Cupcake Pizza Company Impresses Lori Greiner on Shark Tank

Source: SPT

Andrea Meggiato and Michelle Jimenez are seeking $125k for a 5% stake in their Pizza Cupcake company.

About Shark Tank: The Sharks – tough, self-made, multi-millionaire and billionaire tycoons – continue their search to invest in the best businesses and products that America has to offer. The Sharks will once again give people from all walks of life the chance to chase the American dream and potentially secure business deals that could make them millionaires.

GM halts North American production at eight factories due to chip shortage

(qlmbusinessnews.com via news.sky.com– Fri, 3rd Sept 2021) London, Uk – –

General Motors is the latest automaker to be hit by the shortage of semiconductors. Ford has already said it will cut truck production after its August sales dropped by 33% because of the computer chip supply problem.

General Motors, one of the largest car manufacturers in the world, has been forced to halt production at eight of its 15 assembly plants in North America as a worldwide shortage of computer chips intensifies.

The US company owns a number of popular brands, including Cadillac, Chevrolet and GMC.

The scarcity of semiconductor chips has hit product makers from Apple to Toyota in recent months, with the UK's Society for Motor Manufacturers and Traders (SMMT) warning recently that the issue would strangle the industry's recovery from the coronavirus pandemic.

A spokesperson for GM said that the situation in North America was “complex and very fluid”, with four of the company’s factories in the US affected by the temporary shutdowns, plus an additional four sites between Canada and Mexico.

The halt in production from Monday for two weeks will affect GM’s most profitable product lines: sport utility vehicles (SUVs) and pickup trucks.

“During the downtime, we will repair and ship unfinished vehicles from many impacted plants, including Fort Wayne and Silao, to dealers to help meet the strong customer demand for our products,” a spokesperson said.

The other sites affected include GM's Wentzville, Missouri plant; CAMI Assembly in Canada and San Luis Potosi Assembly in Mexico; its Lansing Delta Township plant; the Spring Hill Tennessee factory and its Ramos, Mexico plant.

Last year, GM produced 6.76 million vehicles, making it the fourth largest car manufacturer in the world.

“Although the situation remains complex and very fluid, we remain confident in our team's ability to continue finding creative solutions to minimise the impact on our highest-demand and capacity-constrained vehicles,” the company added.

GM is the latest automaker to be hit by the shortage of semiconductors. Earlier this week, Ford said it would cut truck production after its August sales dropped by 33% because of the shortfall.

Production of advanced computer chips, which are essential for all kinds of modern products like smartphones, games consoles and computers, has suffered since the COVID-19 pandemic struck last year with factories in Taiwan, South Korea and China severely affected.

Lorry drivers shortage could lead to rise in food prices, wholesalers warn

(qlmbusinessnews.com via bbc.co.uk – – Fri, 3rd Sept 2021) London, Uk – –

The national shortage of lorry drivers could lead to a rise in food prices, wholesalers have warned.

Darren Labbett, managing director of Woods Foodservice, told the BBC that his industry was facing a “perfect storm” of adverse effects.

“We've got the Brexit situation and the after-effects of the pandemic coming together at the same time,” he added.

Mr Labbett said the cost of vegetable oil was at a 30-year high because of higher shipping costs and demand.

“As we came out of lockdown, the demand for everything went through the roof overnight,” he said.

Mr Labbett added that wholesalers were “trying our utmost” to absorb the extra costs instead of passing them on, “but we can't absorb those price increases forever”.

David Bielby, chief executive of the Federation of Wholesale Distributors, which represents about 600 firms in the wholesale sector, said there were “chronic” staff shortages throughout the food and drink supply chain, with up to half a million vacancies.

“That means all businesses – growers, processers, wholesalers and manufacturers – having to offer incentives to retain and recruit staff, and costs are rising as a result,” he told the BBC.

“Under these circumstances, it is inevitable that some of these cost increases will be passed through the supply chain, which will lead to food price inflation.”

Many businesses have been complaining about the UK's shortage of lorry drivers, which continues to cause serious supply chain problems.

