Wonga collapsed into administration yesterday after losing its battle to stay afloat amid a tidal wave of customer complaints. The board of the payday lender has appointed Grant Thornton as administrators after holding crisis talks with the Financial Conduct Authority. About 500 jobs are at risk. The FCA said it would continue to oversee Wonga and that customers should continue to repay their debts.
Homebase faces a "make-or-break vote" today, reports the BBC. Although DIY retailer, where 70% of outlets are losing money, has suggested closing 42 stores and cutting rents on others as part of a rescue plan, some landlords plan to vote against the deal, or Company Voluntary Arrangement. The company’s owner said it is "very likely" Homebase will go into administration if the plan is not approved.
Argentina has raised its interest rate by 15 percentage points to 60%, the highest in the world. The central bank also raised the amount of reserves local lenders have to hold, in an effort to support the peso currency. The peso has lost more than 45% of its value against the US dollar this year. The government has asked the International Monetary Fund for the release of a $50bn loan to be accelerated.
The gay dating app Grindr is to list its shares on international stock exchanges, notes the BBC. Its Chinese parent company Kunlun Group’s board said that going public would "strengthen" Grindr's competitive edge. The tech firm originally bought a 61.5% stake in 2016 from Grindr’s US founders. Grindr was the first gay social networking app on the iTunes App Store. It is currently available in 192 countries.
PwC has launched a scheme that allows some new recruits to work the hours they want. The accountancy giant’s Flexible Talent Network allows job applicants to list their skills and preferred work pattern. They can choose shorter weekly working hours or only working for a few months a year. PwC hopes to attract highly skilled workers who don't want to be tied to traditional 9-to-5 hours.
"If they don't shape up, I would withdraw from the WTO." President Donald Trump has threatened to withdraw the World Trade Organization unless it changes the way it treats America.
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