Business

KPMG Report Reveals Optimism, Challenges, and Opportunities for Scotland's Thriving Tech Ecosystem
As Innovations Accelerate, Robust Connectivity Becomes Paramount for Success
Firms Grapple with High Salaries, Infrastructure Challenges as AI Adoption Soars
Guardian analysis suggests industry is thriving despite wider tech challenges, with promising outlook for 2024
Hex Token Founder Seeks Dismissal, Raising Questions About Regulating Decentralized Finance
Nearly nine out of ten UK business leaders are experiencing tech-related stress severe enough to disrupt their sleep, posing significant economic risks.
From humble beginnings to the boardroom, Jones shares her insights on navigating and thriving in the male-dominated tech industry.
LONDON (Bywire News) - In an unprecedented turn of events, Binance, once the largest cryptocurrency exchange in the world, and its Co-Founder & former CEO, Changpeng Zhao, have pled guilty to criminal charges in the United States. This development marks a significant turning point in the digital asset space, not as a downfall, but as the genesis of a new, liberated, and equitable era for cryptocurrencies. The collapse of Binance under the weight of its legal transgressions is not the end but rather a much-needed purge. It paves the way for a more transparent, fair, and responsible digital asset ecosystem. This is a moment of transformation where the true potential of blockchain technology and digital currencies can be harnessed to foster freedom, protect privacy, and spread wealth more equitably. Blockchain technology, long heralded as revolutionary, now stands at the precipice of fulfilling its promise. The decentralised nature of cryptocurrencies, allowing transactions without i...
2022 - Press Conferences BE6 1636 (52472627975)
GENEVA - A World Trade Organization panel said on Monday that India had violated global trading rules in a dispute with the European Union, Japan and Taiwan over import duties on IT products. "We recommend that India bring such measures into conformity with its obligations," the WTO panel's report said. (Reporting by Emma Farge and Gabrielle Tétrault-Farber)...
BERLIN - Germany is pushing for the European Union to include the civilian nuclear sector in the bloc's new sanctions package against Russia, the Economy Ministry said on Monday. The European Union in February approved a 10th package of Russia sanctions on the anniversary of Moscow's invasion of Ukraine, but hundreds of millions of euros' worth of trade with Russia's nuclear energy industry has not been directly affected. "The federal government spoke to the European Commission in favour of including the civilian nuclear sector. That should be part of the next sanctions package," the ministry said in a statement. All EU countries must agree for the bloc to impose sanctions, and Hungary has vowed to oppose any curbs on the Russian nuclear energy industry. Economy Minister Robert Habeck said the fact that the nuclear sector was still given preferential treatment in sanctions could not be justified. "Nuclear tech...
By David Shepardson - The U.S. Treasury said Monday that Volkswagen, BMW, Nissan, Rivian, Hyundai and Volvo electric vehicles will lose access to a $7,500 tax credit under new battery sourcing rules. The Treasury said the new requirements effective Tuesday will also cut by half credits for the Tesla Model 3 Standard Range Rear Wheel Drive to $3,750 but other Tesla models will retain the full $7,500 credit. Vehicles losing credits Tuesday are the BMW 330e, BMW X5 xDrive45e, Genesis Electrified GV70, Nissan Leaf, Rivian R1S and R1T, Volkswagen ID.4 as well as the plug-in hybrid electric Audi Q5 TFSI e Quattro and plug-in hybrid (PHEV) electric Volvo S60. The Swedish carmaker is 82%-owned by China’s Zhejiang Geely Holding Group. The rules are aimed at weaning the United States off dependence on China for EV battery supply chains and are part of President Joe Biden's effort to make 50% of U.S. new vehicle sales by 2030 EVs or PH...
MOSCOW - Russia's oil production is forecast to remain stable until 2025, its Deputy Energy Minister Pavel Sorokin said, while Moscow plans reserves in order to make its supplies more resilient. Russia has decided to cut its crude oil output by 500,000 barrels per day (bpd) until the end of the year in order to prop up the price of oil, a key contributor to its budget revenues. Russian oil production has proved resilient in the face of Western sanctions, defying forecasts of a steep decline. "According to current forecasts, oil production will be at a stable level until 2025," Sorokin was quoted as saying by Neftegazovaya vertikal magazine. Last month, JP Morgan said Russia would be able to maintain its oil output at pre-Ukraine conflict levels due to steady demand from China and India, but it might struggle to reroute some of its oil product exports away from Europe. Russia has so far managed to reroute oil...
By Pablo Mayo Cerqueiro, Amy-Jo Crowley and Mathieu Rosemain LONDON - French cooperative bank Credit Mutuel Arkea is looking to sell a stake in its subsidiary Monext, following a string of European lenders that have sought external partners for their payments businesses, three people familiar with the matter told . The group is offering a minority holding in the unit and is working with advisers at Deutsche Bank to gauge investor interest, two of the people said. Private equity funds are looking at the unit, the other person said. Arkea has previously partnered with Advent International and PSG Equity for two of its other financial technology ventures. Monext could fetch a valuation as high as 350 million euros ($383 million) in a deal, or up to 14 times its earnings before interest, taxation, depreciation and amortisation (EBITDA), one of the people said. The company posted turnover of 97 milli...
