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London (CNN Business) British taxpayers now officially hold shares in a company that throws sex parties. A government loan provided to Killing Kittens to help it through the pandemic has converted into an equity stake in the company, the British Business Bank confirmed on Tuesday. Killing Kittens, which organizes women-led adult parties in cities including London and New York, secured the investment in 2020 from the UK government's Future Fund, which was designed to help startups survive the coronavirus pandemic. The company was founded by Emma Sayle in 2005, and organizes members-only parties in exclusive venues where "established gender stereotypes" are challenged, according to its website . It recorded a 330% increase in traffic to its website during coronavirus lockdowns, and now calls itself "the fastest-growing adult social network." At one point, the pandemic forced the company to move all its events and workshops online, accelerating … [Read more...] about The UK government has taken a stake in a sex party startup

Passengers queue inside the departures terminal of Terminal 2 at Heathrow Airport in London, Britain, June 27, 2022. - A + A LONDON (June 28): London's Heathrow Airport will have to lower landing fees over the next four years after Britain's aviation regulator responded to pressure from airlines over the cost of flying at the hub. Heathrow wanted to double the fee it charges airlines in order to provide a better service to customers while retaining the support of its owners, but the plan drew fury from the likes of British Airways and Virgin Atlantic who said the airport was already among the most expensive in the world. The dispute reflects the pressures in the aviation industry as it recovers from the pandemic, and more broadly the need to limit consumer price rises at a time of soaring inflation while still investing to modernise services. The Civil Aviation Authority (CAA) said on Tuesday that the average maximum price per passenger would fall to £26.31 … [Read more...] about UK to cut Heathrow charges after airline protests

- A + A (June 28): Celebrity-endorsed cryptocurrency scams in the UK are on pace to almost double this year, Banco Santander SA’s local unit said. “Case volumes” jumped 61% in the first quarter from the prior three months, Santander said in a statement on its website on Tuesday. The average value of the scams was £11,872 (US$14,540), up 65% from a year earlier. Around £2 million was lost to such schemes in the quarter, according to the bank. “We’re seeing a worrying rise in ‘celebrity-endorsed’ cryptocurrency scams, where familiar faces are being misused on social media in order to con people out of often life-changing sums of money,” said Chris Ainsley, Santander UK’s head of fraud risk management, said in the statement. Crypto scams are getting increased attention as regulators and politicians grapple with how to encourage technological innovation, while at the same time protecting unsuspecting consumers. Santander said it expects the number of celebrity-endorsed … [Read more...] about Celebrity-endorsed crypto scams soaring in UK, Santander says

FILE– Mercedes’ Lewis Hamilton. REUTERS/Hamad I Mohammed/Pool SAO PAULO—Lewis Hamilton called for action to change “archaic mindsets” after a racist remark about him by Brazilian triple champion Nelson Piquet emerged on social media, triggering widespread condemnation. In a Brazilian interview on YouTube in November, Piquet, 69, used a racial slur when referring to the seven-time world champion, when commenting on Hamilton’s British Grand Prix crash with Max Verstappen . He also said Hamilton had “played dirty” in the incident. Piquet’s daughter Kelly is Verstappen’s partner, and the comments resurfaced as the drivers prepare to return to Silverstone this weekend. Hamilton, who was recently awarded honorary Brazilian citizenship and is the sport’s only Black driver, responded on Twitter. “It’s more than language. These archaic mindsets need to change and have no place in our sport,” the Mercedes driver said. “I’ve been surrounded by these attitudes and targeted my whole … [Read more...] about F1: Lewis Hamilton calls for action amid storm over racist Piquet comment

As recently as last month, news outlets across the country were still covering the Great Resignation —the unprecedented shift in turnover that saw employees leaving their jobs in droves in search of better positions. Yet in light of the recent tech-stock selloff and economic downturn, it looks like the tech industry’s insatiable appetite for new talent is slowing among certain industries. This is being touted as the Great Reset . advertisement advertisement Over the last few years, enthusiastic tech founders were able to take advantage of an unusual period in history where the market was flush with capital from overzealous investors and government-backed stimulus. Those founders are now waking up to a new reality and discovering that the money they raised is being burned at an unsustainable pace. Companies are making difficult decisions as a result, including a wave of layoffs across the tech industry. Other companies, including Meta , are … [Read more...] about How employers and candidates can adjust to the Great Reset

