Revolut to seek $65 billion valuation in new funding round
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The fintech super app is reportedly in talks to raise around $1 billion by issuing new shares and selling existing ones. The US-based firm Greenoaks is said to be leading the round, though the deal has not been finalised, and terms could change.
Revolut reported bumper growth for the full year 2024, driving pre-tax profits to $1.4 billion and net profit at $1 billion.
The firm was last valued at $45 billion in 2024 after selling shares on the secondary market.
More recently, the company's quest for a full UK banking licence has come under scrutiny, amid mounting expectations it may miss a key deadline in the ongoing process to become a fully operational bank.
Insiders have raised concerns that the firm may not be on track to meet the provisional 25 July end date for the interim phase, raising fears a full licence may be delayed.
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BBC News
8 minutes ago
- BBC News
Bolivia set to elect first non-left wing president in two decades
Bolivia is set to elect a non-left wing president after nearly two decades of near-continuous rule by the incumbent socialist party, according to official preliminary Rodrigo Paz Pereira and former president Jorge Quiroga came in first and second place respectively in Sunday's presidential received a high enough share of the vote to secure an outright win, so the vote will go to a run-off between these two candidates, due in Pereira, of the Christian Democratic Party, was a surprise vote leader, after opinion polls had suggested Samuel Doria Medina, a businessman, was the frontrunner. The electoral authorities said it can take up to three days to finalise the Pereira's campaign focused on redistributing more funds away from central government towards regional entities, and fighting corruption - with his slogan "capitalism for all, not just a few". He has suggested a programme of accessible credit, tax breaks to boost the formal economy, and eliminating import barriers for products that Bolivia doesn't briefly acted as interim president from 2001-2002 after serving as Vice President to Hugo Banzer, a military dictator until he was later elected. The election of a president from outside the left camp will likely see sharp changes in the Latin American country's foreign terms of trade, both candidate's capitalist stances could indicate more support for foreign investment in Bolivia's vast lithium reserves - the key ingredient for batteries used in many electric cars, laptops and solar a change in government could mark closer ties with the US, after two decades of strengthening ties between Bolivia and China, Russia and Iran.A recent US Congress report briefing described US-Bolivia relations as "strained" under the socialist party's governance. The country's turn to the right comes as it is experiencing its worst economic crisis in years, with shortages of fuel, foreign reserves and some food items and high inflation and polls ahead of the election suggested that many voters wanted to vote for change, or to punish the incumbent Movimiento al Socialismo (MAS) current president, Luis Arce, mired in deep unpopularity, decided not to seek punishment of the left is not just electoral, but physical in some candidate for MAS, Eduardo del Castillo, was booed out of the school where he cast his vote. Bolivian media reported that some fellow voters told him to "wait in line like they do for fuel" rather than skip the voting also threw stones at the highest-polling left-wing candidate, Andrónico Rodríguez, when he went to cast his ballot. Rodríguez was previously a member of MAS before splintering from the in Bolivia also said that an explosive device was set off at the polling station where Rodríguez cast his vote. There were no reports of significant damage or injuries. Rodríguez described it as an "isolated incident" orchestrated by a "small group" to a Bolivian left has not just faced recent unpopularity over the economy. It is also deeply divided. For the first time in about two decades, the former president, Evo Morales, was not on the ballot. Morales ruled the country from 2006-2019 and was barred from running again, despite attempts to challenge legal and constitutional rulings to let him run for a fourth has urged his supporters to null their was once seen as a protégé of Morales, but has since distanced himself from last election in 2019 was disputed and protests erupted. Morales was accused of fraud after auditors found irregularities with the poll and he resigned under pressure from the 2020, Luis Arce - a former finance minister under Morales - took office as president. Morales then announced he would return to politics in Bolivia, and deprived Arce of a majority - turning the pair from allies to rifts and power struggles have existed in the ruling MAS party ever since. Morales's supporters have held protests and roadblocks against the re-election ban imposed on him, which have at times turned deadly with some emergency responders being ordered an arrest warrant for Morales over an alleged sexual relationship and rape of a 15-year-old girl. He has called the accusations has been living and operating from Chapare in Bolivia, protected at times by his supporters.
Scotsman
4 hours ago
- Scotsman
Is it a Bank Holiday today?
What to know about the UK's next official day off work if you're feeling that summer slowdown 🌞 Sign up to the weekly Cost Of Living newsletter. Saving tips, deals and money hacks. Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Many Brits are wondering if mid-August marks their next day off work The late summer bank holiday is a long-standing tradition in the UK It's a popular time for festivals, seaside trips, and family gatherings Dates for bank holidays can differ depending on where you live in the UK The next UK-wide bank holidays after August come during the festive season It feels like it's been ages since the last bank holiday, so surely we're due one again, right? We all know there's a big one coming in August, but when exactly is it? Could it be today? Advertisement Hide Ad Advertisement Hide Ad The late August bank holiday has been part of the UK calendar for decades, originally intended to give workers a break before the summer season wrapped up. The popular summer holiday is often marked by festivals, trips to the seaside, family barbecues, and one last dose of summer before autumn begins to creep in. But if you've found yourself wondering whether Monday, August 18, 2025 is a bank holiday, the answer is: unfortunately, no. Even though today isn't a bank holiday, it's easy to see why people check – August has that 'holiday' feel, and many of us are looking forward to squeezing in one last summer adventure. Advertisement Hide Ad Advertisement Hide Ad But when exactly is the August bank holiday? On what official days off from work can Brits look forward to in the remainder of 2025? (Photo: Pexels) | Pexels Is today a bank holiday? While the mid-August Monday might have you dreaming of a long weekend, the actual late August bank holiday doesn't arrive until the following week. In 2025, it falls on Monday, August 25 across England, Wales, and Northern Ireland. Its placement on the last Monday of August is ideal for making the most of warm weather while it lasts. Many use it for quick getaways, big events, or just enjoying a lazy day at home. Whether you're planning to hit a music festival, take a trip to the coast, or simply enjoy a quiet day with family and friends, now is a good time to start pencilling in your plans. Advertisement Hide Ad Advertisement Hide Ad But it's worth remembering that bank holiday dates can vary depending on where you live in the UK. While England, Wales, and Northern Ireland all observe the August bank holiday on the last Monday of the month, Scotland has its summer bank holiday on the first Monday of August. So for Scots, the long weekend has already been and gone this year. Advertisement Hide Ad Advertisement Hide Ad When is the next bank holiday? If you're already thinking ahead, the next UK-wide bank holidays after August will be Christmas Day on Thursday, December 25 and Boxing Day on Friday, December 26, 2025. That means the late August long weekend is your last chance for an official day off before the festive season.
