UK AI sector funding hits record £1bn for 2018, almost the same as the rest of Europe combined February 20, 2019 Investment into the UK’s artificial intelligence (AI) sector from venture capital firms reached a record $1.3bn (£998m) last year, almost as much as the rest of Europe combined. The new figures from Dealroom represent a fourfold increase in five years, up from a total of $200m in 2014. In comparison, French AI startups raised $400m last [...]
Foreign affairs select committee calls for overseas territories to publish ownership registers February 20, 2019 The Foreign Affairs select committee has called today for British Overseas territories to publish registers of the ultimate owners of assets on national security grounds. The Sanctions and Anti-Money Laundering Act which became law in May 2018 requires British overseas territories such as Anguilla and Bermuda to establish publicly-accessible registers of beneficial ownership by 31 [...]
Online tax could help a high street facing ‘bleak’ prospects, MPs say February 20, 2019 The government must seriously consider an online sales tax and change unfair business rates as the high street faces an “increasingly bleak” future, MPs have urged. The rates stack odds against retailers on a high street which needs reform after a string of prominent failures, the Housing, Communities and Local Government Select Committee found. Read more: [...]
City Moves for 21 February – who’s switching jobs at Cushman & Wakefield, Baker Botts and Kingswood Holdings? February 20, 2019 Who’s on the move today? Cushman & Wakefield Cushman & Wakefield has re-hired Duncan Gilliard as a partner in its central London retail team to bolster its market leading offer. Gilliard, who previously worked for Cushman & Wakefield for five years, joins from JLL where he was a director in the London retail team. He [...]
Theresa May fails to win concessions on withdrawal agreement during meeting with Jean-Claude Juncker February 20, 2019 Theresa May and EU Commission President Jean-Claude Juncker last night discussed possible "guarantees" and "legal assurances" that could be established in relation to the controversial Irish border backstop protocol that has dogged the PM's efforts to pass her Withdrawal Agreement. However, May failed to win concessions on her bid to reopen the Withdrawal Agreement in [...]
Government agency set bonus targets for senior RBS GRG bankers February 20, 2019 Top bankers at RBS’s disgraced global restructuring unit GRG had 70 per cent of their bonuses pegged to Treasury targets, it can be revealed. The details follow claims that the Treasury influenced GRG policy at a time when it was mistreating business customers, many of which went bust. Former GRG head Derek Sach and UK [...]
Autotech M&A deal value falls to five-year low in second half of 2018 February 20, 2019 Merger and acquisition value in the automotive technology sector hit a five year low in the second half of 2018 as car manufacturers struggled with dwindling demand in China and a global crackdown on emissions. A total of 100 M&A deals were completed in the second half of last year, including Renault, Ford and Volkswagen’s [...]
Watchdog gives insurance brokers clean bill of health on competition worries February 20, 2019 Regulator the Financial Conduct Authority (FCA) today said it had not found evidence of significant levels of harm in its probe into insurance brokers, meaning that “intrusive remedies” will not be necessary. The FCA launched its analysis of the wholesale insurance brokers market in November 2017 to assess how competition was working in the sector. It said that [...]
Just Eat faces pressure as Cat Rock says investors back calls for merger February 20, 2019 Activist investor Cat Rock Capital said today that it has the backing of fellow shareholders after calling for Just Eat to merge, in a fresh headache for the takeaway ordering website. US-based Cat Rock, which owns a 1.7 per cent stake in Just Eat, said that it had the support of investors after hitting out [...]
Shareholder reaches deal with Tanzania over Acacia Mining tax spat February 20, 2019 Acacia Mining saw the light today as its largest shareholder Barrick Gold said it had reached a proposal with the Tanzanian government over a longstanding spat. The deal would see Acacia sharing half the economic benefits of their operations in the country with the regime. Read more: Acacia boss: 'No winners' from spat with Tanzanian [...]