Crackdown fears: Tencent-backed videogame maker sees shares drop 20 per cent in debut August 10, 2021 Videogame maker Krafton has watched its highly anticipated initial public offering collapse 20 per cent in its debut, as it was rocked by fears of a gaming crackdown across the pond. After securing a $3.8bn initial public offering (IPO), South Korea’s largest in over a decade, Tencent-backed Krafton became the first stock debut to fall [...]
FCA explores new rules to block UK high street bank closures August 10, 2021 The Financial Conduct Authority is reportedly looking into new rules that would give it the power to stop banks from closing high street branches, in a bid to ensure consumers have continued access to cash. In a consultation last month, the Treasury said it was considering new legislation that would give the UK’s financial regulator [...]
FCA fines ‘seriously incompetent’ pension adviser £1.3m over steel scandal August 10, 2021 The UK’s financial regulator has issued a £1.3m fine to a pensions adviser it described as “seriously incompetent” for his work advising members of the British Steel Pension Scheme. Geoffrey Armin, who worked for Retirement and Pension Planning Services Limited (RPPS), advised a 422 customers including 183 BSPS steelworkers. In total, he advised on £125m [...]
Hargreaves Lansdown shares pare back losses after tanking over 10 per cent yesterday August 10, 2021 Hargreaves Lansdown shares pared back sharp losses in early trading today after tanking over 10 per cent yesterday as investors piled out of shares in the financial services firm after its costs soared due to a sharp rise in retail trading volumes driven by the “meme stocks” trend. Hargreaves reported a three per cent drop [...]
Marlowe ditches its ‘unsolicited’ takeover bid of Restore August 10, 2021 Business services company Marlowe has today announced that it has withdrawn its takeover bid for fellow data services firm Restore after the companies could not come to an agreement. The board of Marlowe said it still believed that the deal would have been “strategically compelling,” but that the “offer price that would be required to secure [...]
M&G investment shares slip after reporting loss August 10, 2021 Investment manager M&G saw shares fall after today reporting a loss after tax of £248m for the first half of the year. Before tax the company saw a six per cent improvement in its profits for the half-year, at £327m, but the FTSE 100 company swung to a loss after tax of £248m for the six [...]
China court rejects Canadian citizen’s death sentence appeal August 10, 2021 A Chinese court has upheld today a death sentence against Canadian citizen Robert Schellenberg for drug smuggling. Schellenberg has been detained in China since 2014 after he was accused of drug smuggling. In December 2018, he was sentenced to 15 years in jail and he appealed for a retrial. But the Dalian intermediate people’s court [...]
US Democrats want more EV charging point funding to lower emissions in $1 trillion spending bill August 10, 2021 A group of 28 US House Democrats says the $1 trillion (£725bn) infrastructure bill poised for vote in the Senate falls short in electric vehicle (EV) funding. The current one trillion dollar bipartisan bill includes $7.5bn in electric vehicle infrastructure funding. The 28 Representatives have asked congressional leaders to add $85 billion towards an EV [...]
Holiday Inn owner IHG swings to profit and set to launch new luxury hotel brand August 10, 2021 InterContinental Hotels (IHG) has announced it will launch a new luxury brand as the brand swung to a profit in the first half. The Holiday Inn owner said travel had been slow to recover in European markets and scrapped its dividend to cut costs. The group will target high quality independent hotels for its new luxury [...]
Etihad slashes losses in first half but still $400m in red August 10, 2021 Gulf carrier Etihad Airways today announced that it had posted a $400m loss for the first six months of the year, half of the $800m it booked last year. The airline said that it had carried just 1m passengers in the period, down 71.5 per cent on a year ago. Passenger revenue came in at [...]