Times
5 hours ago
- Times
Rachel Reeves to cut ‘bats and newts' in boost to developers
Rachel Reeves is preparing to strip back environmental protections in an effort to boost the economy by speeding up infrastructure projects. The chancellor is considering reforms that would make it far harder for concerns about nature to stop development, which she insists is crucial to restoring growth and improving living standards. The Treasury has begun preparing for another planning reform bill and is thinking about tearing up key parts of European environmental rules that developers say are making it harder to build key projects. Labour ministers have repeatedly insisted that their current planning overhaul will not come at the expense of nature, promising a 'win-win' system where developers will pay to offset environmental damage. But Reeves is understood to believe that the government must go significantly further, after expressing frustration that the interests of 'bats and newts' are being allowed to stymie critical infrastructure. She has tasked officials with looking at much more contentious reforms, which are likely to provoke a furious backlash from environmentalists and cause unease for some Labour MPs. A smaller, UK-only list of protected species is being planned, which would place less weight on wildlife — including types of newt — that is rare elsewhere in Europe but more common in Britain. Developers would also no longer have to prove that projects would have no impact on protected natural sites, under plans that would abolish the 'precautionary principle' enshrined in European rules. Instead, a new test would look at risks and benefits of potential projects. Further curbs to judicial review are also being considered by Reeves to stop key projects being delayed by legal challenges from environmentalists. No decisions have been made, but work is underway and Treasury sources acknowledged there was a growing belief that the government needed to go further, as Reeves says she wants to make boosting Britain's sluggish productivity the centrepiece of her autumn budget. She argued this week that building more infrastructure such as roads and railways were crucial to this aim. A Planning and Infrastructure Bill currently going through parliament attempts to encourage development through a 'nature restoration fund' through which developers will be allowed to press ahead with projects by setting up schemes elsewhere to offset their environmental impact. • The grid is struggling — and our green future hangs in the balance But the plan has been criticised by environmental groups while also attracting scepticism from some developers, who fear it will not work in practice and do little to speed up building. Lord Hunt of Kings Heath, who stood down as energy minister in May, is urging his former colleagues to go further to achieve Labour's promise of 150 major infrastructure projects. 'While I think the planning bill will work for housing, I don't think it is sufficiently focused on the major infrastructure projects, so it is encouraging that the Treasury is going to have another look at whether we've really got this right,' he said. 'The government has to face up to the tensions in the Habitat Regulations which are making it hard to build essential infrastructure and the reality is that at some point someone needs to make a hard decision and say 'on some things, you just have to press ahead'.' The rules, which incorporate the EU Habitats Directive into British law, ban killing of hundreds of species, including types of bats, news, voles, snails, spiders, insects and woodlice. Developers must prove there is no risk to protected sites and species before being allowed to go ahead with projects, under rules which critics say impose an 'impossibly high standard' on vital projects. Reeves is increasingly sympathetic to such criticism, after repeatedly hitting out at 'ridiculous' environmental protections. She said last month that she cared 'more about the young family getting on the housing ladder than I do about protecting some snails', after a speech in January in which she said developers should be able to 'focus on getting things built, and stop worrying about bats and newts'. Sir Keir Starmer has also expressed frustration with the ability of campaigners to delay projects through legal challenges, and is already introducing rules which limit judicial review to override the 'whims of nimbys'. Campaign groups and residents, who currently have three opportunities to apply for judicial review, which will be reduced to two, or one in cases deemed by a judge 'totally without merit'. Reeves is now considering allowing only one opportunity to bring any challenge. Some Labour MPs and peers want her to go further by using dedicated acts of parliament to prevent any legal challenge to specific named projects. The plans are at an early stage and are likely to cause tension with ministers in other departments who have pledged to protect the environment. Paul Miner, of the countryside charity CPRE, said targeting habitats regulations would 'take us backwards rather than forwards on nature recovery', adding: 'We urge the government to drop the worn-out 'builders versus blockers' narrative which wrongly frames climate and nature as being in conflict with economic growth.' Becky Pullinger, of the Wildlife Trusts, said maintaining environmental standards was 'essential if we are to achieve targets to protect and restore the natural world which is suffering huge declines, saying Reeves should abandon 'the myth that deregulation will lead to economic growth'. But Robbie Owen, head of infrastructure planning at Pinsent Masons, said: 'Ministers are finally realising that their rhetoric about reform doesn't match up up the reality of their bill. We have been saying to ministers and officials all year that the bill needs to go further and it seems that message has finally been heard.'