The coronavirus pandemic, Brexit and tax changes have all contributed to a lack of qualified drivers. Industry bodies estimate there is a shortfall of about 100,000 workers.

On Thursday, Andrew Opie from the British Retail Consortium (BRC) warned that UK food manufacturing was under severe strain because of shortages of HGV drivers and other supply chain staff, meaning that some production might have to move out of the country.

However, wholesalers point to a number of other factors that are also threatening to push up prices.

David Josephs, owner of All Greens Wholesale, a fruit and vegetable importer and wholesaler in London, said Brexit had been the biggest cause of additional costs for his business.

“We have an operation out of Milan, we ship twice a week, and just those two shipments a week coming out of Milan, the paperwork, purely the paperwork, is costing us an additional €52,000 (£44,650) a year,” he told the BBC.

“But with Covid now as well, growers around Europe have been affected with labour shortages and therefore, goods haven't been picked out of the ground and therefore there is a shortage.”

Bad weather had also reduced crop yields, he added.

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CMC online broker warns on profits as trading volumes ease after frenzy

(qlmbusinessnews.com via uk.reuters.com — Thur, 2nd Sept 2021) London, UK —

Sept 2 (Reuters) – Online broker CMC (CMCX.L) cut its annual profit guidance by up to 80 million pounds ($110 million) on Thursday after market volatility eased from extreme levels earlier in the pandemic, triggering a 27% fall in its share price.

CMC, which lets investors trade complex financial instruments on its platforms, said overall market activity had been subdued over the last couple of months, leading to lower trading volumes across new and existing clients.

The company's stock dived 27% to its lowest in more than a year on the London Stock Exchange by 1000 GMT, heading for its worst day since late 2016.

“CMC cannot escape the slowdown in trading activity,” Peel Hunt analysts wrote in a note. Among reasons for the drop, it cited clients taking holidays after the easing of pandemic curbs, meaning they have less money to spend on investing as well as less time.

CMC and the broader sector profited from high volumes as fears over the economic impact of the health crisis spurred volatility, while a so-called “GameStonk” retail trading frenzy on Wall Street during the lockdowns also aided.

Activity has slowed as government support measures and vaccinations mitigated concerns about a prolonged economic slowdown. The CBOE volatility index (.VIX), or Wall Street's fear gauge, fell to 16 from a peak of 85 last year.

CMC, which had expected more than 330 million pounds in net operating income for its fiscal year through March, now says it will be between 250 million and 280 million pounds.

Client numbers remain up around a third from pre-pandemic numbers, while assets under management are near record levels, the company said.

Operating costs for the current year will be moderately higher, although they will be partly offset by lower marketing costs because of lower activity, CMC added.

($1 = 0.7247 pounds)

Reporting by Chris Peters & Muvija M in Bengaluru

Barratt’s annual profits up by nearly two-thirds via strong demand for new homes

(qlmbusinessnews.com via theguardian.com – – Thur, 2nd Sept 2021) London, Uk – –

Profits at UK’s second-largest housebuilder increase by two-thirds amid property market boom

Barratt Developments has said strong demand for houses helped to boost annual profits by nearly two-thirds in its latest financial year, as it signalled continued strong demand for housing across the UK even as the government withdrew coronavirus pandemic support.

Britain’s second-largest housebuilder by market value reported profits before tax of £810m for the year to the end of June, compared with £490m in the previous year, and said a strong forward sales book was encouraging for the year ahead.

It also said the strength of the recovery meant it had experienced “moderate inflationary pressure on skilled labour supply”, and that build costs were rising by between 4% and 5% annually. However, it had not seen significant material cost increases, mainly because of long-term contracts that will see it through to the end of the year.

The UK housing market has gone through a period of extraordinary growth during the pandemic, as an initial freeze on purchases during the first lockdown was replaced by a buying frenzy that has pushed prices to record highs. Prices rose by 11% in the year to August, according to data published on Wednesday by Nationwide, Britain’s second-largest mortgage lender.

While the economy slumped at the start of the crisis, the housing market has boomed in part because of wage support schemes that prevented a large increase in unemployment, and also because of historically low borrowing costs and a rush for more space during the pandemic. At the same time, the UK chancellor, Rishi Sunak, in brought in a temporary stamp duty holiday in July 2020 that is thought to have added to builders’ profits. The measure was partially withdrawn in July, and will end completely on 1 October.

