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Moneycorp and Futurice discuss some of the key lessons and insights they have gleaned through their partnership

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Moneycorp and Futurice discuss some of the key lessons and insights they have gleaned through their partnership

Moneycorp Chief Finance and Operating Officer Nick Haslehurst and Futurice Commercial Director David Mitchell explain what international finance can learn from retail banking and why it’s time for a more customer-centric approach.

Moneycorp and Futurice discuss some of the key lessons and insights they have gleaned through their partnership

UK-based Moneycorp is a global specialist in currency exchange, hedging and international payments, handling a huge volume of transactions for a wide variety of corporate, institutional and individual customers in over 190 currencies. Digital engineering and innovation consultancy Futurice has worked with Moneycorp since 2016 to design and build a new customer-centric online platform and service experience. In the following interview, Moneycorp Chief Finance and Operating Officer Nick Haslehurst (NH) and Futurice Commercial Director David Mitchell (DM) discuss some of the key lessons and insights they have gleaned through the partnership.

Can you explain what brought Moneycorp and Futurice together?

NH: With financial services becoming increasingly tech-focused, Moneycorp saw an opportunity to bring retail banking-style customer centricity to currency exchange and international payments. As a result, the company partnered with Futurice to co-create a best-in-class international payment platform for private and corporate customers.

DM: Initially, Futurice’s role focused on the technological transformation of Moneycorp’s digital platform. However, as the partnership grew, we took a deeper role, helping Moneycorp develop a more agile culture and getting employees prepared for digital transformation. 

Why is ‘retail banking-style customer centricity’ important?

NH: Firstly, because International Banking and Foreign Exchange is not a joined up service that customers can acquire, regulation, currency restrictions and the lack of communication across payments networks, make accessing these services hard for companies and consumers. Secondly, because customer demands are rising rapidly in step with the growth of connectivity, companies can expect to experience constant pressure to reinvent themselves as the digital-first economy matures. 

What were the key challenges in achieving your goals?

NH: There were external and internal challenges. Externally, Moneycorp needed to navigate the complex, interconnected mix of regulatory environments and financial systems in building the platform. This challenge was exacerbated by the fact that the international banking system is highly-fragmented and communicates poorly across borders. At the same time, the company also needed to recognise that there was a widening gap between the customer experience of domestic banking and international financial services.Internally, the challenges centred around evolving culture to future-proof the firm.

Can you expand on the point about Moneycorp’s culture?

NH: As a 40-year-old company, Moneycorp has a deep understanding and experience of technology, but needed to marry that with a more agile culture, that worked in weeks and months not quarters and years. Moneycorp’s new-found ability to introduce features and products on a monthly basis is a world away from where it was a few years ago.

How has Futurice contributed to this?

DM: A key theme of this partnership has involved Futurice being embedded in Moneycorp’s activities, rather than being a siloed and outsourced vendor. This has resulted in Moneycorp adopting aspects of our culture, becoming less corporate and more flexible in its mindset. One example is that Moneycorp has listened to what Futurice has to say about using ‘playbooks’ to re-evaluate standard operating procedures. A characteristic of successful playbooks is a tendency to invert the traditional hierarchical approach to decision making, giving people on the front line permission to make decisions. The rationale is that frontline employees are usually closest to the action and have the information to make the right decisions.

Was it easy to meld the two company cultures?

DM: There were clashes that we had to work through – on everything from dress code and hours in the office to remote working. The key thing we learned is that you need to address all of this upfront – how do we communicate and what is non-negotiable? This can’t happen by accident.

NH: We had people with 10-20 years’ experience in financial markets having their outlook challenged by people from a very different background. In the end that was what made the partnership so strong, but you have got to set the right environment in advance.

Can you give specific examples of how Moneycorp has changed?

