Lucrative for luxury: Metaverse could untap $50bn for brands by 2030 November 16, 2021 Opening the door to the Metaverse to meet the growing digital demand for luxury goods will present brands with a $50bn revenue opportunity within the decade, according to a new analysis by Morgan Stanley. In projections that are slightly difficult to compute right now, considering revenue streams for digital mediums for luxury brands are currently [...]
UK government opens national security probe into Nvidia’s $54bn Arm deal November 16, 2021 The UK government has launched a a full-blown national security investigation into Nvidia’s planned takeover of British chip designer Arm, introducing another obstacle in the way of the $54bn deal. Digital and culture secretary Nadine Dorries has ordered a “phase 2” investigation into whether the deal operates against public interest, thus instructing the UK competition [...]
JP Morgan sues Tesla for $162m warrant dispute over Elon Musk tweet November 16, 2021 JP Morgan has sued Tesla for $162m and accused the EV carmaker of “flagrantly” breaching a contract related to stock warrants, after CEO Elon Musk threatened to take the company private in a 2018 tweet. According to the filing in New York on Monday, Tesla sold warrants to the US investment bank that would pay [...]
Reception for Cineworld results sends short sellers a wake-up call November 16, 2021 Short sellers experienced a wake-up call yesterday after their pandemic target Cineworld saw its share price shoot up 7 per cent on better-than-expected results. Cineworld has consistently ranked as the most-shorted company in the UK for much of the last eighteen months, after it was forced to close its 9,518 cinema screens during Covid lockdowns. [...]
Children injured after ceiling collapses at school in Dulwich November 15, 2021 A number of children have been taken to hospital and others were treated at the scene after a ceiling collapsed at a school in Dulwich this morning, the London fire brigade said. A ceiling collapsed on the second floor of a school on Thurlow Park Road in Dulwich this morning, and a number of people [...]
Ron Kalifa: UK’s fintech pole position could be jeopardised by skills gap November 15, 2021 Ron Kalifa, who delivered an independent review of UK fintech on behalf of the Treasury earlier this year, has said that the UK has a skills deficit when it comes to technology and data that needs to be addressed so that the country maintains its world-leading position in the sector. Speaking at an industry event, [...]
SFO outgunned by UK firms that spend millions more on lawyers to ‘buy impunity’ November 15, 2021 Companies under investigation by the Serious Fraud Office have spent up to ten times more than the fraudbusters on legal and investigation fees, causing major corruption cases to crash and burn, the Bureau of Investigative Journalism has found. The UK’s only complex fraud agency’s fight against economic crime is undermined by its lack of funding, [...]
UK business sentiment hits 12-month low amid supply chain and inflation woes November 15, 2021 British business sentiment dropped to its lowest level in a year in October, dragged down by fears of looming inflation and supply chain pressures that could undermine a sustained recovery from Covid disruption. Inflation expectations among UK business leaders surge to a record high last month, with 66 per cent expecting non-staff costs to increase [...]
China mulls cybersecurity review for companies seeking Hong Kong IPO November 14, 2021 China has ramped up its oversight of mainland companies holding data that seek a listing in Hong Kong with a proposed new law mandating a cybersecurity review. Under the the new draft regulation, published by China’s cyberspace regulator today, officials would impose a cybersecurity review on such companies if a listing is deemed to have [...]
UK government set to launch national security probe into Nvidia’s $54bn takeover of ARM November 14, 2021 Ministers are lining up a full-blown national security investigation into Nvidia’s planned $54bn takeover of British chip designer ARM, after months of negotiations between regulators and the US chip company. The investigation is likely to be announced on Tuesday week, after digital and culture secretary Nadine Dorries orders a “phase 2” probe into Nvidia’s acquisition [...]