Revolut becomes UK’s most valuable fintech after bumper funding round July 15, 2021 Challenger bank Revolut has become the UK’s most valuable fintech company after seeing its valuation surge to $33bn (£24bn) following a fresh funding round. The British fintech favourite has secured $800m in new funding in a round led by Softbank’s Vision Fund and Tiger Global Management. It makes Revolut one of the most valuable fintechs [...]
Blackstone locks eyes on property market with $5.1bn AIG housing assets deal July 15, 2021 Private equity firm Blackstone is set to splash $5.1bn on housing assets from the American International Group (AIG), as it locks eyes on the affordable property market. AIG is also set to sell a 9.9 per cent stake in its life and retirement business to Blackstone for a further $2.2bn. Blackstone agreed to a “long-term strategic [...]
Airline shares fall as Balearics moved to amber, MPs call for furlough extension July 15, 2021 Airline shares took another fall this morning as the industry reacted with dismay to the announcement that the Balearic Islands would be added back onto the “amber list” from Monday. The decision to reimpose additional restrictions on the popular holiday destination comes just weeks after Majorca, Menorca and Ibiza were added to the “green list”. [...]
Business groups blast government’s back-to-work guidance for lack of clarity July 15, 2021 Business leaders in the UK have slammed yesterday’s renewed government back-to-work guidance for its mixed messages that have “done little to dispel confusion” over returning to the office. BEIS officials published new guidance yesterday – a day later than expected – that called for a “gradual return” to the office from 19 July, as the [...]
Iceland boss warns of “pingdemic” chaos July 15, 2021 The managing director of the supermarket warns the government of urgent staff shortage challenges for businesses caused by a “broken” test and trace system, as “Freedom Day” approaches. Richard Walker said that despite fewer covid deaths and hospitalisations, he was facing the greatest pandemic challenges to running the frozen foods grocer yet, in a Daily [...]
Sydney Airport rejects $17bn buyout offer July 15, 2021 Sydney Airport has this morning rejected a $16.6bn buyout offer from a group of infrastructure fund, foiling what would have been one of Australia’s biggest takeovers. The firm behind the airport said that its board had unanimously rejected the bid as undervaluing the firm and not being in the best interest of shareholders. The offer [...]
BlackRock hikes wages by 8 per cent July 15, 2021 BlackRock is set to provide its employees an ‘off-cycle’ salary hike. The world’s largest asset manager plans to boost pay by 8 per cent. “Your initiative, commitment and teamwork helped ensure that through the pandemic we supported our clients,” Chief Executive Officer Larry Fink and President Rob Kapito said. The company is the latest finance giant [...]
China’s post-pandemic growth slows as government aims for more stable course July 15, 2021 China’s fast rebound from the Covid-19 pandemic has now slowed, according to official figures. The nation’s GDP for the second quarter of 2021 was up 7.9 per cent on the same period in 2020, falling short of economist’s forecasts of 8.1 per cent growth. It was less than half the growth seen in the first [...]
Shares in Avast jump as cyber firm confirms NortonLifeLock merger talks July 15, 2021 Shares in Avast jumped this morning after the London-listed cybersecurity firm confirmed it is in advanced discussions over a possible merger with US rival NortonLifeLock. In a statement last night Avast said Norton could make a cash and share offer for the entire issued capital of the firm. However, it warned there was no certainty [...]
Sale rates soar for online retailer ASOS July 15, 2021 Online fashion giant ASOS saw sales continue to skyrocket despite physical competitors re-opening, per the firm’s latest market update. UK sales increased 60 per cent for the retailer in the four months to the end of June, with active customers growing by a further 1.2m. Chief executive officer Nick Beighton said, “ASOS has delivered another [...]
