Petrofac faces potential £400m lawsuit following ex-employee’s bribery conviction February 11, 2019 Oil field services company Petrofac is facing a potential £400m lawsuit from angry investors after its shares crashed when one of its former executives pleaded guilty to bribery and corruption charges. The former global head of sales at Petrofac, David Lufkin, pleaded guilty last Thursday to offering corrupt payments in an attempt to secure contracts [...]
EU to ban tech firms from promoting their own services in new crackdown October 29, 2020 Tech giants will be banned from unfairly promoting their own services and will have to do more to crack down on harmful content under new rules being prepared by the EU. Competition chief Margrethe Vestager today proposed a raft of tough new laws and promised greater powers for enforcement bodies in a bid to tackle [...]
Amazon to use AI to enforce social distancing in offices and warehouses June 16, 2020 Amazon is to use a tracking system powered by artificial intelligence to make sure employees are following social distancing guidelines in its offices and warehouses. Monitors in its warehouses will show workers on the screens highlighted in green circles when keeping a safe distance from others. The system will also be used in office buildings [...]
McDonald’s sues former chief Easterbrook over alleged sexual conduct with staff August 10, 2020 McDonald’s has filed a lawsuit against its former chief executive Steve Easterbrook, after accusing him of having several sexual relationships with colleagues. The fast food chain is suing Easterbrook to to recover his exit package, worth tens of millions of dollars, after an internal investigation found that he had sexual relationships with multiple employees. Easterbrook [...]
Volkswagen defeated in German ‘dieselgate’ case May 26, 2020 Volkswagen was yesterday defeated in a key German court case claiming compensation for drivers mis-sold vehicles by the car giant as part of the emissions rigging scandal. The ruling by Germany’s highest court for civil disputes, which will allow owners to return vehicles for a partial refund of the purchase price, serves as a template [...]
US election: Stocks jump and FTSE 100 climbs amid rush into big tech November 5, 2020 Wall Street stocks jumped again and the FTSE 100 rose as investors snapped up big tech and sold government bonds and the dollar in response to the ongoing US presidential election. Prior to the election, investors had bet that a strong Joe Biden victory would lead to a big stimulus package that would encourage growth. [...]
Fed maintains monetary policy that helped bitcoin grow as BTC’s decentralization improves February 1, 2021 CryptoCompare data shows the price of Bitcoin (BTC) moved from around $34,000 to a low under the $30,000 mark before the cryptocurrency’s price recovered. It’s now trading at $34,000. BTC has been ranging between $30,000 and $40,000 for about a month now. Ether (ETH), the second-largest cryptocurrency by market capitalization, started the week above $1,400 [...]
Virgin Australia to cut 3,000 jobs as carrier slims down under new owners August 5, 2020 Embattled airline Virgin Australia is set to cut 3,000 staff as it seeks to streamline its business under prospective new owner Bain Capital. Back in June Bain bought the carrier out of administration, with creditors due to vote on the sale on 4 September. If the deal is approved, the airline will focus on the [...]
New: Watchdog mulls Google probe over ‘anti-competitive’ advertising tech November 23, 2020 The UK competition watchdog is mulling a formal investigation into Google after it received a complaint about the tech giant’s “anti-competitive” new advertising technology. A consortium of businesses today wrote to the Competition and Markets Authority (CMA) urging it to delay a major new tech release by Google, which they warned would “cement” the tech [...]
MPs demand answers from Rishi Sunak on PPE procurement November 20, 2020 MPs have demanded an explanation from chancellor Rishi Sunak on the government’s awarding of contracts to procure personal protective equipment (PPE) during the pandemic, following a damning report from the UK’s accounts watchdog. At least £18bn-worth of PPE contracts signed by the government showed “a lack of transparency” and were missing essential paperwork, the National [...]