Yahoo under pressure over hacking and privacy fears

Yahoo under pressure from EU regulators over hacking and alleged email privacy breachYahoo under pressure from EU regulators over hacking and email privacy

It’s not been a great year for Yahoo. Following news of a large-scale account hack, perpetrated two years ago but only recently announced to the public, the company is now in hot water over its decision to scan clients’ email accounts on behalf of US authorities. European politicians have called on the European Commission (EC) to investigate the incident which could interrupt the progress of the transatlantic data sharing deal agreed earlier this year and is likely to touch a nerve with Europeans who fear mass surveillance by US. Read more…

Sterling at risk of losing reserve currency status

Post-Brexit shocks to sterling have rocked the currency’s reserve currency statusPost-Brexit shocks to sterling have rocked the currency’s reserve currency status

After Britons voted narrowly to exit the European Union earlier this year, they may not have anticipated the effect on the country’s currency and financial reputation. But with sterling reaching its lowest value in 40 years and the country stripped of its Triple-A credit rating, there are also fears that its prized reserve currency status could be under threat, should it fail to secure continued access to the European single market, according to US ratings agency Standard & Poor. Read more…

Uber drivers win landmark case in UK

Tech firm Uber forced to review employment contractsTech firm Uber forced to review employment contracts

The gig economy in the UK has just been dealt a blow after an employment tribunal ruled that two workers for Uber had the right to be considered as employees and should be paid the national living wage as well as holiday and sick pay. The ride-hailing company had defended the case on the grounds that it was a tech platform and that its drivers were self-employed contractors. The case leaves Uber open to further claims and could pressure other companies to review the way staff are contracted and paid. Read more…

Hard Brexit could result in British banking crisis

Head of Germany’s central bank warns that UK could lose its status as the financial centre of EuropeUK could lose its status as the financial centre of Europe

Since the UK’s vote to leave the European Union, there’s been no clear indication of how the British government intends to carry out the political and economic split. Article 50 of the Lisbon Treaty must be invoked before Brexit can begin but with the clock ticking on a two-year negotiation timetable as soon as the process is triggered, the prime minister seems reluctant to push the button too soon. Britain sells almost half of its exports via the single market. A ‘soft’ Brexit would minimise the economic impact on the UK but is unlikely to assuage the concerns of those who voted to reduce immigration. Read more…

Apple hit with tax penalty after EU ruling

Tech giant Apple to pay billions of euro in back taxes after EU rulingTech giant Apple to pay billions of euro in back taxes after EU ruling

Tech leviathan Apple is on the receiving end of Europe’s biggest-ever tax penalty after Brussels handed down a ruling that the company had benefited from what amounted to illegal state aid from Ireland. The judgement follows a lengthy investigation into claims that Dublin gave Apple an uncompetitive advantage in violation of EU law. Apple will be asked to pay billions of euro in back taxes as part of the European Commission’s initiative to combat multinationals’ aggressive tax avoidance strategies. Read more…

Brexit means Brexit – or does it?

The British public voted for Brexit, but when is it going to happen?The British public voted for Brexit, but when is it going to happen?

In June this year, a referendum was held in the UK over whether or not to remain part of the European Union (EU). The shock vote by the British public to leave the European Union caused a dramatic shift in sentiment and left a kingdom that seemed a long way from united. Despite assurances by the then government that wheels would be put in motion to trigger Article 50 of the Lisbon – and continued talk by the new prime minister that ‘Brexit means Brexit’, there’s seems no further clarity on what form Britain’s secession from the EU would take. Read more…

Japan’s SoftBank acquires British tech company

Japanese telecoms company SoftBank acquires UK’s ARM Holdings for close to $33 billionSoftBank snaps up UK’s ARM Holdings for $32 billion

Japanese telecoms business SoftBank has made a high-speed deal to buy British smartphone chip company ARM Holdings for $32 billion, as the company targets the ‘internet of things’ technology market. Negotiations were incredibly swift, resulting in a $22-cash-per-share offer – significantly above ARM’s previous closing price – following hard on the heels of a brief round of talks. Larger-than-life CEO of the Japanese group, Masayoshi Son, approached ARM bosses Simon Segars and Stuart Chambers informally for discussions, before concluding the final offer within just two weeks. Read more…

What kind of post-Brexit deal can the UK negotiate with the EU?

The Brits may have voted for Brexit but how will it continue to trade with the EU?Where do we go from here?

With the UK now steering a course to leave the European Union, following a public referendum in June, the focus has shifted to Brexit specifics and speculation is rife over how the British government will reframe its relationship with the country’s biggest trading partner from hereon in. Negotiations based on an existing model, such as that operated by Norway or Switzerland seem the most likely route but with Leave campaigners favouring a ‘hard’ Brexit, could the UK be left out in the cold? Read more…

IMF have issued a warning over Eurozone growth following Brexit referendum

IMF signals economic slowdon in eurozone

IMF expresses fears over Eurozone growth

The result of the UK’s Brexit vote is damaging economic stability across the European Union. The International Monetary Fund (IMF) has downgraded growth outlook for the Eurozone and its managing director, Christine Lagarde, is warning of an economic slowdown as confidence dips and markets suffer increased volatility. GDP across the single currency bloc is only expected to grow by 1.6% this year, with a further drop to 1.4% in 2017. The IMF has put this down to the negative impact of the UK referendum and fears that the slowdown will have a knock-on effect in other economies, especially emerging markets. Read more…

After Brexit, will other EU countries follow suit?

After Britons voted to leave the EU, will other countries follow their lead?After Britons voted to leave the EU, will other countries follow their lead?

Europe is in turmoil after the shock outcome of Britain’s referendum which saw a slim majority of is citizens vote in favour of Brexit. The imminent separation of the UK from the European Union has given voice to political parties in other countries, which are calling for people to be given a voice on their membership of the bloc. But, after the global reaction to the UK’s momentous decision, how likely are other members to push for referendum? Read more…