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Evening Standard
Founders of collapsed crypto fund Three Arrows Capital go missing
The founders of a collapsed crypto hedge fund who reportedly amassed a fortune once worth $10 billion have gone missing, according to liquidators of the company. In a court filing on Friday, liquidators of Three Arrows Capital (3AC) Russell Crumpler and Christopher Farmer said: “The physical whereabouts of the debtor’s founders, Zhu Su and Kyle …
Business
Business Live
Spirits maker opens £3m talks with private equity investors to create ‘super distillery’ for new whisky line
A Manchester-based gin, vodka, rum, vermouth and absinthe maker has opened talks with private equity investors to raise an extra £3m to develop a ‘super distillery’ for its new whisky line. The Spirit of Manchester Distillery is drawing up plans for a 15,000 sq ft whisky distillery and visitor attraction on the outskirts of Greater …
Business
Business Live
Wales a UK hotspot for TV and film studio space
Wales has the largest stock of film and TV studios in the UK outside London and the south east of England, according to new research global property consultancy Knight Frank. Its 2022 UK Film and TV Studio Market Report reveals rising demand for film studio space in the UK has prompted increased interest from film …
Business
Sky News
Tory beauty contest: The tax cut and spending pledges by leadership hopefuls
The Conservative leadership contest has become an economic beauty pageant, with the catwalk in front of MPs witnessing something of a catfight over how to handle the cost of living crisis.The 10 candidates vying for the keys to Number 10 are attempting to woo support from Tory MPs, ahead of Wednesday’s first ballot, with a …
Business
Sky News
Retail sales fall to lowest rate ‘since depths of pandemic’
Retail sales volumes have fallen to a rate “not seen since the depths of the pandemic”, according to industry data showing the third consecutive monthly decline as inflation eats away at household spending power.The British Retail Consortium (BRC) said the value of total sales was 1% lower in June than a year ago. That followed …
Business
Sky News
Bank of England governor still thinks inflation will fall sharply next year
The governor of the Bank of England has said he still thinks inflation will fall sharply next year.The Bank is due to start working on forecasts that will be released with its next interest rate decision on 4 August. Andrew Bailey told the treasury select committee on Monday afternoon that he expected inflation would likely …
Business
Sky News
Pound falls to two-year low as political uncertainty adds to gloomy economy
The pound has fallen to a two-year low as the political landscape adds to uncertainty in an economy already under strain.On Monday afternoon the pound fell to US$1.1867 – its lowest level since March 2020. Just before 5pm, it had strengthened slightly to US$1.19. It comes days after Boris Johnson’s resignation as prime minister and …
Business
Sky News
Ex-ASOS chief Beighton to take reins at Matchesfashion
Nick Beighton, the former ASOS chief, is being parachuted in to run Matchesfashion, the global online premium fashion site, as its private equity backers try to revive its performance.Sky News has learnt that the appointment of Mr Beighton, who left ASOS last year, will be announced on Tuesday. It represents an effort by Apax Partners, …
Business
Evening Standard
Pound falls amid political turmoil and economic gloom
The pound fell heavily on Monday amid market concerns over political uncertainty and the gloomy economic outlook.As the race to become the next Tory leader gathered pace with nearly all candidates pledging to cut taxes and boost growth, sterling dropped by more than a cent against the US dollar to fall below $1.19.It came after …
Business
Evening Standard
Klarna wipes off 85% of value in latest funding round
The value of Swedish Buy Now, Pay Later business Klarna has plummeted 85% from its 2021 peak after a fresh funding round, in the latest sign of dwindling fortunes for short-term lenders amid rising inflation and fears of a looming recession. The $800 million (£672 million) funding round valued the fintech business at $6.7 billion, a …
Business
Sky News
EU’re not alone: Hungary’s stance on corporation tax causing angst beyond Brussels
It was hailed as a huge breakthrough at the time.In October last year, in a measure co-ordinated by the Organisation for Economic Co-operation and Development (OECD), 136 countries and jurisdictions around the world agreed to set a minimum global rate of 15% for corporation tax. Even a number of countries previously opposed to the idea …
Business
Sky News
How will the £400 energy payment work if you’re on a prepay meter?
Households are set to receive a £400 energy discount by October to help out with rising bills.Back in May, then-chancellor Rishi Sunak had announced he was doubling his planned energy bills rebate and offering a discount to homes with an electricity supply contract. For people who pay by direct debit, this will be credited to …

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