Bank of England opens way to blockchain for payments but says it is not yet “mature” enough May 9, 2017 The Bank of England has rejected blockchain as the basis for a new payments system, but said it wants to leave the door open for other banks to use the technology to settle transactions. The new payments system will be designed to interface with separate payment platforms underpinned by the distributed ledger technology that underpins [...]
Energy price cap: Here’s how the City is reacting to the Conservative plan to cap energy prices May 9, 2017 Yesterday, Prime Minister Theresa May promised the Conservative party will put a cap on energy prices if it holds a majority after the election. The decision has caused an eruption of opinions from energy bosses, consumer groups and business firms. Here’s what they’re saying… “Poorly justified political meddling” The Institute of Economic Affairs said the [...]
Towergate to merge with four UK insurance firms, Autonet, Chase Templeton, Ryan Direct and Price Forbes, forming an “independent market leader” May 9, 2017 Insurance firm Towergate is to join forces with four other firms in a shake-up of the UK insurance sector. US private groups HPS and Madison Dearborn (MDP) will merge the firms they already own into one company. Autonet, Chase Templeton, Ryan Direct and Price Forbes will join Towergate. Read more: City watchdog fines Towergate and [...]
Highland Europe leads $40m investment in StarLeaf, a UK tech startup making video conference calls loads easier May 9, 2017 Highland Europe has led a multimillion pound investment in a high growth startup specialising in video conference calling technology. Cambridge-founded StarLeaf has landed $40m (£31m) from the venture capital firm which has previously invested in Brandwatch, WeTransfer and Outfittery, along with Grafton Capital. Read more: Meet the 17 high-growth startups being hot-housed by the LSE [...]
Chinese firms ChemChina and Sinochem said to be in talks over mega-merger | City A.M. May 8, 2017 Two Chinese companies are plotting a merger to create the world’s largest chemical group. ChemChina, which is closing in on a $43bn (£33bn) deal to buy Switzerland’s Syngenta, is said to be in talks with Sinochem. The companies plan to merge next year, according to the Financial Times, creating a group with a turnover of [...]
Citymapper’s making its own buses to completely reinvent London travel May 8, 2017 Citymapper, one of London’s star tech startups which provides users with real-time journey information at the swipe of a smartphone, has unveiled ambitious plans to reinvent bus travel. It has launched its own smart bus to improve mobility in cities, working with Transport for London on a trial in the capital. The buses will harvest [...]
Here’s a new Tube map for scooters showing how long it takes to travel between London Underground stations May 8, 2017 Scooters aren’t just the weapon of choice for young children zipping down pavements. In fact, they’re also a handy way to get around the capital as an alternative to walking, cycling and the Tube. So says Micro Scooters (naturally), which has put together a London Tube map for scooting, showing how many minutes it takes [...]
Meet the four men in charge of the EU’s Brexit negotiations: Donald Tusk, Jean-Claude Juncker, Guy Verhofstadt, Michel Barnier May 8, 2017 Brexit negotiations are often characterised as being between the UK and the EU. This is technically accurate, but the EU itself is comprised of several different institutions – each of which will have a different voice during the Brexit talks. In addition, EU member states will have their own interests represented via the European Council. [...]
Will the Football League’s iFollow platform usher in a streaming revolution that reaches the Premier League? May 8, 2017 We can now watch Hollywood films without ever having to buy a DVD or go to a cinema, listen to music without owning a single CD, and keep up to date with the news without ever stepping into a newsagent. The advent of smartphones and streaming services such as Netflix and Spotify have revolutionised consumer [...]
The UK is the third most attractive destination for M&A deals, according to EY May 8, 2017 Over half of UK companies are expected to pursue mergers and acquisitions (M&A) in the next 12 months, up three per cent from October 2016. According to EY’s 16th Global Capital Confidence Barometer (CCB16), almost a quarter of respondents are putting greater significance on growth that is not organic, especially joint ventures and alliances. Six [...]