NH: For a start, the shift towards a continuous data feedback loop means Moneycorp can respond quickly to what our analytics are telling us about online customer behaviour. If, for example, the company sees customers hovering over an area of the website for longer than normal, we can investigate whether the terminology there is not as slick or as clear as it should be.

Similarly, the new platform is much easier to adapt and customise to the different languages, regulations and customs we encounter in our various geographies. Other innovations have included a new online registration system, launched mid-2017, which doubled conversion rate from 40 per cent to 80 per cent.Working together, we also created an internal UI component library to support a white labelling solution and reduce launch time in new territories from six months to just one or two.

The beauty of the new collaborative approach is that existing and potential customers experience an intuitive, easy to navigate, fast, bespoke platform. They don’t see all of the backroom ‘plumbing’ that joins up the highly fragmented international banking network and makes moving money across borders as easy as moving money domestically.

What about changes to the way Moneycorp innovates?

DM: To evolve Moneycorp’s product launch strategy, Futurice helped roll out an iterative release process, something the consultancy advocates strongly to best in class companies across several sectors. In simple terms, this is about prioritising speed to market over perfection. Perfecting products or services takes enormous amounts of time and doesn’t always suit a competitive and rapidly changing environment. By focusing on speedy iteration, Moneycorp was able to generate real data with an MVP (a minimum viable product) in the first few months.

What technological challenges did you encounter?

DM: Managing the complexity of a large existing IT landscape is always a challenge. A big part of that is not underestimating the size and depth of certain parts and allowing enough time for development in case of unknowns. Integrating new technologies with existing legacy systems isn’t an easy task either. However, working closely with the Moneycorp development team made the integration much smoother, and that’s a lesson others can take away regarding co-operation.

 What technological tools did you deploy?

DM:For the user-facing front-end we built a new architecture from the ground up using technologies like React, Redux, Styled Components and Typescript. The redesigned user journeys were co-created by Futurice designers and Moneycorp’s product team. The designers also mainly use Sketch and InVision to prototype and test new user interfaces and journeys. InVision, especially, can be integrated into the workflow of a front-end developer as it provides exact Stylesheet information that can be used in the codebase. React Storybook serves as an interactive component library and bridges design and development.

How important was it to use the latest in modern web tech?

DM: It was vital for various reasons. Firstly, there is the community aspect: getting help from people in the open source community when you need to find a solution for a specific coding problem is much easier with modern and popular frameworks like React. Secondly, it helps with attracting talent. Using the latest tech attracts developers to join your project or company more easily. Thirdly, it helps with writing robust and secure code (critical in a field like financial services). Using TypeScript allowed us to build software with confidence as small bugs were spotted much more easily and earlier in the development workflow.

What is your advice to other companies planning transformation?

NH: You’ve got to ensure the entire organisation is ready for transformation, not just the IT department. This is a business change, so the organisation from senior level down needs to be immersed in the actual project. There needs to be a high level of engagement with the business owners – they need a chance to input, be involved and sign-off. And you have to ensure that the client’s regulatory and compliance teams are fully engaged early on in the product development conversation. Only they understand the regulations in enough detail to stop developers disappearing down rabbit holes.

Interviews

Mark Wright – No Longer an Apprentice

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How to answer interview questions

Just for context, you won The Apprentice and became Lord Sugar’s business partner in 2014 – you set up your digital marketing business Climb Online and are continuing to successfully grow this business today.

With the beauty of hindsight, would you have started your business journey differently?

When growing up, I always knew that I wanted to be in business and that I wanted to be successful. It wasn’t until I was working for a personal training college in Australia that I realised the true power of digital marketing, as the website I built and ranked on the first page of Google for key search terminology enabled them to accelerate revenue from $2,000 to $240,000 per month.

After I travelled to the UK, I wanted a bank loan to help launch my first business, but I wasn’t able to secure one. A friend suggested I try out for BBC’s The Apprentice as an alternative, which was something I hadn’t heard of, let alone watched before, and the rest is history. I don’t believe in regrets and certainly wouldn’t have changed how I started my business journey. The show provided me with an excellent PR and lead generation platform, and I have had the unique opportunity to meet and learn from some incredible business people, particularly Lord Sugar, for which I am very grateful.

