Bell Pottinger collapses into administration, BDO confirms September 12, 2017 Bell Pottinger has formally collapsed into administration. Accountancy firm BDO has been appointed administrator to the disgraced PR firm. This breaking news story is being updated as more information emerges – please refresh the page for the most recent version. To keep on top of the biggest news stories as they happen, follow @CityAM on [...]
Skype billionaire Niklas Zennstrom’s Atomico backs Bossa Studios with $10m ahead of Worlds Adrift launch September 12, 2017 Atomico is at it again, splashing the cash from its huge new fund, this time on a London games developer. The venture capital firm has led a $10m series A round in Bossa Studios, which is set to launch Worlds Adrift, the first built using the virtual reality platform created by fellow UK tech startup [...]
The electric vehicle revolution is coming sooner than expected September 12, 2017 After years of incremental change, the electric vehicle revolution appears to be just on the horizon, according to Legal & General Investment Management (LGIM). Anton Eser, chief information officer at LGIM, said with new hardware and software improvements within reach, futuristic vehicles are set to boom within the next decade. “Much like Henry Ford’s original [...]
The UK’s financial regulator the FCA has warned of Initial Coin Offering (ICO) risks September 12, 2017 The UK’s financial regulator has sounded the alarm on Initial Coin Offerings (ICOs), the newest trend in cryptocurrencies which has seen more than $1bn raised to date. The Financial Conduct Authority (FCA) today warned consumers they are “very high-risk, speculative investments” and only for experienced investors “prepared to lose your entire stake”. It warned investors [...]
The Alchemist owner Palatine closes its largest ever impact investment fund at £100m September 12, 2017 UK-focused private equity firm Palatine, which owns bar and restaurant chain The Alchemist, has closed one of the largest ever impact investment funds at a total of £100m. The fund, which will invest in businesses which have a positive social or environmental impact while also aiming to generate industry-standard returns, exceeded its target of £75m. [...]
Top Israeli entrepreneurs take to London for disruptive tech summit spanning drones and artificial intelligence September 12, 2017 A raft of top Israeli entrepreneurs meet today in the capital for a disruptive technology summit, in a vote of confidence for London’s tech scene. Among those speaking at the UK Israel Business technology summit include OurCrowd founder Jon Medved, Gett’s Western Europe boss Matteo de Renzi, and Tomer Tzach, chief executive of CropX. Read [...]
Capitalism has lost its way – we need to rescue it, fast September 12, 2017 Theresa May launched her term as Prime Minister by promising to tackle what she calls “the unacceptable face of capitalism”. She has been sharply critical of executive pay, which she termed “excessive”. Without reform, the Prime Minister told us, faith in the free market will falter. As head of one of the UK’s largest recruitment [...]
If tech titans ruled the US: Free healthcare and no regulation September 12, 2017 What would life be like if we overthrew politicians and instead were governed by wealthy technology entrepreneurs? This might seem like a pointless exercise in hypotheticals. But there are good reasons to think such a group will exert greater influence on US (and hence global) politics in future. The tech sector continues to grow as [...]
Ultra high net worth families are moving towards riskier asset classes as investment performance bounced-back last year September 12, 2017 Family offices, the private wealth management firms which manage the fortunes of the ultra-rich, have seen a bounce-back in investment performance over the last year. The firms achieved an average return of seven per cent in 2016, a huge increase from the disappointing 0.3 per cent the previous year, according to the global research from [...]
Brexit: EU Withdrawal Bill passes after MPs traded barbs in late-night debate September 12, 2017 Theresa May’s government won the first vote on the EU Withdrawal Bill in the early hours of this morning, 318 votes to 296. Prominent Remain campaigner Anna Soubry told the House earlier in the evening: “We must begin the process [of leaving the European Union] and see it through…”. However, the government looks set to [...]