Banks should watch out – the fintech era has barely begun November 20, 2018 The fintech sector makes a lot of noise in London. There’s an endless stream of news about open banking and challenger banks, while the traditional finance sector watches on with a mixture of admiration and suspicion. Banks have come under attack, not only from the hype-machine, but more meaningfully from startups. Traditional finance providers that assumed [...]
Bonmarche maintains dividend despite lower store sales shredding profits in half November 20, 2018 Retailer Bonmarche laid bare its high street struggles today after a recent profit warning, revealing that store sales fell in the first six months to the end of September despite a boost to online income. The figures Revenue came in flat in its half-year results compared to the same period last year at £97.9m. In-store like-for-like sales dropped [...]
Draper Esprit and Barclays back London fintech Form3 in $13m funding round November 20, 2018 Payments technology fintech startup Form3 will today reveal the close of a $13m (£10.1m) series B fundraising round, led by Graze and Perkbox-backer Draper Esprit. Existing investors Barclays Bank, Angel Cofund and several other individual backers also participated in the round. Established in 2016, the Monument-based startup builds payments-processing technology for banks and fintech firms [...]
DUP abstain from key votes sending Brexit warning to Theresa May November 19, 2018 Theresa May has suffered a fresh blow tonight as the Democratic Unionist Party (DUP) abstained on several key Finance Bill votes, breaking a voting deal and sending a warning to the government. Just hours earlier DUP leader Arlene Foster had said May should demand a better Brexit deal. The confidence and supply agreement negotiated by Foster [...]
Societe Generale to pay $1.3bn fine for US sanctions violations November 19, 2018 French bank Societe Generale has agreed to pay US authorities $1.3bn (£1bn) to resolve allegations it violated US sanctions on Cuba, Iran and other countries. US authorities said the bank processed billions of dollars in illegal transactions to parties in countries under US sanction, including Iran, Sudan, Cuba and Libya. Societe Generale said the penalties would [...]
Boris’s water cannon fetch junk price as they are sold off for scrap November 19, 2018 Three water cannon bought and renovated for over £300,000 by former London mayor Boris Johnson will be broken down for scrap after being sold for a fraction of their value. The machines, which were never used, have been sold for parts to Reclamations (Ollerton) Ltd for just over £11,000, the mayor’s office announced yesterday. The [...]
Colfax shares in need of care as company moves into medical sphere with $3bn deal November 19, 2018 Shares in Colfax crashed after the company said it was expanding into the orthopedics sector in a $3.15bn (£2.45bn) cash deal. The US maker of industrial equipment said today it has agreed to buy DJO Global from private equity firm Blackstone. Colfax’s step away from its focus on pumps and valves towards shoulder implants and knee [...]
Star trader Neil Woodford ‘shocked’ by Stobart conspiracy allegations November 19, 2018 Star trader Neil Woodford told the High Court he was “shocked” at allegations he conspired to injure Stobart as the trial into the dismissal of former boss Andrew Tinkler rumbled on. The Southend Airport owner, suing Tinkler for leading an unlawful conspiracy against it, has accused investment fund boss Woodford of conspiring to topple chairman Iain [...]
Vision Direct promises to compensate customers who lost out in website hack November 19, 2018 An online contact lens supplier will refund customers left out of pocket when their credit card details were stolen from its site earlier this month. Vision Direct told City A.M. that over 16,000 people were at risk from a hack on its website at the beginning of November. Customers who logged in to the website, [...]
The Hut Group gearing up for boardroom reshuffle November 19, 2018 British online shopping giant The Hut Group is planning a major board reshuffle which would involve the departure of the company’s current chairman. The beauty retailer is set for a shake-up that would see founder and chief executive Matthew Moulding replace Richard Pennycook as chairman, according to Sky News. Pennycook, who has served as the [...]