Barratt’s revenues for the financial year were £4.8bn, only 1% lower than the equivalent in 2019, before the effects of the pandemic. The builderr completed 17,200 houses, only 600 behind 2019 and 4,600 ahead of the 2020 financial year, which included the first national lockdown.

David Thomas, Barratt’s chief executive, said the company had made “excellent progress this year”.

He said: “We have begun the new financial year in a strong position and, while there are still uncertainties ahead, our strong balance sheet, forward order book visibility and construction activity to date all stand us in good stead. There is very strong demand for houses across the country.”

The FTSE 100 housebuilder said trading in July and August remained strong, with 277 net private reservations for houses per week. That compared with 250 in the year to June 2020, and 314 in the 2021 period, which was boosted by pent-up demand. Barratt said it aimed to build more homes than in the 2019 financial year in 2022.

Charlie Campbell, an analyst at Liberum, an investment bank, said: “We see upside in the housebuilders as continued good news on trading should trump the market’s fears, which we think are overdone.”

By Jasper Jolly

SIMBA Chain Raises $25M to Grow Sales and Marketing, Expand Into NFTs

(qlmbusinessnews.com via coindesk.com — Thur, 2nd Aug 2021) London, Uk – –

How The Right 5-10 Cryptocurrency Coins
Could Make You A Fortune
https://www.qlmbusinessnews.com/ohy1

The blockchain firm with multiple U.S. military contracts said it is dedicating resources to “emerging enterprise level opportunities such as non-fungible tokens.”

Blockchain-as-a-service firm SIMBA Chain has closed a $25 million Series A funding round led by Valley Capital Partners, the firm announced Thursday.

  • Indiana-based SIMBA Chain said the funding will be used to grow the firm’s sales and marketing departments, as well as to “dedicate resources to emerging enterprise level opportunities such as non-fungible tokens.”
  • Other participating investors included Notre Dame Pit Road Fund, Elevate Ventures, Stanford Law School Venture Fund, the founders of Lightspeed Venture Partners and New Enterprise Associates.
  • In January, SIMBA Chain announced it had been awarded a $1.5 million contract from the U.S. Office of Navy Research to build a blockchain system to help ensure a ready supply of military weaponry.
  • SIMBA’s technology is currently used by the U.S. Air Force, Army, Navy and Marines, as well as Boeing and other businesses, for a wide range of commercial applications.
  • The company said it expects academic institutions and more businesses to use its software to manage their digital and physical assets.

By  Tanzeel Akhtar

Shell to install 50,000 electric vehicle charging points across UK

(qlmbusinessnews.com via news.sky.com– Wed, 1st Sept 2021) London, Uk – –

The energy giant is offering to help local authorities pay for the installation of the chargers as part of a push to build new infrastructure ahead of the planned phase-out of petrol and diesel vehicles.

Energy giant Shell has revealed plans to install 50,000 electric vehicle charging points across the UK by 2025.

It is part of a push to make more charging points available to drivers without private parking as the government targets a reduction in carbon emissions to net zero by 2050.

The UK plans to ban the sale of new petrol and diesel cars from 2030 – and the switch to electric will mean new infrastructure is needed to power the electric cars that replace them.

Shell will roll out its plans through ubitricity, an on-street charging point company it bought earlier this year that currently operates 3,600 such sites in Britain.

The company said it would support local authorities with a financing offer to install the charging points across the UK.

Shell said it would do this by topping up the remaining cost of installing on-street chargers not covered by a 75% central government subsidy

It did not give details on the cost of the initiative – through which it will make money by selling energy at the charging points.

According to a recent report from the UK's Competition and Markets Authority, forecasts suggest that 280,000-480,000 public charge points will be needed by 2030 – more than ten times the current number of 25,000.

More than 60% of households in city and urban areas do not have off-street parking, according to figures quoted in a National Audit Office report earlier this year that was cited by Shell in its latest announcement.

