Powa play: Dan Wagner ready for legal battle with former director Ben White over collapse of fintech unicorn November 1, 2016 With its multi-billion-dollar valuation, plush Heron Tower headquarters and outspoken founder, British fintech “unicorn” Powa was billed as Britain’s answer to Google – until, in February this year, it sensationally collapsed into administration. Now City A.M. can reveal the collapse is set to trigger a bloody courtroom battle as two of the story’s protagonists go head [...]
Norway doubles down on Arctic oil February 21, 2017 While Canada and the U.S. ban Arctic drilling for oil and gas motivated by environmental concerns, and majors such as Shell pull out of their Arctic projects due to financial pressures, Norwegian energy companies are planning to increase drilling in the country’s Arctic shelf in the Barents Sea. It seems that the limited oil price [...]
BHP Billiton has rejected criminal charges filed in Brazil against the Samarco Mineracao disaster October 20, 2016 BHP Billiton has rejected the charges against it regarding the Samarco Mineracao mine disaster in Brazil in November 2015. The world's biggest miner noted the statement from the Brazilian Federal Prosecution Office that it had filed criminal charges against BHP Billiton, before the Federal Courts of Ponte Nova, Minas Gerais. Read more: BHP Billiton aims for half of workforce [...]
Tesco faces legal action from shareholders over accounting scandal October 3, 2016 Tesco faces fresh legal action over its accounting scandal in 2014. A group of investors are bringing a £150m lawsuit against the retailer, saying they have suffered financially due to the £328m black hole that was discovered in Tesco's accounts two years ago. After it emerged that Tesco had overstated its profits, its share price plunged [...]
VW owners are taking their emissions scandal claims to the High Court January 9, 2017 A law firm has applied for a group litigation order against Volkswagen on behalf of thousands of owners of cars manufactured by the company. Harcus Sinclair said it was planning to bring claims in the High Court on behalf of owners of VW, Seat, Audi and Skoda vehicles. While the company has been hit with [...]
Government facing another legal battle over Brexit November 28, 2016 The government is facing another legal battle over Brexit, according to reports – and more specifically, over whether the UK will stay inside the Single Market once its leaves the EU. Lawyers are preparing to challenge the government's stance that Britain's European Economic Area membership ends when it exits the EU, the BBC has reported. [...]
No Brexit debate in parliament is creating sideshows, warns House of Lords November 22, 2016 A lack of healthy debate about Brexit in parliament risks creating more noise, such as the recent Article 50 case, elsewhere, the House of Lords has cautioned today. In a debate to discuss what degree parliament should be consulted on Brexit, the peers called on government to involve both houses more on its thinking on [...]
Investors want €8.2bn in damages from VW over the emissions scandal September 21, 2016 The Volkswagen emissions scandal – which recently spread to US car supplier Bosch – could be about to land VW with a bill for €8.2bn (£7bn) in claims from investors. A German court has said around 1,400 lawsuits in relation to the long running emissions scandal have been lodged at the regional court near VW's Wolfsburg headquarters in Germany, Reuters reports. On Monday alone – the [...]
Facebook faces lawsuits over its growth forecasts ahead of IPO in 2012 December 30, 2015 A US judge has given the go-ahead to two lawsuits accusing Facebook of hiding concerns over growth forecasts ahead of its initial public offering (IPO) in 2012. Facebook floated around three-and-a-half years ago at $38 per share. But initial investors would've lost out after its share price fell as low as $17.55 a few months later, and stayed below the [...]
Zara owner Inditex announces profit rise amid ongoing global expansion December 14, 2016 Inditex, the owner of various fashion brands including Zara and Bershka, has announced a nine per cent rise in its nine-month profit. Net profit reached €2.2bn (£1.85bn), and gross margin was 57.9 per cent. The Spanish retailer's earnings before interest, tax, depreciation and amortisation (Ebitda) increased 8.4 per cent, hitting €3.6bn. Read more: Zara owner [...]