The X Factor winners are often lambasted by the press and not taken seriously as artists by the music industry after winning the show. Have you experienced parallel treatment from the business community after your win?

I would certainly say that I experienced parallel negative treatment from the digital marketing industry when I first won BBC’s The Apprentice; where I was even booed going onto stage to speak at a trade event.  However, I am always a big believer in the fact that how people treat and respond to others is more a reflection of themselves and it wasn’t something that I let impact me. The best people in business are those who can support and celebrate other people’s successes and that’s what I always strive to do, regardless of the treatment I receive in return.

Do you feel you have had to work harder to prove your credence as an entrepreneur?

Yes, on some level I do think I initially felt like I had to work harder to prove my credibility as an entrepreneur and a business owner. A lot of people audition and make it on to BBC’s The Apprentice out of a desire for public recognition and 5 minutes of fame, whereas I only wanted to go on the show to secure investment for my business having been rejected from a number of UK banks due to my nationality.

I still hold the record as the only Apprentice Winner to turn over in excess of £1 million during my first year in business and to actually make a profit, and this was largely due to the fact I was so focused on building a large business with strong foundations from the outset.

You became a UK Citizen earlier this year, why have you chosen to stay permanently in the UK?

Australia will always have a special place in my heart and I still have a desire to return and even open a Climb Online office there, but the UK has really become my home. I have made some amazing friends and have created a number of brilliant businesses and am very excited about what the future brings here.

What have been your stand out moments since launching Climb Online?

I have been very fortunate in that I have had many standout moments since launching Climb Online, from being listed twice on Forbes 30 under 30 to creating and hosting CLIMBCON in 2019.*

However, my real stand out moment is quite simple, and it happens almost daily and that is being in the office with my team, receiving positive feedback from clients and helping and mentoring other business owners or aspiring entrepreneurs with their own challenges. There is no feeling like helping someone else succeed or realise their own ambitions and I feel incredibly fortunate that I am able to support and give back to others in such a way.

Mark Wright

Mark Wright

Have you ever just wanted to throw the towel in and head back to the beach?

All business owners at some point will have that feeling of wanting to throw in the towel, particularly on the days when nothing is going right, and everything feels impossible. However, the true marker of success is the ability to continue to show up each day and work through every single challenge. The ones that do will come out on top, maybe not immediately, but eventually.

I am from a small town in Australia where my Dad owns the local car garage and my mum owns the local hair salon, so when we were all sitting round the table at dinner time, they would discuss the challenges of running a business and I would gain real insight into the hardships. So in starting and continuing to work through my business journey I have always had this in the back of my mind. The power of persistence cannot be underestimated and even on days when I feel like it, I wouldn’t ever head back to the beach.

2020 has been a tough year for business. How was your business affected?

I can honestly say that the start of the COVID-19 pandemic was the hardest period I have ever had to work through in business as like the majority, we lost clients and were forced to make challenging decisions. However, I would also say I have learnt the most about business this year and worked hard to implement an effective survival strategy. This not only meant we were able to continue to navigate through the first difficult three months, but in taking the time to look at our costs, our staff and our processes, have had the opportunity to make vast improvements that have enabled us to thrive beyond pre-COVID levels and really come out on top.

What do you think the long-term impact of COVID-19 will be? Will the economy bounce back quicker than predicted?

I think the figures from Q3 were very promising and show that a ‘bounce back’ is possible. However, with further reports revealing that UK borrowing is now at the highest since records began, it means we have a long way to go and it certainly won’t be easy.

Although there haven’t been any changes to taxes as yet, I do think these will come as we start to see economic recovery and hope any increases don’t impact business owners too heavily, particularly as they have worked so hard to survive this unprecedented period.