David Bunch, Shell's UK chair, said: “It's vital to speed up the pace of EV charger installation across the UK and this aim and financing offer is designed to help achieve that.”

Transport minister Rachel Maclean said: “Together with industry and local authorities, we can create cleaner, greener local communities – providing EV chargepoints for people without off-street parking across the country.”

KPMG accused of giving ‘false and misleading’ information to financial watchdog

(qlmbusinessnews.com via bbc.co.uk – – Wed, 1st Sept 2021) London, Uk – –

A financial watchdog has accused accountancy firm KPMG and individuals of giving it “false and misleading” information about collapsed construction giant Carillion.

It follows what the Financial Reporting Council (FRC) said was a routine check on the quality of KPMG's audit of Carillion's accounts.

The construction firm imploded in 2018 under £7bn of debt, hitting thousands of jobs and 450 building projects.

The FRC also said on Wednesday it had started a similar misconduct complaint against KPMG over another firm, technology group Regenersis.

In a statement, the FRC said: “The formal complaint alleges misconduct against KPMG and several individuals regarding the provision of allegedly false and misleading information and/or documents to the FRC by KPMG in connection with the FRC's inspections of two audits carried out by KPMG.”

The individuals who have been served with the formal complaints include Peter Meehan, the former partner who was in charge of the Carillion audit, and Stuart Smith, who ran the Regenersis audit.

The FRC points out that the complaint does not claim the audits were wrongly done or that financial statements were not properly prepared.

A disciplinary tribunal will review the formal complaint case, with a hearing scheduled to start on 10 January.

The 2016 audit of Carillion's financial statements is being investigated in separate ongoing investigations, with KPMG facing a potentially hefty fine when the FRC probe wraps up in coming months.

A KPMG spokesperson said: “We take this matter extremely seriously. We discovered the alleged issues in 2018 and 2019, and on both occasions immediately reported them to the FRC and suspended the small number of people involved.

“The allegations in the Formal Complaint would, if proven, represent very serious breaches of our processes and values. We have cooperated fully with our regulator throughout their investigation.”

KPMG and other of the so-called Big Four accountancy firms are spinning off their restructuring arms in a bid to avoid conflicts of interest in its business. It comes ahead of an expected government move which would force them to split their audit divisions from the rest of the business to ensure they stay independent.

UK’s Octopus Group buys Dulacca wind farm in Australia from RES

(qlmbusinessnews.com via uk.reuters.com — Tue, 31st Aug 2021) London, UK —

MELBOURNE (Reuters) – UK renewables investment firm Octopus Group has bought a 180 megawatt wind farm project in Queensland, Australia from Britain’s RES, the companies said on Tuesday.

They did not disclose the sale price for the Dulacca wind farm.

The wind farm’s 43 turbines will be supplied by Denmark’s Vestas Wind Systems, which will also operate the site.

Commissioning of the wind farm is due to begin in the first quarter of 2023, Vestas said.

RES typically develops renewable energy projects then sells them to investors, but then manages the assets.

Queensland’s state-owned CleanCo has signed a 126 MW power purchase agreement with the Dulacca wind farm owners, which would help meet the state’s target to have 50% of its energy from renewables by 2030, the companies said.

The Dulacca project is Octopus’ fourth renewable asset acquisition in Australia since entering the market in 2018.

“It is great for Octopus to continue our long-standing European relationship with two strong counterparties in RES and Vestas, who between them bring deep wind farm construction and grid experience in Australia,” Octopus Australia’s investment director, Darren Brown, said in a statement.

The deal comes at a time when there has been a drop off in wind and solar farm developments in Australia, after a period of rapid growth over the past several years.

Developers have been deterred by delays in hooking up projects to the grid and curbs on output from new projects due to insufficient transmission capacity to handle all the power being added in locations far away from demand centres.

The federal and state governments are backing new interstate transmission projects to help ease the congestion and clear the way for more renewables to be added to the grid.

Reporting by Sonali Paul

Ryanair expecting to fly 10.5 million passengers a month as it expands autumn flights

 

(qlmbusinessnews.com via theguardian.com – – Tue, 31st Aug 2021) London, Uk – –

Budget airline says it will fly about 10.5 million passengers a month over the next three months

Ryanair is expecting to fly more passengers this autumn than in the summer, raising its target for the next three months as it predicts “a very strong recovery”.

