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Roula Khalaf, Editor of the FT, selects her favorite tales on this weekly publication.

Revolut has secured a UK banking licence, ending a greater than three-year tussle with regulators and delivering a lift to the fintech’s growth plans in its residence market.

The London-based firm, which first utilized for the licence in early 2021, stated on Thursday it had obtained the allow from the Prudential Regulation Authority.

The appliance bumped into a number of issues, together with a warning from auditors that they may not absolutely confirm income figures within the group’s 2021 accounts.

Revolut already has a European banking licence from authorities in Lithuania and was granted one in Mexico this 12 months however its prospects have hinged on securing one within the UK.

The PRA’s approval will enable the fintech to widen the services it could actually supply in its largest market, and might be seen as a vote of confidence within the firm that may enhance its probabilities of changing into regulated as a financial institution in different key markets such because the US.

“We’re extremely proud to achieve this essential milestone within the journey of the corporate and we are going to guarantee we ship on making Revolut the financial institution of alternative for UK clients,” stated chief govt Nik Storonsky.

Francesca Carlesi, who joined Revolut on the finish of final 12 months as chief govt of its UK entity, stated the licence was “a major step ahead for Revolut and for our clients”.

Revolut stated it had obtained the licence with restrictions, a standing the fintech stated was widespread for brand spanking new lenders and that will enable it to construct out its UK banking operations earlier than launching them.

Revolut has about 9mn clients within the UK, the place it was based in 2015, and greater than 45mn globally.

Turning into a completely fledged financial institution will enable Revolut, which till now has been working a non-bank “e-money” funds firm within the UK, to supply new merchandise, together with mortgages. Revolut clients may also be included within the Monetary Companies Compensation Scheme, giving them deposit safety of as much as £85,000.

The corporate, which was final valued at $33bn in a 2021 fundraising spherical, is in talks to promote about $500mn value of shares in a deal that will worth it at about $40bn. An aggressive abroad growth has made it far greater than different lenders to which the PRA has handed a UK licence in recent times.

In line with steerage from UK regulators, banking licences are sometimes awarded inside 12 months of an software however Revolut confronted a number of hurdles and tense negotiations because it labored in the direction of approval.

Regulators waited to see a clear audit of Revolut’s full-year accounts after auditor BDO stated final 12 months that the design of the fintech’s IT system meant there was a threat that the majority of its 2021 income had been “materially misstated” in a delayed earnings report.

The Financial institution of England additionally demanded that Revolut simplify its share construction as a way to be regulated as a financial institution, prompting a dispute with Japanese investor SoftBank that was finally resolved.

The beginning-up in 2020 introduced in Metropolis veteran Martin Gilbert as chair to assist handle its relationship with regulators. Final 12 months it misplaced the top of the UK entity that utilized for the licence and its chief monetary officer.

The PRA declined to remark.

Tom Tugendhat has stated he can be prepared to depart the European conference on human rights as he joined the race to succeed Rishi Sunak as the subsequent Conservative chief.

The previous safety minister – who turns into the second Tory MP to announce their candidacy after the previous residence secretary, James Cleverly – gave the impression to be pitching to the fitting to win over occasion members.

Whereas he’s considered being on the one nation wing of the occasion, and has beforehand warned in opposition to leaving the ECHR, latest historical past has proven that the Tory grassroots are likely to go for probably the most rightwing candidate.

Tugendhat warned final October that leaving the conference may have penalties for the Good Friday settlement, the Windsor framework and devolved administrations.

“There are lots of treaties around the globe; if you wish to go away one, please clarify to me the way you’re going to deal with the gaps that they create,” he stated on the time. “These are actually large questions and don’t throw round phrases except you may reply the questions.”

However in an article for the Telegraph on Wednesday night time, Tugendhat indicated he can be ready to depart the ECHR, saying that if establishments made it tougher to regulate the UK’s borders, the nation must “exempt ourselves from them” or “go away their jurisdiction”.

He recommended this was the “commonsense Conservative place” to take, in an obvious bid to tackle seemingly rightwing rivals together with Kemi Badenoch and Robert Jenrick, who’re each anticipated to argue the UK ought to go away the ECHR.

He additionally pitched to the fitting on different key points for Tory members together with gender identification and web zero. The previous military officer argued defence spending ought to enhance to three% of GDP.

