John Lewis Partnership taps London startup CupClub for reusable cups trial October 3, 2018 John Lewis Partnership has announced a collaboration with London startup CupClub, which will see the subscription service trialled within the business. CupClub was selected alongside three other startups who were chosen from more than 100 applications to John Lewis Partnership's JLab retail innovation programme, which in this iteration was dedicated to reducing plastic waste. The London startup [...]
Funding Circle shares fall over 20 per cent on first day of trading October 3, 2018 London fintech hopeful Funding Circle took a hammering on its first day of trading on the London Stock Exchange today, falling at one point more than 24 per cent below its initial price target. Shares in the peer-to-peer lender fell as low as 334.5p in mid-morning trading, down from its listing price of 440p. Read more: Funding Circle [...]
Tesla to defend lawsuit alleging foreign workers were threatened with deportation October 3, 2018 A case filed against Tesla in California which alleges the firm knew foreign employees were threatened with deportation has been given the green light to go to trial. US federal judge Lucy Koh ruled Tesla must defend itself against two of seven claims, in which the plaintiffs argue foreign workers at its Fremont, California plant [...]
Airbnb reveals its UK tax bill amid Tory calls for a digital services tax October 2, 2018 Airbnb paid just shy of £600,000 in UK tax last year, City A.M. can reveal, as chancellor Philip Hammond raises calls for a unilateral digital services tax on tech firms. In financial accounts seen by City A.M. and due to be published on Companies House later this week, Airbnb paid just £596,992 in corporate tax in the year [...]
Tesla raises fears over China tariffs despite beating Model 3 delivery targets October 2, 2018 Production of Tesla cars reached a record high in the last quarter, but the firm remained hesitant of future success in China as a result of 40 per cent tariffs imposed on automotive imports from the US. The electric vehiclemaker said it produced over 80,000 cars in the third quarter, while deliveries to customers reached [...]
Samsung to post record profit as chip market reaches its peak October 2, 2018 Samsung Electronics is expected to report a record high in quarterly profit on Friday, ahead of a predicted slide as chip prices begin to fall. Consensus estimates as polled by Refinitiv have forecast an 18 per cent rise in operating profit to 17.2 trillion won (£12.04bn) compared to the previous quarter, while revenue is set [...]
Irish regulator to investigate Facebook over data breach with an expected fine of up to $1.6bn October 2, 2018 The Irish Data Protection Office has opened a probe into Facebook over last week's cyber attack, which saw more than 90m accounts potentially affected. Ireland's data regulator will launch the case against Facebook under General Data Protection Regulations (GDPR), as it confirmed that less than 10 per cent of the users affected were inside the [...]
DEBATE: Is Elon Musk’s erratic behaviour just the price we need to pay for brilliant entrepreneurs? October 1, 2018 Is Elon Musk’s erratic behaviour just the price we need to pay for brilliant entrepreneurs? Kathy Gromotka, associate at Downing Ventures, says YES. We back entrepreneurs because we buy into their desire and ability to behave in a way that creates value, whether they’re a star in the spotlight or operating in stealth mode. Elon [...]
How London can fend off the European hotspots vying for its fintech crown October 1, 2018 Flash back to the immediate aftermath of the Brexit vote. “London has committed suicide as a leading fintech centre,” tweeted Traxpay, a German payments platform. Catchy advertising urged startups to “keep calm and move to Berlin”. Read more: Meet the startups in the Treasury-backed Tech Nation fintech accelerator Over two years later, and it’s French [...]
Tesco Bank hit with £16.4m fine for ‘largely avoidable’ cyber attack October 1, 2018 The financial watchdog has slapped a hefty £16.4m fine on Tesco Bank for a "largely avoidable" cyber attack that hit customers in 2016. The Financial Conduct Authority (FCA) said the bank had failed to exercise "due skill, care and diligence in protecting its personal current account holders" in the breach, in which attackers gained £2.26m. The FCA's executive [...]