Indian hotel chain Oyo appoints new UK boss December 10, 2019 Oyo has announced Rishabh Gupta as the new head of its operations in the UK as the fast-growing hotel Indian chain seeks to grow its offering in the country. Gupta will take over from current UK head Jeremy Sanders, who is leaving the company to spend more time with his family. Gupta previously led Oyo’s [...]
Neil Woodford shuts offices as investment business winds down December 10, 2019 Neil Woodford’s investment company has moved out of its Oxfordshire offices as the business continues the process of closing down. Former star stockpicker Woodford announced that he was shutting down Woodford Investment Management in October, following a dramatic fall from grace that had seen his flagship fund frozen for several months. Read more: City regulator [...]
Ted Baker share price crashes as bosses quit after profit drop December 10, 2019 Ted Baker’s share price plummeted to a 16-year low this morning after two executives quit, plunging the stricken retailer further into crisis as it slashed its profit forecast and suspended its dividend. Shares dropped as much as 35 per cent in morning trading following the departure of chief executive Lindsay Page and executive chairman David [...]
Another dog for Softbank as it sells Wag stake back to company December 10, 2019 Japanese investment giant Softbank has been left with its tail between its legs after selling its stake in Wag back to the dog-walking startup, capping off a disappointing year for its $97bn Vision Fund. Softbank has agreed to sell its almost 50 per cent stake in the company and will no longer have representation on [...]
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 [...]
Chilango confirms plans to launch CVA and exit leases December 9, 2019 Embattled Mexican chain Chilango has confirmed plans to launch a company voluntary arrangement (CVA) in a bid to secure its future. City A.M. revealed yesterday that the chain was planning to launch a CVA – a controversial restructuring agreement that would allow it to re-open rent negotiations with landlords – as it battles cash-flow issues. [...]
North Korea brands Trump an ‘erratic old man’ December 9, 2019 A senior North Korean official has called US president Donald Trump a “heedless and erratic old man” as the rekindled war of words between the two countries heats up. In a statement carried on state media, ruling party vice chairman Kim Yong Chol described Trump as impatient and rebuked him over his rhetoric. Read more: [...]
Samsung executives jailed over destruction of evidence in fraud case December 9, 2019 Eight employees of Samsung affiliates have been found guilty of destroying evidence by a South Korean court, in a case linked to allegations of a $3.9bn accounting fraud suspected to be part of a plot to cement the control of the company’s founding family. Three Samsung Electronics executives were handed jail sentences of up to [...]
EU approves €3.2bn research fund for battery development December 9, 2019 The European Commission has approved a €3.2bn (£2.7bn) state aid fund from seven European Union countries for “ambitious and risky” research and innovation in battery technologies. Belgium, Finland, France, Germany, Italy, Poland and Sweden will provide up to €3.2bn of funding for the project, which is planned to complete in 2031. Read more: Electric cars [...]
City regulator toughens up financial accountability rules after scandals December 9, 2019 Tougher accountability rules have today been extended to cover around 47,000 firms across the financial sector, as the financial watchdog seeks to clean up the City’s reputation following a string of scandals. The Senior Managers and Certification Regime (SMCR) holds firms’ senior managers directly accountable for their actions, and is intended to help regulators punish [...]