Tugendhat stated the Tories suffered their historic election defeat as a result of they’d misplaced the belief of British voters after failing to ship on their guarantees of decrease taxes and slicing immigration.

He stated the occasion may win the subsequent election if it regained that belief. “Intelligent individuals have already written one million difficult phrases about why we misplaced that election, however I can do it in a single: belief. We misplaced the belief of the British individuals, as a result of we didn’t do what we stated we’d,” he wrote.

“I’m not simply working to be the subsequent chief of the Conservative occasion. I’m working to be the subsequent Conservative prime minister. That’s what this management election is all about: profitable.”

Earlier on Wednesday, the shadow well being secretary, Victoria Atkins, additionally on the reasonable finish of the Tory occasion, dominated herself out of the working.

The occasion set out its timetable for the prolonged management contest on Monday, with nominations closing subsequent week. Tory MPs will cut back them to a shortlist of 4 candidates in September who will take to the stage on the occasion convention in October to make their pitch to grassroots members.

After that, MPs will slim down the listing to 2 candidates who shall be put to a vote by the membership. Within the final two management contests, Boris Johnson beat Jeremy Hunt and Liz Truss beat Rishi Sunak, who later turned prime minister with out a full contest. He’s planning to remain on as interim chief till the result’s introduced on 2 November.

MINNEAPOLIS — Since President Biden ended his reelection bid Sunday, Vice President Harris has already damaged a fundraising file, locked down tons of of delegates and secured important endorsements in her efforts to develop into the Democratic Social gathering’s nominee for president. A kind of key endorsements contains Minnesota’s governor.

Gov. Tim Walz, who’s chair of the Democratic Nationwide Conference guidelines committee, instructed WCCO’s Esme Murphy on Monday night time that the nomination course of will probably be open to different candidates.

“Anyone can run,” Walz stated of the nomination course of. “This Wednesday we’ll set the principles. There will probably be three days after that, Thursday, Friday and Saturday of this week. Anybody who needs to can get 300 delegates. If you may get 300 delegates in your aspect, your identify will probably be put into nomination.”

Walz says, at that time, these being thought of for nomination will then have three days to make their case to delegates. On Aug. 1, the voting will start and whoever will get essentially the most votes and reaches the brink quantity turns into the social gathering’s nominee.

In keeping with Walz, nobody outdoors of Harris has but to place their hat into the ring.

“Everyone seems to be welcome,” he stated.

Walz, whom at the very least one different Minnesota Democrat has floated as a potential vice presidential candidate, was requested if he’s being thought of for the function.  

“I have no idea that,” he stated. “I spoke to the vice chairman on Sunday, shortly after the announcement by President Biden, and she or he simply made it clear that she needs to earn the endorsement.”

Walz is amongst different Democrats being floated as potential choices, together with Gov. Josh Shapiro of swing state Pennslyvania and Gov. Andy Beshear of Kentucky, which has been a reliably Republican state in presidential elections.

However does the two-term governor, who has seen progressive wins with Democrats in charge of the state legislature, need to be vice chairman?

“I do not suppose you flip down a job that you have not been supplied, however I’ve one of the best job on the planet in being the governor of Minnesota,” Walz stated.

He says Harris’s record-breaking fundraising on Monday is proof of small donors’ and voters’ enthusiasm for the brand new possible Democratic nominee.  

Walz spoke with the media on Tuesday morning at an occasion saying a $200 million grant from the Environmental Safety Company to assist scale back the carbon footprint of the state’s meals system. When requested by reporters if he was being vetted as a potential vice presidential nominee, he reiterated that he had spoken with Harris and instructed her that he would “be there to do something [he] can do to assist,” however did not go into any additional particulars.

“I am not going to speak in regards to the specifics that had been in on that, and at this time limit we’re simply going to depart it at that,” he stated.

However when a reporter famous that his identify was being floated as a contender, Walz laughed and stated “I’ve seen it on the market and it is a little bit bizarre!”

He famous that Harris was a “nice candidate,” and that he feels a “burst of vitality” within the marketing campaign.

“There’s a number of pleasure. I feel issues have modified when Donald Trump was tweeting at me right this moment, in order that tells me possibly we have modified the dialogue in America.”