The budget short-haul airline, Europe’s largest carrier, said it will fly about 10.5 million passengers a month through to November, about 5% more than its target announced a month ago.

Before a press briefing to launch new routes, the chief executive, Michael O’Leary, told Reuters he expected passenger numbers to return, as the airline brought its flight capacity back towards typical pre-pandemic levels for October.

“As long as there are no adverse Covid developments, things are set for a very strong recovery,” he said.

O’Leary said Ryanair was likely to have exceeded its 10.5 million passenger target for August.

“Through the winter, pricing will continue to build, but it will still be below (pre-) Covid,” he said. “We don’t expect pricing to go back to pre-Covid levels until the summer of 2022.”

In July the airline said it would fly 100 million passengers over the financial year to March 2022 after bookings surged with travel restrictions easing after vaccination programmes around Europe, although it continued to forecast losses.

It has said it will need to recruit 2,000 pilots over the next three years to rebuild after the pandemic, and has started to take delivery of its first Boeing 737 Max aircraft, which O’Leary has labelled a “gamechanger” for its enhanced fuel efficiency and costs per seat.

O’Leary has said the airline is well positioned to profit from the crisis, which he says will hit weaker rivals harder.

By Gwyn Topham

Why Are People Suddenly Paying So Much For NFTs?

Source: Bloomberg

NFTs (non-fungible tokens) burst on the scene with a $69 million sale of Beeple’s digital art. Now players behind the so-called metaverse are betting “digital scarcity” will create a whole new ecosystem of play and commerce.

The Rise And Fall Of Juicy Couture

Source: BI

Juicy Couture went from being beloved by celebrities like Paris Hilton to being sold at discount retailer Kohl’s. While the brand dominated the early 2000s with its tracksuits, accessories, and perfume lines, it quickly lost its value following the Great Recession.

Tim Cook, Apple boss paid more than $750m bonus

(qlmbusinessnews.com via news.sky.com– Fri, 27th Aug 2021) London, Uk – –

August marks the 10th anniversary of Mr Cook's promotion to the role of chief executive. Apple gave him 5 million shares to say thank you.

Tim Cook, the boss of Apple, has been paid a bonus of more than $750m (£547m) after spending 10 years at the technology giant.

The chief executive of the world’s most valuable public company was awarded five million shares for presiding over a massive 191.83% rise in Apple’s share price in the last three years, according to a recent regulatory filing.

Mr Cook has sold almost all of those shares now for a quarter of a billion dollars, the filing said.

Apple’s share price has exploded in recent years, outperforming much of the stock market and making Apple the first trillion dollar listed company.

The California-based business is now valued at $2.5trn.When he took over as CEO from Steve Jobs in 2011, Mr Cook agreed to a long-term incentive plan that would see him awarded shares each year if Apple hit certain targets.

Since then, Apple’s share price has increased by 1,200%, surpassing all of the targets set when Mr Cook became chief executive on 24 August 2011.

Last year, the CEO was paid a bonus of $282.8m, pushing his net worth over $1bn. He is a rare example of a tech billionaire who has reached that status as an employee, without founding a company of his own.

Jamie Dimon, the chief executive of JP Morgan Chase, and Sheryl Sandberg, Facebook’s chief operating officer, have both also achieved the same distinction.

In 2015, Mr Cook pledged to give away his entire fortune before he dies, joining the likes of Warren Buffet and Bill Gates who have made similar commitments.

Mr Cook told Fortune magazine that he would fund his nephew's education before donating his wealth to charity.

Two causes that are close to his heart are HIV/AIDS prevention and treatment, as well as climate change, he said – telling the magazine he had already started to quietly donate.

“You want to be the pebble in the pond that creates the ripples for change,” he said at the time.

Contactless card spending limit to increase to £100 in October

(qlmbusinessnews.com via bbc.co.uk – – Fri, 27th Aug 2021) London, Uk – –

The spending limit on each use of a contactless card is to rise from £45 to £100 from 15 October, banks have revealed.

