Sadiq Khan on Digital London: How we can remain a capital of innovation September 14, 2017 London is the world’s business capital and the engine of Britain’s economy. Our city has always been an incredible hotbed of innovation and disruption. As Britain prepares to leave the EU, we must embrace our entrepreneurial spirit more than ever, to ensure our economy continues to go from strength to strength over the decades ahead. [...]
Chancellor Philip Hammond tells City a bespoke Brexit deal will be crafted for the UK financial services September 13, 2017 Chancellor Philip Hammond tonight told City grandees he will help craft a “bespoke deal” for the UK financial services sector in Brexit negotiations, as industry voices continue to call for greater clarity on the details of any proposed transitional period. In his speech to the UK Finance Annual Dinner at Mansion House tonight, Hammond set out [...]
Addison Lee acquires Tandem Technologies to fuel New York launch September 13, 2017 Addison Lee has acquired a New York-based taxi platform in the latest US expansion plans for the minicab firm beyond its home turf of London. The deal to buy black car service Tandem Technologies from transport operator Transdev will see the launch of the Addison Lee brand in the states for the first time, as [...]
Toscafund launches €300m fund to invest in unlisted financial and business services companies September 13, 2017 Multi-asset manager Toscafund has launched a new €300m private investment fund, to invest in financial and business services companies around Europe. To head the team, Toscafund has hired Fabrizio Cesario and George Koulouris – both formerly of private equity firm Anacap Financial Partners, a financial services specialist. Read more: Au revoir: Barclays completes sale of [...]
Investment managers predicted to cut research and execution spending by $1.5bn post-Mifid as Deutsche AM and Franklin Templeton absorb research costs September 13, 2017 Investment managers are expected to cut their spending on broker research and execution by $1.5bn (£1.13bn) following the implementation of the second Markets in Financial Instruments Directive (Mifid II) in January, according to a new study. The report, from management consultancy Oliver Wyman, has predicted this could rise to $3bn “if a full-blown price war [...]
Balderton and Mike Lynch’s tech fund Invoke Capital back Sophia Genetics, an AI DNA analysis startup, with £30m September 13, 2017 A Swiss biotech firm that uses machine learning to analyse genetics used by several of the UK’s NHS trusts has bagged millions of pounds in fresh funding from Balderton Capital and Mike Lynch’s Invoke Capital. Sophia Genetics’ technology can accelerate diagnosis of cancer and other hereditary diseases by using algorithms to analyse DNA, reducing the [...]
Juncker’s State of the Union address: President wants “more united Union”, with single leader as he says Brexit is not “the future of Europe” September 13, 2017 Jean-Claude Juncker has set out his vision for “a more united Union” – including a single President of Europe – insisting Brexit will not set the tone for the bloc. In his annual State of the Union address, Juncker revealed plans for the presidencies of the European Commission and the European Council to be merged, [...]
Woodford-backed Touchstone Innovations beats forecasts ahead of takeover September 13, 2017 Touchstone Innovations, the Neil Woodford-backed company which commercialises and invests in business ideas, has beaten forecasts ahead of a takeover by IP Group. The numbers Touchstone’s net portfolio value increased 38 per cent year on year, according to the group’s full-year results this morning, to £461.1m. This resulted in a pre-tax profit of £46.8m, up [...]
The battle over Southwark station September 13, 2017 From Baker Street to Westminster, King’s Cross to Wood Green, London’s stations are unique and steeped in history – over 70 London underground stations are listed, and a further 50 lie within conservation areas. Central to communities, they provide valuable transport links – developing over them makes sense as it enables sustainable, high density development, [...]
Bitcoin and Ethereum slide after JPMorgan Chase boss slams cryptocurrencies as “fraud” September 13, 2017 JPMorgan Chase chief executive Jamie Dimon slammed cryptocurrencies as a “fraud” last night, pushing the already slipping value of Bitcoin down another notch. Bitcoin was down almost four per cent today at $3,985.03 (£2,994.49), while Ethereum dropped 4.81 per cent to $279.55. Dimon said he would fire an employee who traded in cryptocurrencies for being [...]