If you're looking for capitulation in 2022, it's in the bond market. And that tells you that investors' confidence in the global economy is very low. Inside the stock market, it's all about defense. Defensive stocks, which include big healthcare companies and dividend-paying value stocks, have been driving the gains. An index of global defensive stocks put together by Goldman Sachs, which is heavy in healthcare giants, has climbed to more than an 18-month high relative to the MSCI AC World Index. Inside the U.S., the defensive ETF ticker DEF has been outperforming the Spider ETF SPY all last week and all year. For market watchers, this feels a whole lot like a recession trade. While investors in the capital markets are battening the hatches for a recession, money in the private markets is also drying up. The value of venture capital deals in the U.S. dropped more than 25% in the second quarter to just $1 trillion, according to Dealogic . M&A activity in the United States … [Read more...] about What the Business Cycle is Telling us About a Recession

- A + A LONDON (June 28): Walgreens Boots Alliance Inc is abandoning the sale of the Boots drugstore chain in the UK citing "unexpected and dramatic change" in the global financial markets since launching the sales process in January. The American healthcare group had been in talks with a consortium between Reliance Industries Ltd and Apollo Global Management Inc over the more than £5 billion (US$6.1 billion) sale of Britain's biggest pharmacy chain. As a result of "market instability severely impacting financing availability, no third party has been able to make an offer that adequately reflects the high potential value of Boots", Walgreens said in a statement on Tuesday. The recent strong performance of Boots, and its key No7 beauty brand, is also behind the decision to retain the business, the company added in the statement. The Boots sale was considered a litmus test for dealmaking in the UK with credit markets becoming increasingly fragile. The easy financing … [Read more...] about Walgreens abandons Boots sale amid volatile debt market

A version of this story first appeared in CNN Business' Before the Bell newsletter. Not a subscriber? You can sign up right here . You can listen to an audio version of the newsletter by clicking the same link. London (CNN Business) This week, Russia defaulted on its foreign debt for the first time since the Bolshevik revolution after it failed to pay interest on two bonds during a 30-day grace period that expired Sunday. But to put the event in context, we don't need to go as far back as 1918. Instead, we can look to 1998 . That's the year Russia defaulted on ruble-denominated bonds, triggering a "Moscow meltdown" that infected markets around the globe. Quick rewind: In August 1998 , following years of upheaval after the fall of the Soviet Union, the Russian government defaulted on its local debt and devalued the ruble. The move sparked chaos in Russia, driving up inflation, causing an economic contraction and triggering bank … [Read more...] about Russia’s last default sparked a crisis. This time is different

Here's a challenge: Figure out a way to shoot your top-rated television show while all of your stars, crew, and talent are forced to stay home . Even better: Plan, shoot, and film a musical sing-along special under those same conditions--and do it in a week. Or, record your daily late-night show without access to your studio, your crew, or an audience of any kind. Sure, in a world where people still can't find toilet paper at the grocery store, how Hollywood produces shows might not seem like a big deal--but hear me out. There's a lesson here for every business . As much as people need toilet paper, or anything else right now, people need some form of "normal," whatever that may mean. People are counting on their favorite forms of entertainment to unwind and stay sane right now. The problem is, productions have largely shut down amid social distancing and stay-at-home orders. A few shows, however, have figured out creative ways to keep things going. … [Read more...] about How the iPhone Is Becoming Hollywood’s Secret Weapon

Share to Twitter Share to Linkedin Crypto may be down, but Jack Lu and Zhouxun Yin are continuing to build. The cofounders of Magic Eden, the top Solana SOL -based NFT marketplace by market share, announced today the close of a $130 million Series B venture round. The added capital brings the company’s valuation up to $1.6 billion and is one of the first major investments to be announced since the recent crypto plunge that saw bitcoin fall below $20,000 and ether drop under $1,000. Magic Eden now becomes the third NFT marketplace to achieve unicorn status alongside $13 billion OpenSea and $7 billion LooksRare. The funding was co-led by Electric Capital and Greylock and it comes three months after the company announced its $27 million Series A in March 2022. “Magic Eden’s ability to keep pace and drive innovation in a rapidly evolving NFT market is extremely impressive,” said Avichal Garg, cofounder and managing partner at Electric Capital. “They … [Read more...] about Billion Dollar NFT Marketplace Magic Eden Raises $130 Million Despite Signs Of Crypto Winter