Revolut has criticised Meta’s efforts to combat fraud, urging social media companies to share responsibility for victim reimbursement.Revolut believes financial institutions are unfairly tasked with refunding victims and seeks more substantial commitments from social media firms.The fintech described Meta’s recent measures as insufficient, calling them mere ‘baby steps’ instead of necessary ‘giant leaps’.A significant proportion of scams reported to Revolut originated from Meta platforms, highlighting a persistent issue.Meta’s spokesperson promotes collaboration, pointing to their ongoing Fraud Intelligence Reciprocal Exchange programme.Revolut has openly challenged Meta’s current approach to addressing digital fraud, labelling the measures as inadequate and calling them ‘baby steps’…
Author: Scott Dylan
Scott Dylan is the Founder of NexaTech Ventures
In a significant legal battle, British retailers are accusing Amazon of wrongfully freezing sales proceeds.Retailers claim Amazon has unlawfully withheld funds, impacting their business significantly.The lawsuit, led by Rosenblatt law firm, highlights grievances from sellers seeking rightful access to their earnings.Amazon’s new policy on holding funds for refunds has sparked widespread confusion and discontent among UK sellers.Previous allegations suggest Amazon prioritises its own products over independent sellers, raising competition concerns.British retailers are pursuing a major lawsuit against Amazon, accusing the ecommerce giant of unlawfully freezing their sales proceeds. These retailers argue that Amazon’s actions have severely impacted their cash flow,…
Starling Bank faces a substantial fine for inadequate financial crime controls, impacting its reputation significantly.The FCA uncovered critical deficiencies in Starling’s systems to manage financial crime risks amidst rapid expansion.Starling ignored an agreement with the FCA, opening thousands of high-risk accounts despite imposed restrictions.Flaws in the bank’s automated systems exposed it to sanctioned individuals, amplifying financial crime risks.The consequences of these failings raise questions on the bank’s future leadership and regulatory compliance.Starling Bank has been fined £29 million by the Financial Conduct Authority (FCA) following revelations of severe shortcomings in its financial crime control systems. The FCA’s extensive investigation pinpointed…
Investor sentiment in UK equities is declining due to Labour’s economic outlook.UK-focused equity funds saw withdrawals of £666 million in September.Criticism arises over Labour’s depiction of the UK economic situation.Global fund inflows ended a ten-month streak with net outflows of £564 million.Interest rate expectations and budget concerns contribute to financial market shifts.In September, UK-focused equity funds experienced significant withdrawals amounting to £666 million. This trend highlights a waning investor confidence, primarily attributed to the Labour government’s economic outlook, which many perceive as pessimistic. This sentiment marks a stark contrast to other geographically focused fund sectors that have recorded inflows during…
UK-focused equity funds faced substantial withdrawals in September due to Labour’s negative economic outlook, reversing a recent recovery in the market.In September, UK-focused equity funds saw net withdrawals totalling £666 million, indicating a marked shift in investor confidence.Despite other fund sectors seeing inflows, UK equity funds have not experienced positive net inflows since 2021.Criticism of Labour’s depiction of the UK economy, particularly by Chancellor Rachel Reeves, has contributed to investor wariness.Recent declines in consumer confidence and manufacturing optimism have compounded the negative market sentiment.In September, UK-focused equity funds experienced net withdrawals amounting to £666 million, as detailed by Calastone, a…
In 2023, KP Snacks achieved a significant profit surge, reaching almost £100 million, amidst challenging circumstances.The company reported a sharp rise in pre-tax profits, climbing from £64.3 million to £93.7 million within a year.Sales leapt to £626.7 million from the previous year’s £546 million, highlighting impressive growth.Despite facing unprecedented inflationary pressures and a cyber attack in 2022, KP Snacks maintained its market position.Sustainability efforts were bolstered by a significant reduction in plastic packaging, demonstrating a commitment to environmental responsibility.In 2023, KP Snacks, renowned for brands such as McCoy’s, Terrell’s, KP Nuts, and Popchips, reported a pre-tax profit of £93.7 million,…
Arsenal Football Club has teamed up with London streetwear label Aries for an exclusive 26-piece collection, reflecting a blend of sports and fashion.The collection features jersey tracksuits, graphic tees, and football shirts with ‘Arsenal’ in Aries’ distinct typeface.Notable items include a navy wool bomber jacket, nylon and jacquard denim sets, and a range of accessories.The collaboration is fronted by Arsenal players and renowned supporters, showcasing the fusion of football and culture.The collection is available at various retail outlets, including Aries’ Soho store, Arsenal club stores, and online.Arsenal Football Club, in collaboration with the London-based streetwear brand Aries, has launched a…
Recent research indicates a significant shift in the UK job market.A quarter of UK workers aim to change jobs due to cost-of-living pressures.Younger employees, particularly Gen Z and Millennials, are the most eager to move.Some sectors, like sales and IT, show higher turnover intentions.Regional variations reveal London as a hub of job-seeking activity.Recent findings highlight a noteworthy trend in the UK job market, as a quarter of workers are actively considering a shift in their employment. This movement is predominantly driven by ongoing cost-of-living pressures that compel workers to seek better financial prospects elsewhere.A poll conducted by HR software provider…
Tesco has raised its profit guidance following a significant profit rise.The supermarket reports a 10% increase in first-half profit.Retail adjusted operating profit is expected to hit £2.9bn.UK sales have shown notable growth over the year.Innovations and competitive pricing contribute to Tesco’s success.Tesco, the UK’s leading supermarket chain, has adjusted its profit forecast upwards after reporting a 10% increase in its first-half profits. The company now anticipates its retail adjusted operating profit will reach approximately £2.9 billion, a rise from the earlier prediction of at least £2.8 billion.Over the half-year period ending 24th August, Tesco’s retail adjusted operating profit reached £1.56…
Tesco reports a notable growth in group sales, driven significantly by clothing.The supermarket giant has experienced a 3.5% rise in group sales over 26 weeks.Key to this success is a robust performance in the clothing sector, despite not releasing specific figures.Transitioning partnerships, such as with The Entertainer, have influenced sales figures.Plans include relaunching the F&F clothing range online, enhancing the Tesco marketplace.Tesco, a leading supermarket chain, has reported a 3.5% increase in group sales, totalling £31.4 billion over a 26-week period ending on 24 August. This growth is attributed largely to a strong performance in its clothing division, although exact…