Author: Sam Allcock

The fashion industry shows progress in reducing carbon emissions and water usage.Despite achievements, increased production offsets environmental advancements.Carbon emissions reduced by 8%; water usage decreased by 9% per tonne.Overall carbon footprint reduction was a mere 0.2%, with water usage increasing by 1.2%.The industry faces a critical need to address overproduction and enhance sustainability.Recent findings by the environmental charity WRAP highlight both achievements and challenges within the fashion industry. Participating brands and retailers in the Textiles 2030 scheme have made strides in environmental sustainability by achieving an 8% reduction in carbon emissions and a 9% reduction in water usage per tonne.…

Monzo, a UK-based fintech, faces scrutiny from the Competition and Markets Authority (CMA) for multiple regulatory breaches, deemed ‘especially concerning’.The CMA highlighted Monzo’s failure to comply with four sections of the Retail Banking Market Investigation Order 2017, including inaccurate service quality surveys and poor disclosure of account charges.Monzo has not responded promptly to the CMA about these breaches, with similar issues arising since February 2022.Despite these breaches, the CMA has chosen not to pursue formal enforcement actions against Monzo at this time.Monzo’s proactive response to rectifying these issues has been noted, although the company’s co-founder criticised regulatory bodies publicly.Monzo, a…

Revolut has announced changes to its fraud prevention measures, signalling a significant shift in its approach to enhancing customer safety.The London-based fintech company will delay or refuse payments deemed suspicious as part of a robust anti-fraud strategy.Updates to Revolut’s terms will come into effect in January 2025, increasing the mention of fraud-related terms by 33%.Customers have been notified of these changes via email, highlighting the firm’s commitment to transparency.Revolut’s substantial investment in fraud prevention technologies analyses over half a billion transactions monthly to protect users.Revolut, a prominent fintech company based in Canary Wharf, has communicated a change in its fraud…

Bitcoin’s recent price ascent to $97,000 has captured the financial world’s attention. This growth follows a period of decline, highlighting Bitcoin’s inherent volatility and potential for recovery.Over the past day, Bitcoin’s trading volume dropped by 18%, indicating changing market dynamics. These changes reflect a complex interplay of economic and political factors influencing cryptocurrency prices.US BTC ETF Sees Fresh InflowThe US Bitcoin ETF market has seen a notable positive movement recently. Data from Soso Value indicates that as of November 27, the ETF products registered an influx of $103 million. This fresh influx followed a significant outflow of $438 million the…

Dr Martens has experienced a challenging financial period, reporting a significant loss before tax.Revenue decreased by 18% to £324.6 million, notably impacted by a 29% drop in wholesale sales.A strategic shift has seen the direct-to-consumer division grow to 56.4% of total revenue.New refinancing strategy and leadership changes are underway to stabilise the business.CEO Kenny Wilson highlights progress towards key objectives amidst preparations for a transition.Dr Martens has reported a financial loss before tax of £28.7 million for the 26 weeks ending 29 September. This marks a stark contrast to the previous year’s pre-tax profit of £25.8 million, highlighting the retailer’s…

China’s electric vehicle (EV) market is embroiled in a fierce price battle, with leading manufacturer BYD at the forefront. This competition is prompting a demand for reduced costs in car parts, indicating ongoing economic challenges characterised by lower wages and unpredictable prospects. The situation has sparked significant interest and discussion within the automotive industry and beyond.BYD, a major player competing with Tesla, has requested a 10% price cut from its suppliers for the coming year, underscoring the relentless nature of the pricing conflict. As China’s largest car market continues to face oversupply and intense rivalry, the impact on suppliers and…

Asda continues its search for a new CEO with Allan Leighton’s appointment as executive chair reigniting interest.Allan Leighton, instrumental in Asda’s past success, returns with a focus on appointing a suitable CEO.Several industry leaders are considered strong candidates for the CEO role, each bringing unique expertise.The position has been vacant since 2021, despite an attractive financial package offered to potential candidates.Leighton’s leadership may attract former Asda executives and top figures in UK retail to the role.Asda’s quest for a new CEO is experiencing renewed momentum, following the appointment of Allan Leighton as executive chair. Leighton, who previously transformed Asda, prioritises…

Amid the volatile landscape of cryptocurrencies, stories of overnight fortunes are not uncommon. However, they often come with unforeseen challenges. Such is the case with a woman who saw her modest $10 investment in a memecoin morph into a staggering $242,000. The excitement of sudden wealth quickly faded as she faced the harsh realities of crypto trading.Her attempt to cash in on this windfall was thwarted by liquidity issues, turning what seemed like a newfound fortune into a sobering lesson about the unpredictability of the crypto world. This incident has sparked widespread discussions, underscoring the essential need for due diligence…

A woman’s investment journey into memecoins turned sour when a $10 gamble spun into a $242,000 illusion. The sudden boom wasn’t real, leaving her unable to retrieve the massive profit. This incident underscores the unpredictable world of memecoins, illustrating how fortunes can vanish overnight. Her ordeal highlights the critical importance of understanding the volatile nature of such investments.Investors often seek quick gains, but stories like this serve as stark reminders of the inherent risks. The lack of liquidity in these projects can leave individuals stranded, unable to capitalise on their perceived success. Understanding the dangers and conducting due diligence before…

The data centre industry faces increased power demand challenges due to AI adoption, claims Iomart.Iomart CEO Lucy Dimes highlights significant power needs as a limiting factor for data centres.UK’s data infrastructure sees over £25bn private sector investment since July, says Labour.Access to enhanced power supply remains crucial for meeting data centre demands, adds Dimes.Iomart reports unchanged revenue but a 77% drop in pre-tax profit in the latest half-year results.The rise in artificial intelligence technology has led to a substantial increase in power demands for data centres, according to Iomart, a cloud solutions group founded in Glasgow. Iomart’s CEO, Lucy Dimes,…