Insolvencies spike to highest level since 2009 as energy crisis sets in October 7, 2022 Total company insolvencies in the second quarter of 2022 hit their highest quarterly level since 2009 at 5,629, as firms struggle to stay afloat amid the energy crisis. According to new ONS data, although insolvencies decreased in 2020 thanks to government support packages, Creditors’ Voluntary Liquidations (CVLs) have hit a new high. CVLs are the [...]
Just Stop Oil protestors block roads by Vauxhall Bridge in latest action October 7, 2022 Campaigners from Just Stop Oil blocked a key road in central London this morning in the latest wave of protests. Twenty-two protestors sat across the road near Vauxhall Bridge, blocking passing traffic. The group took action on a number of roads around Trafalgar Square earlier this week, with calls to end any new oil and [...]
Shares tank 15 per cent for Argo Blockchain as it pens new crypto mining agreement October 7, 2022 Shares plunged nearly 15 per cent for Argo Blockchain after the cryptocurrency mining giant penned an agreement with an undisclosed party to host and operate mining machines at its Helios facility in Texas. Up to 32 megawatts of power capacity will be provided by the company, which is roughly enough to power over 10,000 mining machines. In [...]
Peloton slashes 500 more jobs as it pins hope on turnaround plan October 6, 2022 Peloton said it plans to slash 500 more jobs, as chief executive Barry McCarthy gives the company six months to turn its run of bad luck around. The dramatic move knocks about 12 per cent from the exercise bike maker’s headcount to roughly 3,800 employees globally, and adds to the tide of staff cuts that [...]
Uber’s former security boss found guilty of criminal obstruction over data hack October 6, 2022 Uber’s former head of security has been found guilty of criminal obstruction for failing to tell US authorities about a 2016 database hack. The breach impacted 57 million Uber records and 600,000 driving-licence numbers, and led to former top dog Joe Sullivan to be fired in 2017. The San Francisco jury convicted Sullivan this week of [...]
Big pay for Big Tech: Facebook UK staff bank £134k a year on average October 6, 2022 Despite reports that tech firms are facing job cuts and a slowdown of hiring, new filings reveal that the average salary for a Facebook employee in the UK hit £134,000 last year. Facebook’s headcount climbed 37 per cent to 5,148 in the UK, with the wage bill up to £693m in 2021. This made the [...]
Gambling titan 888 makes debut in Africa October 6, 2022 888 has today launched its African offering 888bet with with local licences in Kenya, Tanzania, Mozambique, and Zambia, paving the way for further expansion in the region. The gambling titan launched an African joint venture 888AFRICA back in March to expand across Africa’s regulated online betting and gaming markets. 888AFRICA’s team said it has focused on customer [...]
Imperial Brands plans £1bn share buyback to help investors cash in on growth October 6, 2022 Imperial Brands announced that it has launched a £1bn buyback programme to reward loyal investors, which have helped the firm climb towards the top of the FTSE 100. The cigarette giant, which makes brands like Rizla and JPS, said it would repurchase as much as 5.3 per cent of its stock in a year-long programme: [...]
Tobacco chief denies unfair Western focus for vape strategy October 6, 2022 Top dog at cigarette giant British American Tobacco (BAT) has pushed back against claims that the company’s focus for smoking alternatives has unfairly focused on the West, calling this narrative “superficial”. Speaking to City A.M., chief marketing officer Kingsley Wheaton said that whilst it was “certainly true” that the northern hemisphere have a “more advanced [...]
Musk’s Twitter u-turn is the beginning rather than the end October 5, 2022 When news broke that Elon Musk would be moving ahead with his original $44bn takeover of Twitter, it felt like the beginning of a saga rather than the end of it. While the Tesla chief told his 107m followers that the purchase would be an “accelerant” towards his vision of an “everything app”, Musk’s lawyers [...]
