Thomas Cook in £750m rescue deal talks

Troubled travel company Thomas Cook is in £750m rescue talks with banks and its largest shareholder, Fosun. The measures, which have not been finalized, would see the Chinese investor buy the firm's tour business. Thomas Cook's chief executive, Peter Fankhauser, said the proposal was "not the outcome any of us wanted" but insisted it was "pragm...

James Murdoch Makes Largest Deal Yet With Bet on Virtual Reality

James Murdoch, heir to billionaire media magnate Rupert Murdoch, has added the biggest reported investment yet to his closely watched portfolio: a bet on the virtual-reality provider called the Void LLC. Murdoch has invested $20 million in the business, according to a person familiar with the transaction. He’s also taken a seat on the board, s...

Ford and Volkswagen team up on self-driving and electric cars

Volkswagen and Ford announced plans Friday to work closely to develop electric- and self-driving vehicles, the latest automakers to partner in the face of massive changes rocking the auto industry. Ford (F) CEO Jim Hackett and Volkswagen (VLKAF) CEO Herbert Diess appeared together on Wall Street Friday, building on a...

Patisserie Valerie scandal: Five people arrested

Five people have been arrested and questioned over alleged accounting fraud at the Patisserie Valerie chain, the Serious Fraud Office has said. The arrests took place last Tuesday, 18 June, in a joint operation with police, the SFO said. The move com...

Crypto Coffee Coin Is Coming to Brazil's Countryside Farmers

Coffee farmers in Brazil’s countryside could be soon be using cryptocurrency for their day-to-day needs. A major arabica-bean cooperative, Minasul, is planning to this month launch a block chain-based digital coin that will be backed by coffee supplies. Farmer members will be able to use the “coffeecoin” to buy fertilizer, machinery and ot...

Noodle House reveals expansion plan in the UAE

The Noodle House, the legacy Asian soul food concept by JRG Dubai, the UAE-based restaurant management company, has announced plans to open four new restaurants in Dubai and Abu Dhabi. The Noodle House will debut new restaurants in Jumeirah Beach Residence (JBR) in August, Nakhe...

Facebook $5 Billion U.S. Privacy Settlement Approved by FTC

U.S. officials approved a record $5 billion privacy settlement with Facebook Inc. to resolve the Cambridge Analytica data scandal, people said, prompting an immediate outcry from lawmakers and privacy advocates who said it didn’t go far enough. Although details of the settlement with the U.S. Federal Trade Commission weren’t announced, the f...

Bitcoin surges past $10,000 for the first time in a year

Boosted by a weaker dollar and fresh enthusiasm for cryptocurrencies, bitcoin surged past $10,000 for the first time in a year. The cryptocurrency is known for its volatile price swings. Between late 2016 and 2018, investors watched as bitcoin soared...

Barclays to Cut 20% of Jobs in Dubai Wealth Management Business

Barclays Plc is cutting about 20% of jobs in its wealth management business in Dubai, according to people with knowledge of the matter. The layoffs will include senior positions and support staff within the division that employs about 100 members of staff and more cuts could be made, the people said, asking not to be identified because the plans...

The Man Who Brought Fila Back From Dead Is Worth $830 Million

They’re the chunky, thick-soled throwbacks to the 1990s known as “dad shoes.” And they’re beloved by millennials, whose fascination with retro footwear has brought Fila back from the dead. They’ve also helped Yoon Yoon-soo amass an unlikely...

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