News That Matters

Tag: firm

Brexit ferry firm Seaborne Freight 'will get no money upfront'

Brexit ferry firm Seaborne Freight 'will get no money upfront'

Business
A UK firm contracted to provide extra ferries in the event of a no-deal Brexit will only be paid if it runs "an effective service", the Department for Transport (DfT) says.Seaborne Freight was awarded £13.8m recently to run a freight service between Ramsgate and Ostend.But a BBC investigation discovered it had never run a ferry service before.Seaborne is contractually required to prove it can deliver on its promises, according to the DfT.On Sunday, the DfT stood by the firm, saying it had "carefully vetted the company's commercial, technical and financial position" before signing the deal. Seaborne, together with Brittany Ferries and Danish shipping firm DFDS, were awarded a total of £102.9m over the last few months to provide additional ferri...
Russian cyber security firm moves away from Moscow

Russian cyber security firm moves away from Moscow

Technology
Russian cyber security firm Kaspersky Lab is moving key parts of its business out of Moscow in a bid to address the risks arising from its exposure to the Russian intelligence services. Last year, the US Department for Homeland Security (DHS) and the UK's National Cyber Security Centre (NCSC) issued warnings regarding the use of Kaspersky software on critical government systems, citing legal powers in Russia, allowing the state to exert control over private companies.The warnings left Kaspersky Lab needing to reassure customers that their data was handled properly in what it has called a global transparency initiative.Crucial parts of its customer data processing and software production are being relocated to an automated data centre in a secured facility in the privac...
Northern Rock: US firm 'misled' UK government on mortgages

Northern Rock: US firm 'misled' UK government on mortgages

Business
Media playback is unsupported on your device A US private equity company has been accused of misleading the government about the biggest sale of state assets in UK history.BBC Panorama has discovered Cerberus told the government it was planning to offer homeowners better mortgage deals before its £13bn purchase of former Northern Rock mortgages in 2016.But the company hasn't provided any new mortgages and 65,000 homeowners are still trapped on high interest rates.Cerberus denies the allegation.Many of the homeowners are mortgage prisoners, who cannot shop around for a better deal because their loans are too large or their credit rating has been damaged.TrapLisa and Mark Elkins have to pay £2,500 a month on their mortgage because th...
Instagram co-founders Systrom and Krieger leaving Facebook-owned firm

Instagram co-founders Systrom and Krieger leaving Facebook-owned firm

Technology
The co-founders of photo-sharing giant Instagram, Kevin Systrom and Mike Krieger, are both leaving the firm.Mr Systrom, chief executive, said they were departing to "explore our curiosity and creativity again".Instagram was purchased by Facebook in 2012 for $ 1bn (£760m) in cash and stock and has more than one billion users.There had been reports of tension between the pair and Facebook, and the departures add to what has been a troubling year for the parent company.Kevin Systrom talks to BBC's NewsbeatMr Systrom, 34, the CEO, and Mr Krieger, 32, the chief technical officer, started the image sharing site in 2010, and continued to run the service after it was acquired by Facebook.What have the pair said?Not a great deal. Th...
Wonga payday firm stops offering new loans

Wonga payday firm stops offering new loans

Business
Payday lender Wonga has said it is no longer accepting new loan applications as it teeters on the brink of collapse.The company said in a statement on its website that it was continuing to "assess its options" and existing customers could still use their services to manage their loans.It follows a surge in compensation claims against the firm amid a government clampdown on payday lenders.Reports say the firm has lined up Grant Thornton to act as administrators.Wonga, the UK's biggest payday lender, has faced criticism for its high-cost, short-term loans, seen as targeting the vulnerable. Wonga: Where have all the borrowers gone? What's gone wrong with Wonga? The company's statement said: 'While it continues to assess its options...