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Archegos collapse costs Morgan Stanley $911m

image copyrightGetty Images US investment bank Morgan Stanley has admitted that the collapse of hedge fund Archegos cost it nearly $1bn. The Wall Street bank said in its first-quarter results that the $911m (£660m) charge…

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Ocado in self-driving vans push with £10m stake in Oxbotica

image copyrightPA Media Online grocery retailer Ocado has unveiled a major push into autonomous driving technology. It has teamed up with another British company, Oxbotica, to build self-driving vehicles for itself and others who use…

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Hammerson: Shopping centre giant slashes rents in revival bid

image copyrightGetty Images Hammerson, owner of Birmingham’s Bullring, is to cut rents for its retail tenants by 30% as it aims to recover from a year of lockdowns. The firm’s UK boss Mark Bourgeois said…

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China’s economy grows 18.3% in post-Covid comeback

image copyrightGetty Images China’s economy grew a record 18.3% in the first quarter of 2021 compared to the same quarter last year. It’s the biggest jump in gross domestic product (GDP) since China started keeping…

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Citigroup to exit consumer banking in 13 markets

image copyrightGetty Images Citigroup is closing its consumer banking operations in 13 markets across Asia, Europe and the Middle East. The US banking group will instead run these operations from four hubs in Singapore, Hong…

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TUI says summer holiday season can be saved

Successful vaccine programmes will prevent another washout for summer holidaymakers, the boss of Europe’s largest tour company has told the BBC. “We are optimistic about the summer,” said Friedrich Joussen, who runs TUI. The firm…

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Colin the Caterpillar cake row: Judge Rinder gives his verdict

Marks & Spencer has begun legal action against Aldi, arguing the supermarket’s Cuthbert the Caterpillar cake infringes its Colin the Caterpillar trademark. BBC News spoke to TV judge Rob Rinder for a light-hearted look at…

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Brexit: Euro MPs’ vote bolsters EU-UK trade deal

image copyrightAFP Two key European Parliament committees have overwhelmingly approved the UK’s post-Brexit trade deal with the EU, bringing its ratification closer. The wide-ranging EU-UK Trade and Co-operation Agreement was clinched on 24 December. It…

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Deliveroo apologises to riders for bonus overpayments

image copyrightGetty Images Food delivery firm Deliveroo has apologised to riders after a software error meant some were overpaid a bonus. Riders were promised a payout of between £200 to £10,000 after Deliveroo listed its…

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Amazon’s Bezos: Union defeat does not bring ‘comfort’

In a statement, Stuart Appelbaum, president of the Retail, Wholesale and Department Store Union (RWDSU), which led the unionisation drive in Bessemer, said the comments showed the campaign had had a “devastating” impact on the…

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