Government slammed for being in ‘an unholy mess’ over Chinese takeover of UK’s largest chip plant July 15, 2021 Former Conservative leader Sir Iain Duncan Smith warned the Government is in an “unholy mess” over its approach to business deals involving China, particularly with regards to the Chinese takeover of the UK’s largest chip plant. He accused ministers of running a “project kowtow” by failing to block the sale of the British microchip manufacturer [...]
Hong Kong bust first crypto-crime ring which funnelled $155m in dirty cash July 15, 2021 Hong Kong officials have undergone their first crypto laundering bust today, catching a syndicate funnelling some $155m in illegal funds. Four men have been arrested and bailed, while a separate stash of cash has been frozen. “It is the first time in Hong Kong that a money-laundering ring involved in using cryptocurrency to wash dirty [...]
SoftBank injects $1.7bn into South Korea’s largest travel app ahead of IPO July 15, 2021 SoftBank’s Vision Fund II is injecting around $1.7bn in South Korea’s largest travel app ahead of its initial public offering and a worldwide travel boom. Seoul-based startup Yanolja, South Korea’s largest travel app said it plans to use the funds to expand geographically and to widen its digital technologies in the travel and hospitality industry. [...]
Blackstone locks eyes on property market with $5.1bn AIG housing assets deal July 15, 2021 Private equity firm Blackstone is set to splash $5.1bn on housing assets from the American International Group (AIG), as it locks eyes on the affordable property market. AIG is also set to sell a 9.9 per cent stake in its life and retirement business to Blackstone for a further $2.2bn. Blackstone agreed to a “long-term strategic [...]
Brexit fishing deal ‘far away from sea of opportunity’, industry chief says July 14, 2021 UK fisheries have been left high and dry by the post-Brexit trade deal agreement with the European Union, an industry body boss has said today. The National Federation of Fishermen’s Organisation boss, Barrie Deas, has urged the government to up its support for the sector when the so-called ‘adjustment period’ ends in 2026. The trade [...]
Exclusive: ‘The recovery is going to be rocky and uneven’, warns fraud fighter Martin Sweeney July 14, 2021 Londoner Martin Sweeney started off at taxi app Hailo as a founding engineer. While there, he worked on a project to predict which orders were likely to be fraudulent. Finding nothing suitable on the market to solve this problem, or at least with the speed or accuracy he and his team wanted, Sweeney and some colleagues decided to [...]
Boohoo to bolster Debenhams stores and e-commerce sites in the Middle East July 14, 2021 Boohoo, which bought Debenhams for £55m, has partnered with the Alshaya group to bolster the ex-high street staple’s presence in the Middle East. Kuwait-based Alshaya, which currently run Debenhams stores in shopping malls, will have exclusive rights to operate the Debenhams stores and local e-commerce sites in Kuwait, Saudi Arabia, UAE, Bahrain, Egypt, Oman and [...]
US issues warning over doing business in China’s Xinjiang province July 14, 2021 The US has issued a warning to companies doing business in China’s Xinjiang province. The Xinjiang Supply Chain Business Advisory said that businesses and firms who still have supply chains and investment ties in the Chinese region ‘could run a high risk of violating US law.’ Washington cited evidence of genocide and other human rights [...]
South Africa rocked by violence as Jacob Zuma riots claim 72 lives July 14, 2021 The death toll in South Africa has risen to 72 following protests against the arrest and detention of former president Jacob Zuma. Several looters, who set alight a number of shopping centres, clashed with police in several cities last night. In Durban, a baby was filmed being thrown off a building due a fire. The [...]
China’s crackdown on crypto continues as more mining projects shut down July 14, 2021 The cryptocurrency industry in China was further hit today as Anhui province said it would close all crypto mining operations due to energy consumption concerns. The province in east China will shut down the energy-intensive projects as part of a package of changes to address a power supply shortage. Cryptocurrency prices continued to drop overnight, [...]