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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...
Abraaj, a private-equity firm, files for provisional liquidation

Abraaj, a private-equity firm, files for provisional liquidation

Finance
UNTIL recently the Abraaj Group, a private-equity firm based in Dubai, was riding high. It was one of just a few such firms focused on emerging markets, and a darling of “impact investors”, who seek social or environmental returns, not just financial ones. Assets under management of $ 13.6bn made it the largest private-equity firm in the Middle East, and the 42nd-largest globally in 2017. Its Pakistani founder and boss, Arif Naqvi, a regular at Davos and a patron of the arts, had won awards for philanthropy. It is all the more surprising, then, that basic corporate-governance missteps led his firm to file for provisional liquidation on June 14th.The problems began in late 2017 when four investors in its $ 1bn health-care fund, including the Bill & Melinda Gates Foundation a...
British Columbia stands firm in Trans Mountain fight

British Columbia stands firm in Trans Mountain fight

Business
May 17 (UPI) -- The federal Canadian government is putting investor interests above provincial issues with its support for the Trans Mountain pipeline, British Columbia said. Federal Finance Minister Bill Morneau said Wednesday the government would offset the risks from provincial opposition to expand the Trans Mountain oil pipeline to British Columbia. Citing shareholder risk from that opposition, pipeline company Kinder Morgan in early April said it might back out of the plans to triple the pipeline's capacity. That opposition, the company added, has led to increased provincial tensions. British Columbia has already enacted legislation that could limit the flow of the heavier type of oil carried by Trans Mountain. Premier John Horgan said in response to Ottawa's position that he has a ...