Startups urge caution over buy now pay later regulation July 26, 2021 British startups have urged caution over the City watchdog’s plans to regulate the £2.7bn buy now pay later market. The Financial Conduct Authority (FCA) is set to crack down on companies such as Klarna and Clearpay after the number of BNPL transactions across the UK tripled last year. But a lobby group representing startups has [...]
Ian Hudson given four years in prison for fraudulent trading July 26, 2021 The unauthorised financial adviser was sentenced to four years imprisonment today for fraudulently carrying on regulated activities, bringing to a close charges laid by the FCA in May. Ian James Hudson was food guilty of fraudulent trading by Judge Tomlinson at Southwark Crown Court. The length of his sentence is made up of one count of [...]
The Northern Ireland Protocol was only ever a placeholder to get Brexit over the line – now the real work begins July 26, 2021 Mention Northern Ireland to a British politician and he or she will edge towards the door. With some notable exceptions such as John Major and Peter Mandelson, our leaders have tended to regard Northern Ireland as a strange land where normal rules do not apply: sectarian divisions they don’t understand and political parties which don’t [...]
Green economy Spac Spinnaker plots London stock market float July 26, 2021 A special purpose acquisition company (Spac) focused on sustainability and green energy is planning an initial public offering on the London Stock Exchange. Spinnaker Acquisitions — a blank-cheque firm that will target mergers in the green economy — will list in London this week. The company said it will target businesses valued at between £5m [...]
Chinese billionaire Larry Chen takes a hit as Beijing cracks down on private education July 26, 2021 Larry Chen, the founder, chairman and chief executive of Gaotu Techedu, has lost his billionaire status as China imposed a regulatory overhaul on the country’s $100bn private education sector. The Chinese authorities released new regulations banning companies to teach school curriculums in order to make profits, raise capital, or go public, Bloomberg reported today. Chen, [...]
Labour calls for ’employment charter’ to enshrine workers’ rights post-Covid July 26, 2021 Labour has called for a new “employment charter”, which would see workers’ rights enshrined in law from day one in a new job. The party is also calling for a ban on “fire and rehire” practices as a part of the charter, after the practice gained notoriety throughout the pandemic. Under the current legislation some [...]
Ofcom targets Musk’s SpaceX and Oneweb with satellite rule revamp July 26, 2021 Ofcom has outlined proposals for tighter rules on the satellite broadband sector in a move that would impact Elon Musk’s SpaceX and British rival Oneweb. Space X and Oneweb are racing to launch constellations of low-orbit satellites that will provide high-speed broadband services to remote rural locations worldwide. While the systems can bring faster speeds [...]
Bridgepoint mulls selling Burger King UK for a beefy £500m July 26, 2021 The owner of Burger King has plotted early stage talks to sell the fast food retailer for some £500m just days after it listed on London’s top market, according to reports. Bridgepoint, the private equity owner behind Burger King, floated on the London Stock Exchange last week in a rare listing that raked in £300m [...]
Ryanair posts €273m net loss as restrictions continue to ‘wreak havoc’ July 26, 2021 Ryanair has posted a net loss of €273m (£233m) as pandemic travel restrictions continue to “wreak havoc” on the airline industry. Despite the loss, the Irish airline took home some €371m in the weeks to 30 June, up from €125m in the same period last year. Shares were up 4.1 per cent in its afternoon [...]
South Korean broadcaster MBC apologises after using Chernobyl to depict Ukraine during Tokyo 2020 Olympic opening ceremony July 26, 2021 A South Korean broadcaster has been forced to apologise after using offensive stereotypes to depict countries during the Tokyo 2020 Olympics opening ceremony. MBC used the offensive pictures and captions alongside the athletes as they walked out during Friday’s ceremony. Italy was identified via pizza, while the broadcaster used the Chernobyl nuclear disaster of 1986 [...]