How has COVID-19 changed the digital marketing industry?

Although there was an initial hit at the start of the pandemic, with businesses cutting digital marketing spend as a cost-saving exercise, I would actually say the pandemic has since played into the hands of the digital marketing industry by emphasising the importance of having a strong digital presence to sell your product or service online.

There will still be agencies who will be down on a revenue. However this won’t be because the business and sales opportunities aren’t out there, but because they aren’t pushing hard enough and are ultimately using COVID-19 as an excuse. At Climb Online we have won many new clients recently just because we were the only agency to actually answer the phone, which is quite unbelievable and shows that many are still operating remotely and haven’t got the right virtual infrastructure in place.

What advice would you give for business owners struggling to drive new sales?

This is going to sound very simple, but the first thing business owners struggling with sales should do is hire a salesperson to implement a clear and consistent business development strategy. I’ve met thousands of business owners over the years and it still amazes me that the vast majority don’t have any form of sales operation to keep the pipeline full and to proactively sell the product or service. Often the business owner is hesitant to hire a salesperson due to a bad experience or because they believe no one will be able to sell the business as well as they can, and whilst the latter is likely to be true, you still need additional people on the ground generating as many leads as possible. Without a sales team, any form of sales strategy becomes inconsistent and ineffective, limiting the opportunity for growth.

Will you ever retire? Absolutely not. Never.

*CLIMBCON is the only business summit dedicated to teaching businesses how to grow and scale from real life successful entrepreneurs

in an authentic and empowering live event

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Interviews

The evolving payments landscape

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The evolving payments landscape 1

Q&A with Prajit Nanu, Co-Founder and CEO, Nium

  1. The global pandemic has negatively impacted economies around the world, but we’re also seeing an acceleration in e-commerce and consumer behaviours. What trends are you seeing, and what is the takeaway for Nium?

At the start of the global pandemic, no one had a clue on where things were headed. But luckily for Nium, we have a 360-degree view on how different industries are adapting because of the number of industries we serve. For instance, we saw that there was a rise in gaming, e-learning, and e-commerce while the travel industry was significantly impacted.

According to Newzoo, the leading global provider of games and esports analytics, the games market will to grow to $217.9 billion by 2023, representing a strong +9.4% CAGR between 2018 and 2023. This is up from a previous forecast of $200.8 billion[1]. The sudden shift away from the classroom in many parts of the globe also led to a rise in e-learning adoption, where schools have had to distribute gadgets to students to ensure they have access to learning materials. Schools in New York, US for example distributed around 500,000 laptops and tablets to their students in early April[2].

To cater to these sudden shifts in consumer behaviour, banks are coming to Nium with an accelerated timeline to leverage and implement our services, including instant real-time cross-border payments. This is positive because banks are reacting to new consumer behaviours promptly.

That said, while these are positive trends, we need to think about how we can sustain this momentum into the future. Initially when the pandemic hit, we saw a huge shift of revenues from offline to online channels. However, now that countries are gradually re-opening, we see that many consumers are preferring to go back to offline channels. The question now lies in how we keep up with these changes and continue to deliver great customer service.

  1. The world is shifting to an API economy, how is this going to impact your customers?

Our definition of an API economy is one that deploys best-of-breed products seamlessly and efficiently – and this is a core mantra of what we believe we are powering at Nium. If you think about it, banks today are being unbundled at a rapid pace. 15 years ago, if a customer wanted a loan or a travel card, they would have had to walk into a physical bank. Today, customers can turn to a small and medium-sized enterprise (SME) lender or any pre-paid travel card business.

Nium is actually leading the charge in this rapid unbundling through our banking-as-a-service (BaaS) offering. For instance, E-commerce companies no longer only provide e-commerce as a service but instead have tapped onto a new range of services within that ecosystem. Companies today can choose partners for their payment solutions – for instance, they can use X for payments, Y for card issuance, and Z for lending. The API impact that Nium makes goes beyond just a few customers; we make it easy for everyone to plug in and rapidly deploy our service.

