Tesla to pay Musk $1m for lawsuit insurance policy July 1, 2020 Tesla has said it plans to bring an end to an unusual insurance arrangement with its chief executive, which safeguards its board members against lawsuits, after a final payment of $1m. Tesla’s chief executive Elon Musk has been personally indemnifying the firm’s board, after he said in April that he believed insurance premiums from other [...]
Competition watchdog pressures government to take on tech giants July 1, 2020 The Competition and Markets Authority (CMA) has said existing UK laws are not suitable for effective regulation, calling on the government to overhaul its structure so it can better tackle tech market dominance. The watchdog said it needs more support to govern the behaviour of “major platforms funded by digital advertising, like Google and Facebook”, [...]
Europe pushes back against London bid to trim market trading hours July 1, 2020 A coalition of European bourses has said plans for shorter trading hours by London bodies would not be beneficial for investors or markets. The Federation of European Securities Exchanges (FESE) said shorter hours would be a move in the wrong direction. It instead advocated for adopting other measures to improve workplace culture, such as increasing [...]
Spire admits to price fixing scandal in £1.2m fine July 1, 2020 Spire Healthcare has admitted to its part in an illegal price fixing scandal that saw one of its hospitals overcharge patients with eye disorders. The Competition and Markets Authority (CMA) ordered the firm to pay £1.2m in fines following the conclusion of its investigation. One of Spire’s hospitals instigated and facilitated an illegal arrangement with [...]
Hammerson collects just 16 per cent of third-quarter UK rent July 1, 2020 Retail property giant Hammerson said it had received only 16 per cent of the rents it is owed in the UK so far this quarter, as the coronavirus pandemic weighs heavily on the sector. As of 29 June, the shopping centre operator said it had collected 73 per cent of UK rents for the first [...]
Smith & Nephew spies recovery despite falling sales July 1, 2020 Medical technology firm Smith & Nephew said it expects to slowly recover from the impact of the coronavirus pandemic, as revenue fell in line with earlier expectations. Sales for the second quarter were down 29 per cent overall. However across the period, it reported underlying revenue declines of 47 per cent in April, 27 per cent [...]
Transferwise gets FCA authorisation for investing July 1, 2020 Transferwise has been granted multiple new licences by the Financial Conduct Authority, which means it will soon allow users to earn a return on account funds. Transferwise offers banking accounts to users in the UK, the EU, the US, Australia, New Zealand and Switzerland, but does not hold a full bank licence. The new licences [...]
EU removes US, Brazil and Russia from ‘safe visitors’ list June 30, 2020 The US, Russia and Brazil are excluded from a list of safe countries to travel to or accept visitors from, passed by EU member states this afternoon. Those featured on the list have now gained approval for business or leisure travel to a number of countries, which will come into effect tomorrow. The list of [...]
Netflix to spend $100m on racial equality initiatives June 30, 2020 Netflix has said it intends to set aside approximately two per cent of its cash reserves for initiatives focused on supporting Black communities in the US, following widespread racial equality protests worldwide. It will start with an initial tranche of $35m, $25m of which will go into a new fund called the Black Economic Development [...]
Tiktok denies giving data to China over India ban June 30, 2020 Tiktok has today denied claims by the Indian government that it has shared individuals’ data with China, as the app went dark for the country’s 200m users. India yesterday banned Tiktok along with 58 other apps which have parent firms in China, claiming they “pose a threat to the sovereignty and security” of the country. [...]
