Crypto lender Nexo has 15 sites raided by police in Bulgaria January 12, 2023 Bulgarian prosecutors have launched an investigation into alleged illegal activities conducted by cryptocurrency lender Nexo, they said on Thursday, raiding more than 15 sites in the capital Sofia. The announcement comes after Nexo said in December it would phase out its U.S. products and services over the coming months due to clashes with regulators. “In Sofia, active [...]
Can Starmer solve Ireland’s Brexit woes? Labour leader visits Belfast today for meeting with Irish premier Varadkar January 12, 2023 Irish premier Leo Varadkar and UK Labour leader Sir Keir Starmer are to travel to Belfast on Thursday as efforts to resolve the dispute over the protocol ramp up. The Taoiseach and Sir Keir are to meet with the main Stormont parties to discuss the deadlock over the post-Brexit protocol, which the DUP party has [...]
Asos’ UK sales slip as analysts warn firm has a “mountain to climb” January 12, 2023 Pandemic darling Asos reported a further decline in UK sales this morning, with the fast fashion flagship’s boss insisting the firm was making good progress on a turnaround plan. UK sales slipped eight per cent year on year in the four months into December 31, with the firm blaming “weak consumer sentiment.” Fast fashion firms, [...]
City Exclusive: How rising legal star Natasha Harrison is taking on London’s Magic Circle firms January 12, 2023 As 2022 has come to a close, City lawyers undoubtedly remember last year as the time the pay war among London’s biggest firms heated up in earnest, as the war for talent reached new highs. But away from the Square Mile’s biggest legal teams, 2022 will also go down as an incredibly exciting year for [...]
Meta pumped cash into a futuristic vision, but they didn’t prepare for a recession January 12, 2023 The challenge Meta faces is different from that of other companies like Google and Microsoft, because Mark Zuckerberg did nothing to future-proof his company in the event of a recession, writes Howard Yu Meta suffered another blow last week, as the European Union ruled their ad practices in Ireland illegal. The decision resulted in a [...]
Home REIT faces legal threat from biggest tenant over £5.5m rent relief deal January 11, 2023 Troubled social housing investor Home REIT is facing a legal challenge from its biggest tenant after trying to renege on a £5.5m rent relief deal it struck due to the dilapidated state of its properties, City A.M. can reveal.
The pandemic’s lasting impact is huge… How can the little idea of recycling help? January 11, 2023 The pandemic’s lasting impact is huge… How can the little idea of recycling help? For the past 2 years, it’s been one thing after another: Covid lockdowns, more Covid lockdowns, Russia invading Ukraine, and a few more Covid lockdowns (looking at you China). Therefore, it comes as no surprise the global economy continues to take [...]
AO World ‘cautiously optimistic as moves to slash costs helped lift profit expectations January 10, 2023 AO World has said it is “cautiously optimistic” as the online electricals retailer revealed that moves to slash costs have helped the firm’s profits surpass expectations. Last year, the Bolton-based company closed its loss-making German business and launched actions designed to save at least £30 million a year by 2023-24, including axing a raft of senior and [...]
Vodafone sells off Hungary business for hefty price tag amid major overhaul January 9, 2023 Mobile phone giant Vodafone has finalised a deal to sell its Hungarian business for £1.5 billion amid an ongoing overhaul. The group, which first announced the plans in August, confirmed a binding agreement to sell Vodafone Hungary to local technology company 4iG and the Hungarian state for 660 billion Hungarian forints (£1.5 billion), with the [...]
To be an attractive location the City needs an innovative offer, starting from transport January 9, 2023 For many City workers, after a week of working from home due to rail strikes, today will be the first day back in the office. People across the Square Mile will hope that the new year brings a swift resolution to the railways’ industrial action. We all want to return and help the City unlock [...]