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Billionaire businessman Mike Ashley has revealed himself amid a High Court dispute over the investment bank’s decision to impose a cash demand of around $1bn (about £790m) by Morgan Stanley. He claimed to have been the victim of “abuse” by Morgan Stanley. Mr Ashley’s Frasers Group is pursuing legal action against US investment bank Morgan Stanley and Denmark’s Saxo Bank over moves in May 2021 related to bets on shares in German retail giant Hugo Boss. Measures are being taken. – Guardian
Reddit has set the stage for its long-awaited stock market debut, preparing investors for the largest initial public offering by a major social network in four years. A filing with the Securities and Exchange Commission on Thursday revealed the social media group’s financial performance and revealed that OpenAI founder and CEO Sam Altman is a third-party company in which he owns an 8.7% stake. It was revealed that he was the largest shareholder. – Guardian
Water supply companies such as Thames Water are at risk of collapse from the government if fined for bad behavior, potentially costing taxpayers billions of pounds in bailout bills, MPs say. is warning. In a letter to Ofwat, the Environment, Food and Rural Affairs Committee said financial instability among suppliers had left the watchdog powerless to crack down on petty crime. – Telegraph
Telefonica has written down the value of its Virgin Media O2 shares by €1.8bn (£1.5bn). This comes as carriers grapple with rising debt costs. The Spanish mobile phone giant said it had booked a €1.8 billion goodwill impairment charge on its 50% stake in VMO2, citing rising interest rates and “the broader macroeconomic situation in the UK.” – Telegraph
Administrators of the collapsed Britishvolt battery factory project said they were still pursuing funding from an Australian buyer for the site and were considering other potential deals. EY said Recharge Industries remained in “default” a year after agreeing to buy the site in Cambois, Northumberland, where Britishvolt had previously announced it wanted to build a factory. It’s still there. – The Times
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