Sunak and Truss’s room for tax cuts is ‘limited’, OECD warns August 3, 2022 Tory leadership hopefuls Liz Truss and Rishi Sunak’s room to cut taxes is limited, a top global economic institution said today. The Organisation for Economic Co-operation and Development (OECD) said an ageing society and the need to boost public sector investment to lift growth will keep government spending higher for decades, limiting “the scope for [...]
Robinhood lays off almost a quarter of staff as crypto crash continues August 3, 2022 Trading platform Robinhood cut about 23 per cent of its staff as the crypto crash persisted and economic outlook dampened. The company, which enables crypto trading, had previously laid off 9 per cent of its staff to manage costs. The layoffs follow other crypto companies cutting staff as the “crypto winter” causes prices of major [...]
UK parliament shuts down its TikTok account over China security concerns August 3, 2022 Parliament has decided to shut down its new TikTok account after just one week due to data security concerns raised by MPs. Four MPs and two Lords who have all been sanctioned by China wrote to Commons speaker Sir Lindsay Hoyle and Lord speaker Lord John McFall to complain about “data security risks associated with [...]
Revolut will offer 22 new cryptocurrencies for UK customers August 3, 2022 Revolut announced today it will offer 22 new cryptocurrencies to its UK customers, expanding the trading platform’s crypto offering to over 80 tokens. The new crypto offerings include Metaverse token APE, DeFi tokens REQ, ETC, and other tokens like CLV, FORTH, AVAX. Revolut previously increased the cryptocurrencies available on its app to 60 tokens from [...]
Michael Saylor quits as MicroStrategy CEO after Bitcoin losses August 3, 2022 Crypto advocate Michael Saylor stepped down as CEO of MicroStrategy after the software company took a near $1bn (£0.8bn) loss in Bitcoin. Saylor, a prominent supporter and investor of Bitcoin, will now be Executive Chairman after MicroStrategy faced an impairment charge of over $917m (£757m) on its Bitcoin holding in the second quarter of 2022 [...]
Robinhood Crypto fined £24.7m in New York for regulatory violations August 3, 2022 Robinhood Crypto was hit with a $30m (£24.7m) for violating anti-money laundering, cybersecurity, and consumer protection requirements. New York’s financial regulator the Department of Financial Services fined the trading platform’s crypto business on Tuesday for “significant failures” in money laundering obligations and cyber security and violating “critical consumer and reporting requirements.” Additionally, Robinhood Crypto must [...]
OPEC+ hikes production targets by miniscule volumes of 100,000 barrels per day August 3, 2022 The OPEC+ coalition of oil producing countries today agreed to up its production targets by miniscule volumes of just 100,000 barrels of oil per day, in a hike that scuppered hopes for a more substantial increases that could have reversed the recent surge in prices that has wreaked havoc on the global economy. The [...]
City grandee Lord Cruddas calls for Tory leadership race to be suspended August 3, 2022 A City grandee and Tory peer has called for the party’s leadership election to be suspended and for Boris Johnson to remain in office in the wake of cyber security concerns over online voting. Lord Peter Cruddas, billionaire founder of CMC Markets, said that any threat of outside sabotage of the vote would mean that [...]
‘Bad for competition’: Stephen King pushes back against Penguin and Simon & Schuster merger August 3, 2022 Novelist Stephen King has slammed the proposed merger of Penguin Random House and Simon & Schuster, deeming it "bad for competition".
‘Junk science’: London Conservatives dispute validity of research on TfL food ad restrictions August 3, 2022 GLA Conservatives have disputed the validity of an independent research on junk food ad restrictions implemented since 2019 on the Transport for London (TfL) network. Published yesterday by the University of Sheffield and the London School of Hygiene & Tropical Medicine, the study argued that the ban has prevented almost 100,000 cases of obesity. It [...]