The future of the API economy is all about how to make APIs easy to understand, and that is where Nium is driving our vision forward.

  1. What is Nium doing to cater to the under-penetrated segment that may not have access to payments today?

Nium is providing an infrastructure platform catered for anyone – from everyday customers and businesses, to large banks, and even to fintechs – aimed at levelling the playing field through the provision of financial services to all members of the population. In other words, our platform enables our partners to reach out to the population and provide greater access to payments than ever before.

To take a recent example, Nium partnered with Aptiv8, an IT and manpower solution provider, to launch a remittance service called MyRemit. This service allows migrant workers in Singapore to conduct digital remittance transactions via a mobile app, anywhere and anytime. This has been particularly vital during this year’s strict social distancing and lockdown measures, as migrant workers can still remit money back home for their family’s needs through a digital channel.

Similarly, Nium recently partnered with Cebuana Lhuillier, the Philippines’ largest microfinancial services provider, to launch their mobile remittance app, Quikz, in Singapore. Powered by Nium’s Remittance-as-a-service (RaaS) solution, this app allows thousands of Filipinos based in Singapore to send money to their loved ones back in the Philippines. Our platform ensures the transactions are processed securely and in real-time – providing more customers with a safe and more affordable way to make transactions.

  1. What was 2020 like for Nium and what is it going to be like in 2021?

This year has been interesting for Nium because the pandemic forced us to rethink and review our company playbook for success. At the peak of COVID-19, I gathered my leadership team together to reflect on the impact the world had faced, how the world is going to change, and what we, as a company, need to consider when adapting to these changes. This exercise was extremely useful and it has formed the basis of a refreshed playbook for us.

Our team members came up with many different stories on how we need to over-communicate not only to our clients, but also internally with our colleagues. We also spoke about product prioritisation. For instance, travel used to be an industry that most of our products served, but it has become much smaller today, while other industries such as e-learning and gaming have burst through the scenes. So, do we still create products for the travel industry knowing that it will come back in the next two years, or do we focus on the growing industries right now? The good thing is, because we work with clients across a large spectrum of industries, we have been able to observe these changes panning out early and react swiftly.

Come 2021 and 2022, product will be key for us. There is a lot of pent-up demand across industries that were restricted due to the pandemic, such as travel, and we are looking forward to capturing this new demand, which I believe will definitely come back once we tide over these difficult times. At Nium, we will continue to focus on growing our revenue and expanding our team worldwide.

At the same time, we are also aware of the impact that the pandemic has had on our employees this year. I want to take a brief moment here to acknowledge the efforts of our employees worldwide. They have rallied hard over the past few months, putting in the extra hours as they work remotely, to ensure they deliver quality work. Ensuring that our employees remain engaged and prioritising their mental health will also be a focus for us in the new year.

[1] Global Game Revenues Up an Extra $15 Billion This Year as Engagement Skyrockets, Newzoo.

[2] Challenges of home learning during a pandemic through the eyes of a student, The Jakarta Post, July 2020

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Interviews

Treasury’s digital revolution: How corporates can ensure stability in uncertain economic conditions

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Treasury’s digital revolution: How corporates can ensure stability in uncertain economic conditions 2

The digital revolution in treasury may have been under way for some years now, but the past few months have shown there is plenty of room to improve and refine. We talk to Frank Nicolaisen, UniCredit’s Head of Global Transaction Banking, Americas, about how the coronavirus pandemic has intensified the need for corporates to upgrade their treasury infrastructure and what they can do to get started.

Q: The pandemic looks to have added significant impetus to the digital push in treasury. How has the use of financial technology in the treasury space evolved in recent years and where does this fit into the story?