(Corrects timing of end to Kollsnes maintenance outage in 5th paragraph) By Nora Buli OSLO - Ongoing strike action in Norway has led to the delay of scheduled maintenance at Norway's biggest producing gas field and a major processing plant, North Sea gas infrastructure operator Gassco said on Monday. Almost 25,000 private-sector workers in Norway went on strike earlier on Monday after talks between two major trade unions and employers broke down on Sunday. The strike action means that annual maintenance due to take place at the Troll A platform in the North Sea between April 18 April 22, curtailing exports by some 35 million cubic metres per day (mcm/day), has been cancelled. "Maintenance cancelled due to ongoing strike," Gassco said in a market message. Kollsnes, the plant onshore that processes the gas from Troll, is cutting short an ongoing maintenance. It started on Sunday and was due to end...
By Shaloo Shrivastava BENGALURU - The Bank of England likely has one more hike in its tightening cycle but it was a close call for a final quarter-point rate lift in May, according to a poll of economists who said the bigger risk was inflation being higher than they expect. Even though the Bank of England (BoE) started raising rates in December 2021, earlier than most of its peers, UK inflation has remained the highest among them, consistently running at over five times the BoE's 2% target. At the March meeting, the BoE said there were signs inflation, last reported at 10.4% in February, was peaking and would probably fade fast, prompting speculation for a pause. However, it kept the door open for more tightening if needed. Just over half of economists, 33 of 61, expected Bank Rate to rise 25 basis points to 4.50% at the conclusion of the next Monetary Policy Committee meeting on May 11. Three of those 33 expected one more...
HONG KONG/LONDON - HSBC's biggest shareholder Ping An is likely to vote in favour of splitting the bank up at its annual investor meeting on May 5, a source familiar with the Chinese insurer's thinking said on Monday. The source said Ping An would vote in favour of two resolutions tabled by individual investor Ken Lui, which call for HSBC to restore dividends to 51 cents per share and to provide regular updates on the possibility of spinning off its Asia business. HSBC recommended that shareholders vote against the resolutions, and has, since Ping An began urging the spinoff last November, maintained that its global presence is worth more than any such fragmentation would yield. "We remain clear that our current strategy is the fastest, safest and most value enhancing way to deliver returns," a spokesperson for the bank said on Monday. A spokesperson for Ping An declined to comment. HSBC’s other institutional s...
LONDON - British oil and gas exploration company IGas Energy said on Monday it has been granted planning consent to develop a new oil well site in Lincolnshire. The site is close to IGas' existing Glentworth-K site which has been producing oil for 60 years. Lincolnshire county council has granted planning permission for an initial appraisal well and up to six horizontal development wells in the second phase of the development. The first phase has the potential to add around 200 barrels a day (bbl/d) of oil and the second phase could add a further 500 bbl/d, IGas said in a statement. The first phase has a mid-case net present value of 17.5 million pounds ($21.7 million), it added. The oil produced at the site will be sold to a domestic refinery. The new well site could produce oil for up for 21 years, the company said on its website. ($1 = 0.8058 pounds) (Reporting b...
By Elvira Pollina and Valentina Za MILAN - Bidders for Telecom Italia's (TIM) landline grid are preparing to raise their offers of around 20 billion euros ($22 billion) by between 1 and 2 billion euros ahead of a Tuesday deadline, three sources close to the matter told . The sale of Italy's main fixed telecoms network pits U.S. fund KKR, which is already an investor in TIM's grid, against Italian state lender CDP, which has teamed up with infrastructure fund Macquarie. TIM is looking to sell its largest asset as CEO Pietro Labriola seeks to restructure the group, whose debt is rated as "junk" and which faces a steady revenue decline in its hyper-competitive home market. TIM, which needs money to cut debt and relaunch its remaining services business, has asked both bidders to improve their initial offers by Tuesday. TIM's board is due to examine the offers at a May 4 meeting. CDP, which owns 10% of TIM, initiall...
LONDON - The Bank of England (BoE) has said it is considering "improvements" to the mechanism under which depositors can recover money in their accounts at smaller banks that get into difficulties. The central bank has declined to elaborate on the measures under review but the following looks at the issues involved if the Bank does push ahead with increasing depositor protection. WHY NOW? Regulators were startled by the speed at which businesses pulled out over $40 billion from now collapsed Silicon Valley Bank (SVB) in the United States in just 24 hours in March, a process made easier and faster by advances in online banking. U.S. regulators are reviewing their deposit insurance system, which fully protects deposits up to $250,000 in the event of a bank failure. They had to guarantee deposits in full at SVB to help restore confidence in the banking sector and avoid rapid, social media-driven runs. The Bank of...
MILAN - Italy's second-largest bank UniCredit on Monday appointed Silvia Viviano as Head of Equity Capital Markets, promoting her with immediate effect from her current role of Head of Alternative Capital Markets. "The expanded role will allow Silvia to further exploit potential business opportunities across geographies and products, while managing the teams across the origination and execution efforts," the lender said in an internal memo. Milan-based Viviano joined UniCredit in January 2022. She was previously head of EMEA Equity Capital Markets Execution team at J.P. Morgan, where she started her professional career in 2004. UniCredit also announced the appointment of Isaac Alonso as Head of Debt Capital Markets Germany, effective from May 1. (Reporting by Elisa Anzolin, writing by Alvise Armellini, editing by Cristina Carlevaro)...