The maximum amount was increased from £30 to its current level at the start of the pandemic, and plans to raise it further were announced in the Budget.

Nearly two-thirds of all debit card transactions are made via the tap-and-go technology.

But academics have warned that raising the limit could increase crime.

When contactless card payments were introduced in 2007, the transaction limit was set at £10. Cards were generally used in this way in place of small change when buying snacks, papers and occasional groceries.

The limit was raised gradually to £20, then to £30 in 2015.

The pandemic accelerated a move away from cash, with shoppers often being encouraged to use contactless in many stores to reduce close contact between staff and customers.

It meant the government and industry hurriedly increased the limit to £45 and announced plans to raise it again to £100. Banks say that will allow people to pay, without the need for a Pin, when filling up the car with petrol or during weekly food shopping trips.

They added that, given the number of terminals that will need to be updated to accept the new limit, it would take some time for the new level to be introduced across all retailers.

Chancellor Rishi Sunak said: “Increasing the contactless limit will make it easier than ever to pay safely and securely. As people get back to the High Street, millions of payments will made be simpler, providing a welcome boost for retailers and shoppers.”

However, there are concerns that the next increase will prove tempting for criminals to step up efforts to steal cards.

A report for UCL's Jill Dando Institute of Security and Crime Science said credit and debit cards were known as “hot property” for criminals.

“Raising the contactless card limit to £100 would likely make card theft more attractive, increasing a broad range of acquisitive crimes including snatch theft of wallets and purses, hold-up robberies, and home and vehicle break-ins to find cards that can be used fraudulently,” the report said.

“Past experience suggests it could attract new cohorts of teen criminals who are more likely to progress to extended criminal careers, with implications for longer term crime rates.”

By Kevin Peachey

Sports Direct new boss Michael Murray to get £100m payout if he doubles share price

(qlmbusinessnews.com via theguardian.com – – Thur, 26th Aug 2021) London, Uk – –

New chief executive Michael Murray, 31, who is Mike Ashley’s future son-in-law, has till 2025 to achieve target

The incoming 31-year-old boss of Sports Direct owner Frasers Group could be handed shares worth more than £100m if he more than doubles its share price.

The company, which also owns the House of Fraser department stores and the designer fashion chain Flannels, revealed the bumper potential payout on Wednesday night, weeks after it announced that Michael Murray would be taking over from his future father-in-law, Mike Ashley, next spring.

Murray, who is engaged to Ashley’s daughter, earned more than £9.7m from Frasers in 2019 and 2020 through consultancy work for the business. The payout would be far more than the £150,000 a year paid to Sports Direct’s previous senior executives, such as Dave Forsey.

The Doncaster-born son of a property developer began by helping Ashley with personal property deals a few years after meeting his daughter Anna on holiday in 2011, and rose to become Ashley’s right-hand man. Currently the retailer’s “head of elevation”, he was tasked by Ashley with overseeing the revamp of Sports Direct stores as well as expanding Flannels, improving the group’s use of technology, and building relationships with high-end brands.

“In considering a remuneration package, the remuneration committee was mindful of setting targets that were both stretching and achievable and that would reward an incoming chief executive commensurately with the shareholder value that could be attained,” Frasers said in a statement.

However, the £100m share option scheme will only be triggered if Frasers Group shares more than double to £15 each by 2025 under Murray’s leadership. Frasers shares ended the day at just over £6.50.

Frasers Group’s board said the target was “suitably challenging” but “would be evidence of the success of the group’s elevation strategy and Michael’s leading role in this”.

Frasers has form when it comes to eye-watering pay deals: last year shareholders backed another £100m share scheme that has the potential to make 10 of its employees millionaires if they triple its share price.

Murray will take home an annual salary of £1m regardless of the movement in the company’s share price. Ashley does not take a salary in his current position. The new pay package will be put to Frasers Group shareholders on 29 September.

Murray began his career running festivals and student nights while at Reading University after attending Sedbergh private school in Cumbria. He also started his property investment career as a student by buying two bars. He is due to take over as chief executive in May 2022.

