News

Business 19-06-2018

“Difficult times” ahead as Debenhams issues profit warning

Debenhams shares dropped almost 20 percent at one point today, as the retailer announced a third profit warning this year. Citing an increase in discounting from competitors along with weak market conditions, the company said that trading in May and June so far has been below plan, despite modest comparisons from the same period last […]

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Automotive 19-06-2018

Audi CEO arrested in Germany

Rupert Stadler, CEO of carmaker Audi was arrested Monday in the wake of an ongoing emissions cheating scandal. Audi, an arm of German multinational Volkswagen Group, has been the subject of investigation from authorities after the 2015 scandal in which VW was found to be cheating emissions tests. The Munich’s prosecutor’s office made a statement, […]

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Business 19-06-2018

McCarthy & Stone CEO stepping down amid profit warning

Retirement housebuilder McCarthy & Stone CEO announced he is walking away from the company this year, as the company’s shares fell after it issued a profit warning. Declining reservation rates have lead to a revised profit forecast of between £65 million and £85 million, a drop from the £96 million recorded last year and the […]

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Automotive 19-06-2018

Elon Musk tells Tesla staff to stay vigilant after fire and apparent “sabotage”

Tesla CEO Elon Musk is facing more challenges as his company attempts to ramp up to commercial scale. As reported by CNBC, Musk wrote an email to staff Sunday night claiming an employee had been found to be active in “extensive and damaging sabotage to our operations”. The email alleges the employee, discontent over a […]

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News 19-06-2018

Amazon shareholders pressure company to stop sale of facial recognition tech

A number of Amazon’s shareholders have voiced concern over the company’s facial recognition technology. The group penned a letter to CEO Jeff Bezos, asking the company to stop sales of the tool called “Rekognition” to police and government organisations. The pressure comes after a report from the American Civil Liberties Union (ACLU) earlier this year, […]

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Business 18-06-2018

Energy regulator tightening checks on new companies

Energy watchdog Ofgem is planning changes that will make it tougher for smaller companies to enter the market. The regulator cites issues for consumers in a review into their licensing procedures, identifying that smaller companies bring a lack of financial stability, and risk providing poor customer service and unsustainable business models, leading to some customers […]

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Finance News 18-06-2018

Large volume of Bitcoin transactions could bring the internet to a halt, says BIS report

Swiss-based financial institution the Bank for International Settlements has released a report warning that cryptocurrency is not ready for use on a large scale. The 24-page report, part of the institution’s annual economic report, said that the lack of a centralised backer for the network brought about significant risk. The report says: “The decentralized technology […]

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Business 18-06-2018

CYBG and Virgin Money agree acquisition deal worth £1.7 billion

Clydesdale and Yorkshire Banking group has received an agreement from Virgin Money for a merger between the two banks, valued at £1.7 billion. The deal will see shareholders for Virgin Money receiving 1.2125 shares in the new CYBG for each of their own, resulting in a 38 percent share for Virgin in the combined group. […]

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Finance News 18-06-2018

Fine and ban for financial advisor faking qualifications

The Financial Conduct Authority has hit Darren Cummings of DCC Financial with a fine of almost £30,000 after he was found to have presented fake qualifications. The Northern Ireland based financial advisor was also banned from providing financial services. Cummings was found to have provided the FCA with two separate documents to prove his qualifications, […]

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Finance News 18-06-2018

Alibaba affiliate raises US$14 billion in series C funding

Multinational e-commerce giant Alibaba’s financial affiliate Ant Financial has announced successful fundraising of US$14 billion, as the company looks toward global expansion plans. The company has said they are looking into providing more services for emerging markets, as well as exploring new technology such as blockchain, after the influx from a series C investment round. […]

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