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Virgin Orbit plans for insolvency amid rescue talks with investors | Business News
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Virgin Orbit has begun drawing up detailed contingency plans for its insolvency days after halting its operations and furloughing its workforce. Sky News has learnt that the commercial space satellite venture founded by Sir Richard Branson‘s Virgin Group is working with Alvarez & Marsal (A&M) and Ducera, two restructuring firms, on fallback plans in the…
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Virgin Orbit halts operations with almost all staff set to be furloughed | Business News
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Virgin Orbit will pause all operations – with almost all staff at the satellite launch company expected to be furloughed. The company made the announcement after the first satellite mission from UK soil failed to reach orbit earlier this year. Chief executive Dan Hart told staff in a meeting on Wednesday that the furlough was…
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Facebook and Instagram owner Meta to lay off another 10,000 staff | Business News
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Meta, the owner of Facebook and Instagram, is axing another 10,000 jobs to cut costs. The company said on Tuesday it will reduce the size of its recruiting team and make further cuts in its tech groups in late April, and then its business groups in late May. “We expect to reduce our team size…
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How Silicon Valley Bank chaos has had a bearing on us all – and why we’re in for a bumpy few months | Business News
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Tempting as it is to believe that the chaos with Silicon Valley Bank and its British arm are of interest only to members of the tech community and financial nerds, it has already had a very real bearing on all our lives. For evidence, look no further than the money markets, where investors bet on…
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WH Smith targeted by cyber attack with hackers accessing data on current and former employees | Business News
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WH Smith has said it has been the target of a cyber attack that has seen hackers access company data. The high street retailer added hackers have also been able to access current and former employee information. It said the hack has not impacted its trading activities and stressed its website, customer accounts and customer…
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Britcoin: Future of a digital pound ‘more likely than not’, Bank of England official says | Business News
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New technologies could help to open up a “new frontier” for payments and the way in which money is used, a Bank of England boss has told MPs. Work on a digital pound, regulated by the Bank of England, was delayed by the “pressure of other business” in September and October last year, the deputy…
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‘Silver spenders’ help drive tap and go contactless payments to record high | Business News
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An estimated 91.2% of card payments last year were contactless, according to data covering spending when the technology was available. Analysis of habits by debit and credit card users at Barclays showed face-to-face or in-store spending using contactless was up from 82.6% achieved the previous year. The bank credited much of the “tap and go”…
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Tesla recalls 362,000 cars in US over fears full self-driving software may cause crashes | Business News
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Tesla is recalling hundreds of thousands of cars in the United States over fears their full self-driving (FSD) software may cause a crash. The announcement was made by the country’s auto safety regulator, the NHTSA, which has been conducting an investigation into the company’s autopilot systems. The watchdog said Tesla‘s software allows a vehicle to…
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Premier League closes in on near-£500m deal with games-maker EA | Business News
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The Premier League is closing in on a commercial deal with Electronic Arts (EA), the video-games maker, that would be worth close to £500m – one of the largest such agreements ever struck by English football’s top flight. Sky News has learnt that the 20 Premier League clubs were briefed at a meeting on Friday…
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Deliveroo to cut hundreds of jobs globally – and UK to be worst hit | Business News
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Takeaway delivery platform Deliveroo has announced it is to cut roughly 350 jobs, equivalent to about 9% of the company workforce. Roles across the global Deliveroo business will be impacted, founder and chief executive Will Shu told staff, but it is understood that UK employees will be worst hit by the losses. The majority of…