Trump did point out the governor on his Reality Social account on Tuesday, criticizing Fox Information for having Walz on one in all their applications.

Walz has been showing on nationwide cable information this cycle as a marketing campaign messenger for the one-time Biden marketing campaign, and now the Harris marketing campaign.

Mr Sunak has formally stood down as social gathering chief after main the Tories to their heaviest-ever defeat within the 4 July common election, however will stay as appearing chief till his alternative is picked.

Setting out his stall to be the brand new chief, Mr Tugendhat stated his social gathering misplaced the election as a result of the general public had “fairly understandably misplaced belief with us, as a result of we didn’t ship”.

Chatting with the BBC, he stated “factional preventing was extra essential than supply for the British individuals” over the last Conservative authorities.

“We have to apologise for the errors made,” he added.

“What I might love to do is to rebuild that belief to rebuild the Conservative Get together to reunite and to guarantee that we’re in a position to ship.”

In his Telegraph article, Mr Tugendhat argued “the general public wished the issues we promised: decrease taxes, decrease immigration, extra management over their on a regular basis lives.”

He additionally advised he can be prepared to go away the ECHR if elected.

Some Conservatives argue leaving the conference is vital to controlling immigration and enhancing nationwide safety, however others fear it may harm the UK’s worldwide status and authorized protections.

“I’m ready to guarantee that each single alliance, each single treaty that we signal as much as serves the pursuits of the British individuals,” he informed the BBC.

“The place they do not, they are often reformed – or possibly we are able to derogate as I have been calling for on the ECHR.”

The place establishments cannot be reformed “we must always depart them,” he added.

Mr Tugendhat has beforehand argued that leaving the ECHR would create issues for the 1998 Good Friday Settlement, which introduced an finish to 30 years of battle in Northern Eire.

Nonetheless, in 2015 he stated the ECHR mustn’t apply to the UK armed forces throughout wartime, suggesting that the Geneva Conventions needs to be adopted as a substitute.

Tom Daley will make much more historical past at Paris 2024 after changing into the primary diver to be chosen by Workforce GB as an official flag bearer for the Olympics Opening Ceremony.

The four-time Olympic medallist is already set to grow to be the primary British diver to compete at 5 Video games this summer time however now he will get to fulfil one other childhood dream at Friday night’s procession down the River Seine.

“To be requested to be flag bearer is without doubt one of the best honours in my Olympic diving profession.” he stated.

“To have the ability to do it in my fifth Olympic Video games and have my household here’s a very particular factor.

“It has all the time been a dream of mine, since I used to be just a little child. I keep in mind in 2008 strolling out behind the flag bearer proper within the entrance line, as a result of we had been the smallest group of individuals, and to now be one of many two individuals to guide out the staff is such an enormous honour.

“If my dad was round now, he could be so extremely proud, as a result of he all the time stated that you’d know you’ve cemented your Olympic legacy in case you are requested to be a flag bearer at an Olympic Video games.”

Sharing the second

Daley will be part of rower Helen Glover in holding the Union flag on the entrance of the Workforce GB contingent, 16-years on from his debut Video games as a 14-year-old in Beijing.

He’ll comply with within the footsteps of rower Moe Sbihi and sailor Hannah Mills who carried the flag in Tokyo in addition to swimmers Mark Foster and Anita Lonsbrough and water polo gamers Arthur Hunt and Charles Smith who’ve beforehand been given the honour.

And as he continues his remaining preparations, Daley says he’s happy with his journey again to competitors and now to Paris.

He added: “The primary particular person I known as was my husband Lance, as a result of I needed to inform him.

“It has been actually powerful. We moved to America after which I made a decision I needed to return to coaching, and it has been laborious with the journey.

“It has been an actual journey. I really feel actually proud to have dedicated to occurring one other Olympic journey, towards all odds. I actually went for it and he was so completely happy for me.

“My youngest son [Phoenix] received’t keep in mind however Robbie, who has simply turned six, goes to. He’s very excited, he has been studying lots concerning the Olympics in school and it’s going to be actually particular to look again at images and say they had been there.

“I’m wanting ahead to sharing the second with Helen too, she is such an inspiration.”

Talking on this 12 months’s flagbearers, Workforce GB Chef de Mission Mark England added: “Tom and Helen exemplify and embody the values of Workforce GB and our nice nation.

