EU accuses Amazon of ‘distorting’ competition in ecommerce market November 10, 2020 The EU has accused Amazon of distorting competition in online retail markets by misusing data from third-party sellers on its platform. In a statement today, competition tsar Margrethe Vestager said Amazon “systematically” relied on non-public business data of traders on its site. She accused the tech firm of using this data to benefit its own [...]
Netflix poaches ITN boss Anna Mallett to lead UK production November 10, 2020 Netflix has swooped on the chief executive of TV production giant ITN as the streaming giant bolsters its credentials in the UK. Anna Mallett will oversee Netflix’s production in Britain as well as local language productions across much of the rest of the world outside the US. Mallet currently leads ITN, which produces news programming [...]
Crypto asset scams: Peril in the age of Covid-19 and related legal reform November 10, 2020 As central banks around the world strive to counter the effects of Covid-19 in their respective economies, prospects of rapid inflation have led investors to believe that crypto assets, could be a good hedge going forward. For example, the price of Bitcoin has surged to more than $15000, boosted by news such as PayPal’s new [...]
Softbank ‘considers moving Vision Fund’ from London to Abu Dhabi November 10, 2020 Japanese tech investment giant Softbank is reportedly considering moving the unit that manages its $100bn (£75.6bn) Vision Fund from London to Abu Dhabi. The move has been under discussion for several weeks, the Financial Times reported, citing people with knowledge of the talks. The relocation of Softbank Investment Advisors, which manages the Vision Fund, is [...]
Acast and Patreon team up to launch subscriber-only podcast service November 10, 2020 Acast and Patreon have joined forces to launch a new service that will allow podcast creators to make exclusive content available to subscribers across all major platforms. The tie-up will allow creators on the Patreon membership service to distribute private, patron-only podcast episodes to listeners on apps including Apple and Amazon Music. “At Patreon, we’re [...]
Premier League confirms plans to scrap controversial pay-per-view model November 10, 2020 The Premier League has confirmed it will scrap its controversial pay-per-view model after a fierce backlash from fans. The new model, which was introduced following the international break in October, means fans have to cough up £14.95 to watch games not selected for regular broadcast. The move sparked anger among supporter groups, who raised hundreds [...]
Whipsaw Markets November 10, 2020 Macro Matters A strong wave of risk-on flow emerged yesterday following reports that Pfizer’s COVID vaccine candidate prevented 90% of infections in the latest study. As a result, the equities market surged higher, with the German DAX index trading up over 5% and US markets moving nearly as high at the open, while gold fell [...]
Landsec sinks to £835m loss but backs London’s office sector November 10, 2020 Commercial real estate owner Landsec sunk to a £835m loss in its half-year results due to the impact of the coronavirus pandemic, but reported strong investor interest in London’s office market. Landsec’s share price jumped 7.37 per cent to 690.9p despite mounting losses after the landlord revealed its optimistic outlook on the central London office [...]
Meggitt shares continue to soar but profit set to halve November 10, 2020 Shares in aerospace engineer Meggitt jumped 12.8 per cent this morning despite warnings that profit would halve for the full year. In a third quarter trading statement, the FTSE 250 firm said that the global aerospace sector was still “weak”, with revenue down to £384m in the period. Across the nine months to date, it [...]
Norwegian Air to run out of cash within months November 10, 2020 Embattled Norwegian Air this morning warned that it could run out of cash in the first quarter of 2021, unless it manages to find a fresh source of financing. Reporting its third quarter results, the low-cost carrier said: “Norwegian is dependent on additional working capital in order to continue operating through the first quarter of [...]