By Kalyeena Makortoff

Binance can’t be supervised properly, says UK financial watchdog

(qlmbusinessnews.com via uk.reuters.com — Thur, 26th Aug 2021) London, UK —

LONDON, Aug 25 (Reuters) – The world's biggest crypto exchange Binance is not capable of being supervised properly and poses a significant risk to consumers, Britain's Financial Conduct Authority (FCA) said in a document published on Wednesday.

The exchange has come under pressure from regulators across the world in past weeks due to concerns over the use of crypto in money laundering and risks to consumers.

The FCA banned Binance in June from conducting any regulated activity and imposed several requirements on the platform. 

Its document published on Wednesday expands on its reasons for placing the requirements on Binance's UK-based Binance Markets Limited arm.

“Based upon the firm's engagement to date, the FCA considers that the firm is not capable of being effectively supervised,” the watchdog said in the document dated June 25.

“This is of particular concern in the context of the firm's membership of a global group which offers complex and high-risk financial products, which pose a significant risk to consumers.”

A Binance spokesperson said that as noted by the FCA, Binance Markets Limited has fully complied with all the watchdog's requirements and it continues to engage with the FCA to resolve any outstanding issues that may exist.

“As the cryptocurrency ecosystem industry continues to grow and evolve we are committed to working with regulators and policymakers to develop policies that protect consumers, encourage innovation, and move our industry forward,” the spokesperson said.

The FCA said it sent two requests for information about Binance's wider global business model and its stock tokens.

“The FCA considers that the firm’s responses to some questions amounted to a refusal to supply information,” the watchdog said in the document.

The exchange, whose holding company is registered in the Cayman Islands, has scaled back its product offerings and said it wants to improve relations with regulators.

The FCA said volumes at Binance in June were estimated to be between $11 billion and $38 billion.

Binance's UK arm was not currently carrying out regulated activities and that it had not done so for more than 12 months, the FCA said in its document.

Reporting by Huw Jones

NHS software supplier Realworld plots £100m listing on London’s junior stock market

(qlmbusinessnews.com via news.sky.com–Wed, 25th Aug 2021) London, Uk – –

Realworld Health, an artificial intelligence provider to customers including several NHS trusts, is working with Finncap on a listing on London's junior stock market, Sky News understands.

An artificial intelligence-based firm which works with leading NHS hospitals including London’s Royal Free is plotting a listing on London’s junior stock market.

Sky News understands that Realworld Health has hired brokers from Finncap to prepare an AIM flotation that is expected to take place in the first quarter of next year.

City sources said the company was likely to target a £100m-plus valuation when it lists.

Previously called Draper & Dash, the business uses machine learning to anticipate patient flows in hospitals and drive cost-improvement programmes.

Its software is now used by a number of NHS trusts and large pharmaceutical companies.Advertisement

RwHealth was founded by Orlando Agrippa, a former executive in the NHS and Australian healthcare sector, in 2017.

The company competes with the likes of Sensyne Health and Tempus.

Its emergence has come amid a debate about the growing use of private companies within the NHS, even as the COVID crisis has intensified pressure on the NHS to contend with a backlog in patient care.

“There is a clear need to transform how public health systems manage waiting lists, care delivery and review,” Mr Agrippa wrote in a recent LinkedIn post.

RwHealth declined to comment on a prospective flotation on Wednesday.

By Mark Kleinman

Just Eat to create 1,500 new jobs at Uk site

(qlmbusinessnews.com via bbc.co.uk – – Wed, 25th Aug 2021) London, Uk – –

Just Eat will create more than 1,500 customer service jobs in north-eastern England in the next 12 months.

The jobs will be based at a new facility in Sunderland as part of a £100m investment in the region by the firm over the next five years.

Currently, the takeaway food firm has more than 2,000 UK-based employees.

New employees will begin working from home and the firm will offer employees the option to work from the office in the coming months.

Just Eat said it had already hired 300 staff in Sunderland and noted that customer satisfaction had gone up as a result.

Previously, the firm had outsourced the majority of its customer service roles to Bulgaria and the Philippines.

