M&C Saatchi rebuffs board attempt by tech entrepreneur June 8, 2020 A request to join the board of M&C Saatchi by tech entrepreneur Vin Murria was denied this week, after the businesswoman amassed a large stake in the ad agency. Murria has built a stake of more than 13 per cent in M&C, following accounting problems at the firm which has led to an 80 per [...]
World Bank: Coronavirus to hit economic output by 5.2 per cent June 8, 2020 The coronavirus pandemic will cause global economic output to contract by 5.2 per cent in 2020, the World Bank has said, as more than 90 per cent of the world’s economies have fallen into recession. Advanced economies are expected to shrink seven per cent in 2020, the Bank said in its Global Economic Prospects report. [...]
South Korean court denies arrest warrant request for Samsung leader June 8, 2020 A court in South Korea has today denied a request for an arrest warrant for Samsung Group heir Jay Y. Lee, after prosecutors sought to charge him with accounting fraud and stock manipulation. Prosecutors had requested an arrest warrant for Lee last week as part of a probe into a controversial 2015 merger of two [...]
Prince Andrew’s legal team in dispute over US Epstein inquiry June 8, 2020 Legal representatives for Prince Andrew today hit back at reports they had not been cooperative in the US investigation into disgraced financier Jeffrey Epstein. Investigators wish to interview the Duke of York about his friendship with Epstein, who was found dead in prison last year while awaiting charges of trafficking minors. “The Duke of York [...]
Ride-hailing giant Gett chases $60m raise ahead of stock market debut June 8, 2020 Gett, the ride-hailing company part-owned by car giant Volkswagen, is close to raising a $60m (£47m) funding injection as it gears up to go public. The Uber rival is finalising the round which would be its first external fundraise since it secured $200m from investors last year. Sources told Sky News that the new funding [...]
Decision looms on second arrest of Samsung boss on fraud allegations June 8, 2020 A South Korean court is expected to rule today on whether to arrest Samsung Group leader Jay Y. Lee on new allegations including accounting fraud and stock manipulation, two years after completing his last jail sentence. Prosecutors requested an arrest warrant for Lee last week as part of a probe into a controversial 2015 merger [...]
Nokia boosts broadband arm as rival Ericsson flags 5G losses June 8, 2020 Telecoms equipment giant Nokia has said it is seeing a pick-up in orders as providers seek to boost their broadband networks as global lockdown measures raise demand. The coronavirus pandemic has left many people reliant on home broadband connections to continue working, putting a strain on networks. Nokia’s president of fixed networks Sandy Motley said [...]
Fintech bank Revolut launches in the US March 24, 2020 Revolut has today made its digital banking services available in the US, following months of testing and preparations in the country. The fintech scaleup, which has 10m registered users in the UK and Europe, said it has “tens of thousands” of US customers already signed up to its platform. Starting today, US residents will be [...]
Monzo launches free and premium business accounts March 17, 2020 Digital bank Monzo has today launched its business bank accounts to the wider public, introducing a free-to-use Lite account and a paid-for Pro iteration. Both types will come with a business current account, mobile and web access, a debit card, categorised spending and in-account cash separation using its Pots feature. Those on the Pro account, [...]
Monzo, Revolut and Starling Bank gear up for coronavirus lockdown March 16, 2020 Preparations at the UK’s top three digital banks for an eventual shutdown due to the spread of coronavirus are well underway, as most staff work from home and remote rehearsals take place. Most staff at both Monzo and Revolut’s offices around the world are now working from home, while at Starling Bank it is an [...]
