Transferwise founders set to sell first shares as forex firm is confirmed as fintech unicorn September 18, 2017 The two founders of Transferwise will sell part of their stakes in the foreign exchange start-up as part of a funding round valuing the fintech darling at $1.6bn (£1.2bn), according to reports. Taavet Hinrikus and Kristo Kaarmann are set to sell small parts of their 40 per cent ownership of the firm as part of [...]
British manufacturing now eighth largest in the world September 18, 2017 The UK’s manufacturing industry moved up a spot in the global league table to become the eighth largest in the world, according to the latest available data. British manufacturing is now worth $249bn (£185bn) every year, according to United Nations data collected by the EEF, a manufacturers’ lobby group. The UK leapfrogged France in the [...]
Healthcare-focused private equity firm Archimed has raised a €315m fund in just four months September 18, 2017 Private equity firm Archimed, which was founded by the former healthcare division leaders at UK buyout house 3i, has closed its second fund at €315m (£278m). After just four months of fundraising, Med II has exceeded its target by more than 25 per cent and is double the size of its predecessor. Read more: Keep [...]
Norwegian has quietly been poaching dozens of Ryanair pilots amid flight cancellation chaos September 18, 2017 Low-cost airline Norwegian has poached a chunk of pilots from the Irish airline since the start of the year, it emerged today. It comes amid the news that Ryanair has announced a slew of flight cancellations over the coming six weeks after messing up the planning of pilot holidays. The airline, which has been bolstering [...]
Odds on foreign secretary Boris Johnson to leave Cabinet jump after letter repeats £350m Brexit-NHS claim September 18, 2017 Boris Johnson is now the most likely member of the Cabinet to leave their post, according to bookies Paddy Power, following his unapproved Brexit intervention this weekend. The foreign secretary is thought to be in hot water after penning a controversial letter in the Telegraph this Saturday, which repeated his claim made during the referendum [...]
Transport for London pledges no compulsory redundancies in London Overground overhaul of ticket offices as strike threat looms | City A.M. September 18, 2017 Transport for London (TfL) and Arriva Rail London (ARL) said today that “there will not be a need for compulsory redundancies” in plans to overhaul the London Overground, as unions warned ticket office closures could lead to industrial action. ARL will begin meeting with staff and unions to discuss proposals to improve customer service, including [...]
Bitcoin and central banks? Cryptocurrency role “far from clear” but “pressing” says Bank of International Settlements September 18, 2017 “The role of central banks in cryptocurrencies is “far from clear”, the Bank of International Settlements has said, with risks such as security hard to quantify. But the issue of whether a central bank should issue a digital alternative to cash is “pressing” in light of countries such as Sweden moving closer to becoming a [...]
E-learning business Learning Technologies Group is looking smart as revenues rocket September 18, 2017 Learning Technologies Group (LTG) has seen its share price climb at the open, as the e-learning business posted an impressive increase in revenues. The numbers The group’s revenues rose 68 per cent in the first half of the year compared to a year prior, to £21.5m. Organic revenue hit £17.6m, up 33 per cent, while [...]
Impax Asset Management acquires Pax to expand its sustainable investment strategy September 18, 2017 Aim-listed sustainable investment group Impax Asset Management has today announced it will acquire US firm Pax World Management, to create an investment manager with £10.3bn in assets under management. London-headquartered Impax will initially pay $52.5m (£38.7m) for New Hampshire-based Pax, with another $37.5m due in 2021, subject to Pax’s performance. Read more: The Alchemist owner [...]
Transport for London quietly increased the cost of Uber’s licence to operate in the capital September 18, 2017 Uber’s cost of operating in London is set to rise even further after the transport regulator pushed forward with new plans that are set to add nearly £1m to its bill. Transport for London is now planning to charge a maximum fee of £2.9m for the largest mincab firms to operate in the capital, it [...]