Alphabet just backed Lyft, a US rival to Uber, in a $1bn funding round October 19, 2017 Alphabet has led a $1bn investment in ride-hailing app Lyft, even though it’s also an investor in its rival Uber. The massive fundraising comes from the tech giant’s growth investment fund CapitalG and the fresh cash puts Lyft’s valuation at $11bn. Google Ventures was an early backer of Uber. Read more: SoftBank IS interested in [...]
Cuts to pension allowances boost venture capital trust (VCT) fundraising to highest level in more than a decade October 19, 2017 Investors over the last year ploughed the most money into venture capital trusts (VCTs) in more than a decade, according to new data from HM Revenue & Customs (HMRC). The listed private equity-style investment funds, which give their investors tax relief on any money committed and tax-free returns, have seen increased interest from wealthy individuals [...]
Acacia Mining share price (ACA) surges after Barrick Gold and Tanzania strike a deal October 19, 2017 Shares in London-listed Acacia Mining rocketed up more than 35 per cent after the troubled miner’s parent company struck a long-awaited agreement with the government of Tanzania. Barrick Gold agreed Tanzania would take a 16 per cent stake in three gold mines operated by Acacia, a 50 per cent share in revenues from the mines [...]
Goldman Sachs boss Lloyd Blankfein gets in a dig against the City with Frankfurt tweet October 19, 2017 Lloyd Blankfein made a cheeky dig at the UK on social media today. The Goldman Sachs chief executive was tweeting about a visit to Frankfurt, in which he said: “Great meetings, great weather, really enjoyed it. Good, because I’ll be spending a lot more time there.” He followed this up with #Brexit. Just left Frankfurt. [...]
Beware Vermicious Knids: A US billionaire wants to launch an inflatable space hotel into lunar orbit by 2022 | City A.M. October 19, 2017 Roald Dahl might have warned of the dangers of space hotels, but that hasn’t put off billionaire entrepreneur Robert Bigelow, who has said he will put an inflatable “habitat” into space by the end of 2022. Hotel entrepreneur Bigelow’s eponymous space company, Bigelow Aerospace, announced a partnership with rocket maker United Launch Alliance to launch [...]
Fraud in England and Wales is up again as cyber crime and credit card fraud increase October 19, 2017 Incidences of fraud increased again this year in England and Wales, as more than half of crimes took place online. According to the latest crime figures for the year to June from the National Fraud Intelligence Bureau, there was a four per cent increase in fraud offences to over 653,000. This represents the fifth year [...]
Convatec’s chairman snaps up more stock after the company’s share price drop October 19, 2017 The chairman of medical technology firm Convatec has used a drop in the company’s share price this week as an opportunity to snap up more stock. On Monday, shares sank more than 25 per cent after Convatec warned full-year organic revenue growth would be lower than expected due to supply issues and poor new product [...]
Which region has the most potholes? Areas most likely to have roads free of bumps revealed October 19, 2017 Want to drive on pothole-free roads? Then London’s financial district is the place to be, council figures released today reveal. Just 123 potholes were reported in 2016, according to figures obtained under a Freedom of Information Act request, equivalent to a depth of only two metres. The City spent £174,960 fixing potholes, and, in a [...]
Chief executive of the London Stock Exchange Group Xavier Rolet is stepping down October 19, 2017 The boss of the London Stock Exchange Group (LSEG) has announced he will step down by the end of December 2018. Xavier Rolet has spent nearly nine years in the role, and under Rolet the group’s market capitalisation has jumped from £800m to almost £14bn. The board said it will now initiate the process of [...]
Index of ambition: How AIM fuels Britain’s startups October 19, 2017 Envied around the world, London’s Alternative Investment Market (AIM) has been much imitated but never bettered. I see AIM as the Index of Ambition. During my recent visit to East Asia, investors and politicians from Seoul to Tokyo kept mentioning their admiration for British scaleup companies. Read more: Celebrating the silver anniversary of the FTSE [...]