“They’re devoted, hard-working, gifted athletes, who’ve achieved greatness of their sports activities and have captured the love of the nation in doing so. They’re each really proud to put on the Union flag and I’ve had the pleasure of seeing that first hand at each Olympic Video games they’ve attended.

“It’s an absolute privilege to call them as flag bearers for Workforce GB on the Paris 2024 Olympic Video games.”

Daley will likely be on the hunt for his fifth medal when he takes to the boards alongside Noah Williams on Monday 29 July.

The pair staff up within the Males’s 10m Synchronised Diving remaining at 10am that day the place Daley seems to be to defend the Olympic title he received alongside Matty Lee in Japan.

Over two months after Pink Lobster filed for chapter, the seafood restaurant chain might quickly have a brand new proprietor, in line with USA As we speak.

RL Purchaser, a stalking horse bidder — a agency that places the primary bid on a bankrupt firm’s belongings to ascertain a low-end bid — is about to take over the chain, USA As we speak experiences.

Court docket paperwork filed within the Center District of Florida in Orlando on Monday point out the change of possession. RL Purchaser consists of Pink Lobster’s lenders, and it reportedly acquired the chain’s remaining belongings for a bid of $376 million.

Pink Lobster filed for Chapter 11 chapter again in Might, resulting in restaurant closures throughout Central Florida. The chapter was largely sparked by unstable management, an Final Countless Shrimp deal, and an enormous drop in prospects lately.

Funding agency Fortress Credit score Company is accountable for controlling RL Purchaser, although Pink Lobster wouldn’t be the primary of Fortress’ acquisitions. Different bankrupt firms, similar to Vice Media and Alamo Drafthouse, had been additionally acquired by Fortress (although Alamo Drafthouse was later bought to Sony).

The acquisition (which RL Purchaser received by default) might give Pink Lobster the flexibility to reorganize and amend a few of its operational issues, although no info has been supplied at the moment about whether or not CEO Jonathan Tibus will stay in his position.

Take a look at the Florida Foodie podcast. Yow will discover each episode within the media participant beneath:

Tom Daley vividly remembers strolling out into the Hen’s Nest for the Opening Ceremony of the Beijing 2008 Olympic Video games. Fourteen years previous on the time and the youngest on the Nice Britain group, the diver was mesmerised following within the footsteps of the group’s flagbearer, five-time Olympian Mark Foster.

Sixteen years later, Daley himself has arrived at his fifth Olympic Video games, at Paris 2024, and is chosen to hold the nation’s flag on the Opening Ceremony along with rower Helen Glover.

“I keep in mind strolling out in 2008 within the Opening Ceremony behind Mark Foster who was our flagbearer then and to suppose now, flash ahead 5 Olympics, and to be named flagbearer,” Daley stated. “It was an enormous honour and, in fact, the one reply was sure.”

Having already received an Olympic gold medal and defied expectations by managing to qualify for his fifth Olympic Video games – a uncommon feat within the diving world – Daley is just not placing any stress on himself in Paris, however is decided to savour the expertise.

In contrast to Tokyo 2020, the stands shall be packed once more and that’s an environment Daley can thrive in. For him, nevertheless, even having solely three spectators can be sufficient.

“(At Tokyo 2020) there was none of that pleasure outdoors of the pool, which made it very focussed, but additionally made it very intense, whereas this time I believe a number of athletes want to actually take in the expertise. However for me, going into this when it comes to expectations, I simply need to have the ability to exit, present my finest,” Daley stated. “My largest achievement is to have the ability to dive in entrance of my husband and my two little children.”

Our opening sport of our 2024 US Tour resulted in a draw over 90 minutes adopted by a shoot-out win towards Bournemouth in Los Angeles.

Fabio Vieira drilled residence a advantageous volley within the seventeenth minute at hand us a half-time benefit, however Antoine Semenyo’s deflected shot introduced the Cherries degree on 72 minutes.

Nevertheless a very good variety of our travelling squad acquired some helpful minutes beneath their belts, as they construct up for our sport towards Manchester United in SoFi Stadium on Saturday. We then ran out 5-4 winners on penalties with Karl Hein the hero, denying the Cherries twice, earlier than Jakub Kiwior stepped as much as convert our sixth penalty. 