Its UK managing director, Andrew Kenny, said the move was about positioning the firm for future growth. “The [takeaway] industry has changed a lot over the past 18 months,” he told the BBC's Today programme.

“New trends have emerged such as significant growth over breakfast and lunch. We're very confident that many of the behaviours that kicked off during Covid will sustain themselves.”

The delivery platform has more than 58,000 restaurant partners across the UK.

Sales growth

Councillor Graeme Miller, leader of Sunderland City Council, said: “We're thrilled to have supported Just Eat to make its move to Sunderland, joining a dynamic business community and creating jobs and opportunities for people across the city.”

“We're immensely proud of our skilled people and look forward to seeing how they drive the onward success of the Just Eat business,” he added.

The office, in Houghton le Spring, was previously occupied by Npower and will provide a gym, lounge and catering area across its 20,000 sq-m space.

Just Eat was founded by a group of five Danish entrepreneurs in 2000 and launched a year later.

Last year, online food ordering company Takeaway.com won a battle for the UK-listed Just Eat with a £5.9bn all-share offer.

It made Just Eat Takeaway.com one of the world's largest meal delivery companies.

Earlier this month, the company reported that sales rose 52% in the first half of 2021, reflecting a robust growth in orders during the coronavirus pandemic.

In June, consumer organisation Which? researched the price of ordering meals for between two to four people from five restaurants and cafes.

On average, Which? found that ordering through Just Eat was 7% more expensive than ordering directly from the restaurant.

Emirates to resume flights to England’s Newcastle

(qlmbusinessnews.com via uk.reuters.com — Tue, 24th Aug 2021) London, UK —

CAIRO – Aug 24 (Reuters) – Emirates airline said on Tuesday that it will resume flights to Newcastle, England from October 15.

There will be four flights weekly, it said in a tweet.

Emirates, one of the United Arab Emirates' flag carriers along with Etihad, also said it would increase flights across its European network in response to easing travel restrictions and increasing passenger demand.

Reporting by Alaa Swilam

PayPal online payment company to let UK users buy, hold and sell cryptocurrencies

(qlmbusinessnews.com via news.sky.com– Mon, 23rd Aug2021) London, Uk – –

It comes after the launch of the same service in the US which was then followed by a Checkout with Crypto feature, enabling PayPal users to actually spend their crypto when making purchases with online merchants.

Online payment company PayPal is to allow users in the UK to buy, hold and sell cryptocurrencies using its platform.

Available on both its app and website, the service will initially be limited to four cryptocurrencies: Bitcoin, Ethereum, Litecoin and Bitcoin Cash.

It comes after the launch of the same service in the US which was then followed by a Checkout with Crypto feature, enabling PayPal users to actually spend their crypto when making purchases with online merchants.

The volatility and lack of regulation around cryptocurrencies, which are considered private money under English law, has often been seen as an impediment to their adoption by large payment companies such as PayPal.

Critics have often flagged how the potential anonymity offered by using crypto online has empowered cyber criminals and fraudsters operating on the internet.

Jose Fernandez da Ponte, vice president and general manager for blockchain, crypto and digital currencies at PayPal, said his company's new service could help introduce more people to cryptocurrency.

“The pandemic has accelerated digital change and innovation across all aspects of our lives, including the digitisation of money and greater consumer adoption of digital financial services.

“Our global reach, digital payments expertise, and knowledge of consumer and businesses, combined with rigorous security and compliance controls provides us the unique opportunity, and the responsibility, to help people in the UK to explore cryptocurrency.

“We are committed to continue working closely with regulators in the UK, and around the world, to offer our support and meaningfully contribute to shaping the role digital currencies will play in the future of global finance and commerce.”

PayPal said the new service would begin to be available this week and all eligible customers should be able to access it through a new cryptocurrency tab within the next few weeks.

It is not clear if and when the company will allow consumers in the UK to pay merchants using cryptocurrency.

PayPal hopes its service can address concerns about the volatility of the cryptocurrency by the settling the transaction in fiat cash, meaning merchants won't have to accept the risk themselves.

The company said it will not charge a transaction fee for people using a cryptocurrency at checkout, and that only one type of coin could be used with each purchase.