The narrative of innovation around treasury has been building for some time – and for good reason. A host of recent innovations, such as application programming interfaces (APIs) and optical character recognition (OCR), are already live and streamlining treasury processes for corporates of all sizes.

At the core of this is the rise of e-banking – following experiences in the retail sector, corporates have moved away from branch-based or over-the-phone banking to platforms, with many banks, including UniCredit, investing to make this a seamless, fast and more efficient experience. This, in turn, paves the way for other efficiencies, such as virtual accounts – a concept that sees corporates hold a single physical bank account that can be sub-divided into “said virtual accounts, which work much like real ones, with their own budgets, permissions and account numbers, all whilst feeding into the physical parent account. This solution is growing in popularity and is especially beneficial to corporates with multiple banking relationships and complex account structures, minimising the number of physical accounts they need to maintain.

While these technologies have been around for some time, they have seen a spike in adoption during the recent economic downturn, enabling corporates to rationalise accounting processes, cut maintenance costs, increase transparency over funds and efficiently optimise their financial assets from a remote basis.

To take treasury management to the next level, even newer technologies are emerging, such as artificial intelligence (AI) and machine learning, which promise to bring a raft of benefits, including the streamlining of bureaucratic processes in a safe and secure manner.

Q: What should a successful treasury set-up look like today?

For some time, a digital, real-time treasury set up – with fully-automated routine processing – has been the vision and the gold standard. This has the capability to turn the sheer amount of data that many treasurers handle on a daily basis from an administrative burden to a source of strategic insight.

With the right technology, corporates can automate a huge range of previously time-consuming administrative tasks, such as opening, closing and managing accounts, generating cash-flow forecasts, executing routine payments; reconciling incoming payment flows, calculating FX exposures and even executing FX conversions. All of this frees team members to focus on more value-adding tasks, while reducing human error in the workflow.At the same time, the data captured in these digital systems can also be reviewed and mined for valuable insights, helping treasurers further refine their processes.

Implementing such a system, of course, will be easier for some businesses than others. Young companies, for instance, will not have to overhaul any legacy infrastructure, and can simply implement a new, modern system. Older or larger companies, on the other hand, will likely be less agile, and have to undertake the more time-consuming process of updating existing systems, while managing operational risks during the transition.

Nevertheless, establishing a robust digital set-up remains central to most treasurers’ strategic vision. Once complete, this switch-over promises benefits to corporates of all kinds – and an opportunity to future proof their business against economic shocks, the likes of which we’ve seen over the last year.

Q: How can corporates yet to initiate the transition to digital treasury get started?

The first step is to investigate the process. Treasurers can speak to their banks and other potential partners, asking questions such as: What are the stakes? What can be achieved? What treasury set-up best suits my business? What benefits is the transition likely to bring in the long-term?

This conversation typically begins either when a treasurer notices the benefits the transition has brought to other businesses, or when triggered by an urgent business need. But it doesn’t necessarily need to be prompted in this way. Starting the conversation now means treasurers are forearmed should necessity arise.

Q: How will you leverage your position as UniCredit’s Head of GTB Americas to deliver these treasury solutions to corporates?

Broadly speaking, my mandate is to continue to develop the Group’s unique, digital Global Transaction Banking (GTB) offer – helping US multinational clients thrive in Europe, and European clients access the US markets.

As part of this, I’m looking to facilitate the delivery of UniCredit’s proprietary GTB solutions from our core European markets to businesses operating in the Americas. Having previously played a key role in the expansion of UniCredit’s Tech Team in Germany – which focused on serving fast-growing technology companies – I am hoping to draw on this experience to oversee the first step in this process: the roll-out of the bank’s global e-banking portal. Once complete, this innovation promises to vastly improve the banking experience for our corporate clients in the US.

It’s one of a number of digital tools corporates can leverage to help them through the many challenges of the current environment. Over the next few years, I think we’ll see adoption continue to climb across the board and I’m looking forward to playing a part in it.

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