Fabulous from Fabio

Mikel Arteta opted to begin with a combination of youth and expertise, with Ayden Heaven, Ethan Nwaneri, Salah-Eddine Oulad M’Hand and Myles Lewis-Skelly all given the nod to begin, and all put in strong shows throughout a powerful opening 45 for us.

Regardless of us having fun with nearly all of possession within the early levels, the opening likelihood truly went to the Cherries however Dominic Solanke blasted over when well-placed, nevertheless within the seventeenth minute we made our early dominance pay.

Reiss Nelson was consumed the left flank by Nwaneri, and tricked his well beyond Max Aarons to get to the byline and clip a cross to the again put up. That was the place Vieira was lurking to expertly volley into the underside nook and get our tour off to the proper begin.

Bournemouth had named a powerful aspect full of their Premier League starters, and with extra minutes beneath their belts understandably started to develop into the sport across the halfway level of the primary half and trigger us extra issues.

Romain Faivre went shut when he fizzed a low shot throughout objective, after which on 35 minutes Solanke appeared destined to attain when he slipped previous Heaven and blasted goalwards, however Karl Hein confirmed wonderful reactions to flick the ball onto his crossbar, and ensured we took our lead into the break.

Bournemouth battle again

Mikel opted to make only one alteration to his line-up on the interval, with skipper Martin Odegaard being launched and simply after the hour mark, and after a quiet opening quarter-hour of the second half that solely noticed one other Solanke shot fly into the group, seven extra gamers had been launched by the boss, together with our quartet of Euro 2024 stars.

The injection of recent legs sparked the sport again into life, and Hein needed to be at his greatest when a neat flick from Daniel Jebbison despatched Dango Ouattara by way of on objective however the Estonia stopper stayed massive and made the block, earlier than Odegaard whipped a free-kick goalwards that Neto pushed round his put up.

However on 72 minutes the Cherries restored parity. Semenyo received possession off Omar Rekik and charged forwards, and noticed a speculative try deflect off Ben White and loop in the direction of the highest nook, and this time there was nothing Hein might do to stop it from discovering the web.

With seven minutes remaining it seemed as if we would edge again in from when a advantageous Odegaard cross slipped in Leandro Trossard who twisted and turned within the space to get a shot off, however Neto blocked along with his ft to disclaim us a win.

Heroics from Hein 

Though the sport resulted in a draw after 90 minutes, it was determined prematurely {that a} penalty shoot-out would happen whatever the scoreline. 

Semenyo and Odegaard stepped up first and each discovered the underside left nook, earlier than Hein produced an impressive save to disclaim Philip Billing at full stretch. Alex Zinchenko then fired into the underside left nook at hand us the benefit. 

Ouattara, Jorginho and Adam Smith scored the following three penalties, however Trossard’s pushed effort bounced again off the put up that means we had been degree heading into the fifth spherical of penalties. 

Jebbison scored with a robust effort, earlier than Gabriel Jesus emphatically took the shoot-out to sudden dying. 

Stuffed with confidence from his spectacular shot-stopping efficiency on the night time, Hein produced one other spectacular save to disclaim Ryan Christie down low, earlier than Jakub Kiwior stepped as much as discover the underside left nook and ship Neto the unsuitable means, wining the shoot-out. 

What’s subsequent

We stay in Los Angeles however head to SoFi Stadium to tackle Manchester United on Saturday – tickets are nonetheless out there or you should buy a Match Go to observe the motion dwell on Arsenal.com and the official app.

Two months after submitting for Chapter 11 chapter, Purple Lobster may quickly be altering arms.

A stalking horse bidder listed as RL Purchaser LLC − a newly shaped entity organized and managed by Fortress Credit score Company − is about to be the chain’s new proprietor, in keeping with courtroom paperwork filed Monday within the Center District of Florida in Orlando.

RL Purchaser LLC, which consists of Purple Lobster’s lenders, bid $376 million to amass the corporate’s remaining belongings, in keeping with the Orlando Enterprise Journal.

Purple Lobster filed for chapter on Could 19 after closing dozens of places and saying that it supposed to “drive operational enhancements” by simplifying the enterprise. Paperwork later filed in federal courtroom revealed that the chapter was primarily because of important debt, a carousel of CEOs, an all-you-can-eat shrimp fiasco and a 30% drop in friends since 2019.

