Nginx, the open source project behind Netflix, Starbucks and Mcdonalds, picks up $43m in funding from Goldman Sachs June 20, 2018 Nginx, the company based on the open source web server of the same name, has raised $43m (£32.5m) in a series C fundraising round led by GS Growth, a growth equity platform within Goldman Sachs. Other investors from Nginx’s history include Silicon Valley stalwarts NEA, Index Ventures, Telstra Ventures and Runa Capital. More than 30 [...]
EU Withdrawal Bill: Government secures narrow Brexit victory after Dominic Grieve backs down following David Davis intervention June 20, 2018 A last minute addition to the government’s Brexit bill secured a narrow victory for Theresa May this afternoon, after arch rebel Dominic Grieve backed down. Just minutes before the debate began, Brexit secretary David Davis published a written ministerial statement allowing the Speaker to have the final say on whether a motion can be amended [...]
China’s smartphone maker Xiaomi targets $6.1bn in Hong Kong IPO June 20, 2018 Xiaomi Corp. is gearing up for one of the biggest global tech IPOs of recent years, aiming to raise as much as $6.1bn. The Chinese smartphone maker and existing investors plan to offer 2.18bn shares – including about 65 per cent primary shares – at HK$17 to HK$22, Reuters reported having spoken people involved who [...]
EU approves controversial Copyright Directive, despite a major backlash from tech giants June 20, 2018 An European parliament committee has voted in favour of the Copyright Directive, leaving tech giants like Google, Microsoft and Amazon in the lurch over publication rights. The directive will force online publications to pay a portion of their revenues to publishers, and take on full responsibility for any copyright infringement on the internet. As a [...]
Trinity Mirror merger with Daily Express owner Northern & Shell cleared by culture secretary Matt Hancock June 20, 2018 Trinity Mirror’s acquisition of Daily Express and Daily Star owner Northern & Shell Media Group has been cleared by culture secretary Matt Hancock. A £127m deal for Reach Plc, the new name for the Trinity Mirror, to buy the Express owner was reached in February 2018, but has been subject to two regulatory probes since [...]
M&S should look at a tie-up with Amazon, says former digital boss June 20, 2018 A former Marks & Spencer digital boss has said that the retailer should consider a tie-up with Amazon. Amazon has been making aggressive moves into the UK’s retail sector through its acquisition of Whole Foods and a tie-up with Morrisons. It even talked to the John Lewis Partnership about a potential takeover of Waitrose, but [...]
Berkeley Group hit by cautious outlook June 20, 2018 | City Talk Berkeley Group announced a solid set of full-year figures Revenue dipped by 0.7% to £2.703 billion and the consensus estimate was £2.729 billion. Pre-tax profits jumped by 15.1% to £934.9 million, while equity analysts were expecting £905.08 million. The company has comfortable net cash position which has increased by 140% to £687.3 million. Berkeley’s capital [...]
Single Market for goods, not services is only way to solve Brexit headaches, argues CER boss Charles Grant June 20, 2018 The only way to resolve the Irish border problem and prevent disruption of manufacturers’ supply chains is for the UK to remain in the Single Market for goods, the head of a leading think tank has claimed. Writing for the Financial Times, Charles Grant of the Centre for European Reform, claimed that “it is a [...]
50 per cent of miners around the world are on course to lose their jobs to robots by 2020 June 20, 2018 The global mining industry must brace itself for job losses if a claim from accountancy firm BDO that robots will replace 50 per cent of miners by 2020 proves true. Traditional operational positions – drilling, blasting and driving – will be at most risk, however, efforts will be made to keep current workers by retraining [...]
Capgemini scoops up London design startup Adaptive Lab, as it eyes UK expansion June 20, 2018 Global digital innovation leader Capgemini is buying Adaptive Lab, a London-based digital design studio, with the motive of expanding its UK presence. Capgemini would not confirm the terms of the deal, but a source told City A.M. that the acquisition is set to be in the tens of millions. Established in 2009, Adaptive Lab counts [...]