits alongside the City [...]
Softbank taps Goldman for Wework debt financing plan December 9, 2019 Wework saviour Softbank has approached Goldman Sachs for financing as it attempts to reinvigorate the flexible working space provider. The banking giant is securing a $1.8bn (£1.4bn) line of credit, the first stage in Softbank’s $5bn debt financing package for Wework. Read more: Wework names four new executives and outlines six point plan for profitability [...]
Tullow Oil share price plummets 70 per cent as chief executive quits December 9, 2019 Shares in Tullow Oil collapsed today after its chief executive resigned, wiping over £1.2bn off the firm’s market value as the firm cut its prediction for how much oil it will produce over the coming years. Shares fell 72 per cent as Pat McDade, along with exploration director Angus McCoss, said they had quit the [...]
Election 2019: Tories backtrack over claim aide was punched at Leeds Hospital December 9, 2019 The Conservatives have been forced to backtrack over claims a government aide was punched by a Labour activist during an altercation at Leeds General Infirmary. Health secretary Matt Hancock had been visiting the hospital after pictures emerged of a four-year old boy with suspected pneumonia sleeping on the hospital floor with coats for cover. However, [...]
Jaguar Land Rover sales fall despite hopes for Chinese recovery December 9, 2019 Jaguar Land Rover sales fell last month, despite the car maker seeing “green shoots” of a recovery in the all-important struggling Chinese market. The manufacturer, which is owned by Indian conglomerate Tata, saw retail sales drop 3.4 per cent year-on-year in November. Read more: British car industry troubles run far deeper than Brexit But in [...]
Fines levied by the FCA rocket more than 500 per cent December 9, 2019 The value of fines issued by City watchdog the Financial Conduct Authority (FCA) this year has soared to £391.8m. Research from law firm RPC found the level of fines so far this year was up more than 550 per cent on the £60m levied last year. The increase in fines by the FCA has been [...]
Margrethe Vestager says EU will review competition rules in light of increasing digitalisation December 9, 2019 The EU will review its rules on how it defines markets to react to increasing digitalisation, EU competition chief Margrethe Vestager said today. Vestager said it was time to review the EU’s market definition notice which has been in place since 1997. “Changes like globalisation and digitisation mean that many markets work rather differently from [...]
Netflix dominates Golden Globe nominations with 34 nods December 9, 2019 Netflix has secured 34 nominations for this year’s Golden Globe awards, dominating both the TV and film lineups. The streaming giant secured 17 nominations for both divisions of the awards, in an extraordinary validation for the streaming giant, which received its first Globes nod five years ago. Read more: Apple TV Plus gives Netflix chills [...]