Purple Lobster would mark Fortress’ newest acquisition of an organization in chapter, following purchases of Vice Media and Alamo Drafthouse, which was later offered to Sony Photos Leisure, Reuters reported.

USA TODAY contacted Purple Lobster and its attorneys on Tuesday for remark however haven’t obtained a response. Fortress declined to touch upon Tuesday.

No bidders made play to purchase Purple Lobster following Chapter 11 chapter submitting

The favored seafood restaurant chain was initially going to be offered extra historically, however no bidders got here ahead earlier than the corporate’s July 18 deadline, so the public sale was canceled and the stalking horse bidder gained by default, the Orlando Enterprise Journal reported. Purple Lobster’s lack of bidders might have been obvious as a result of the corporate indicated it could be going away from a conventional asset sale throughout a July 10 listening to.

“So, the thought is to … preserve operational continuity and probably scale back the prices and complexities related to a conventional asset sale,” legal professional Jeffrey Dutson of King & Spalding LLP, representing Purple Lobster and showing through Zoom throughout the listening to, per the Orlando Enterprise Journal.

The public sale was scheduled for July 23, however with it being canceled, RL Purchaser LLC is now the “profitable bidder.” A listening to is scheduled for July 29 for the approval of the sale of the belongings, the federal courtroom paperwork say.

What’s a stalking horse bidder?

A stalking horse bidder is “an preliminary bid on the belongings of a bankrupt firm,” in keeping with Investopedia.  

The bankrupt firm, which on this case is Purple Lobster, chooses an entity from a pool of bidders who will make the primary bid on the agency’s remaining belongings, the monetary media web site mentioned. The stalking horse units the low-end bidding bar in order that different bidders can not underbid the acquisition value.

What does the sale imply for Purple Lobster?

The sale of Purple Lobster means the corporate ought to have extra flexibility to reorganize. The chain will look to make its advertising and marketing and provide chain administration extra environment friendly and improve buyer expertise and operational effectiveness, Purple Lobster CEO Jonathan Tibus mentioned in a 124-page chapter doc.

Tibus detailed a “three-prong strategic precedence plan,” which incorporates ensuring Purple Lobster is a “excellent spot to work” by specializing in worker tradition and retention, persevering with to offer “constant experiences and glorious customer support,” and lowering the corporate’s price construction with out compromising high quality.

After closing and vacating dozens of shops, Purple Lobster is constant to determine and remove nonproductive spending throughout all departments, Tibus mentioned. The chain tried relocating the workers of the “financially burdensome” shops to close by places and adjusting midlevel administration, in keeping with the CEO.

Following the sale, it’s unclear if Tibus’ plan will come to fruition or if he’ll even function CEO going ahead.

Contributing: Reuters

Welcome to the primary match of the summer season, the primary preseason sport, the primary likelihood to see Enzo Maresca’s Chelsea in motion. In fact, the emphasis at present is totally on health and the like, however that’s by no means stopped anybody from studying an excessive amount of into issues. Or underplaying issues.

Soccer, type of, is again! “Time to ball, y’all!” Guess the beginning formation?

Right here we go!

Chelsea beginning XI:
Sánchez | James (c), Tosin, Badiashile, Colwill, Lavia, Chukwuemeka, Nkunku, Madueke, Guiu, George

Substitutes from: Seashore, Bergström, W.Fofana, Veiga, Acheampong, Gusto, Chilwell, Santos, Ugochukwu, Sterling, Ângelo, Broja

Wrexham beginning XI:
Okonkwo | Cleworth, Brunt, O’Connor, Bolton, Jones, Dobson, Lee, Revan, Palmer, McClean (c)

Substitutes from: Howard, Burton, Boyle, Barnett, James, Forde, Evans, Ashfield, Cannon, Davies, Bickerstaff, Waters, Dalby, Marriott

Date / Time: Wednesday, July 24, 7pm PDT; 3am BST (subsequent day); 7:30am IST (subsequent day)
Venue: Levi’s Stadium, Santa Clara, CA, USA

On TV: ESPN (USA); none (UK); elsewhere
Streaming: ESPN+ (USA); Chelsea TV (int’l pay-per-view)

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