The government wants “flexibility but fairness” for Uber and gig economy workers November 1, 2016 Flexibility as well as fairness must be considered when it comes to workers rights in the wake of the landmark Uber driver employment ruling, the government’s digital minister has said. “Technology is changing employment patterns and it's important we keep up with that and it's important that employers take their employment law responsibilities seriously,” said Matt [...]
The bank referral scheme is one thing – but the government must ensure small firms know what they’re getting into November 1, 2016 When George Osborne announced the bank referral scheme two years ago, he aimed to “bring new lenders much closer to the small businesses they serve.” It was an admirable goal, and one that’s nearer to becoming a reality with today’s launch of the new service to introduce small and medium-sized firms which are rejected for [...]
Here’s how much earthquakes in Japan have cost Sony so far this year November 1, 2016 Fresh from announcing its full-year forecast will be lower than expected yesterday as a result of selling off part of its business, Sony revealed that's not the only struggle in the fight for profit. Earthquakes in Kumamoto, Japan, earlier this year were among the reasons for a 48 per cent fall in operating profit in the second [...]
Antony Jenkins’ fintech startup has revealed its first banking client November 1, 2016 The former boss of Barclays Antony Jenkins has revealed his new fintech startup's first client – and it's a well known name. 10x Future Technologies will build a digital banking platform for Virgin Money, the challenger bank founded by Richard Branson and boasting millions of customers. It will work on creating a digital platform for the bank [...]
UK fintech pushes for its very own “Big Bang” moment November 1, 2016 The UK’s world leading fintech industry will this week meet with top government officials seeking to spark another “Big Bang” moment, the first of which kicked off the making of the City as a global financial powerhouse. Leaders in the industry will head to Westminster where several meetings with treasury and trade officials are on [...]
Powa play: Dan Wagner ready for legal battle with former director Ben White over collapse of fintech unicorn November 1, 2016 With its multi-billion-dollar valuation, plush Heron Tower headquarters and outspoken founder, British fintech “unicorn” Powa was billed as Britain’s answer to Google – until, in February this year, it sensationally collapsed into administration. Now City A.M. can reveal the collapse is set to trigger a bloody courtroom battle as two of the story’s protagonists go head [...]
Google for gifs startup Giphy has raised millions of dollars more October 31, 2016 As if more proof were needed that communication via animated gif is the future, the startup which is like Google but for gifs has raised millions of dollars more in venture capital investment. The $72m (£59m) from top Silicon Valley investors comes less than a year after it previously raised $55m and now values the startup at more [...]
Euronext derivatives trading is back up and running after it suspended futures indices and derivatives markets – including Cac and AEX October 31, 2016 Trading on Euronext's derivatives markets was back up and running after it suspended derivatives markets and futures indices following problems with market data. Twitter users reported trading was functioning normally, after the European exchanges operator was forced to restart its entire UTP Derivatives platform. #Euronext #Derivatives #Markets is now functioning normally. — Jac (@DiversifiedTF) October [...]
Sony cuts profit forecast after battery business sale October 31, 2016 Sony has cut its profit forecast for the year as a result of the sale of its battery business by 10 per cent. Its outlook for the full-year ending March 2017 is now expected to be ¥270bn (£2.1bn) compared to the ¥300bn previously estimated after notching up a ¥33bn impairment charge for the sale of its battery business [...]
Goldman Sachs said Powa was on a “clear path to a $50bn” valuation shortly before its collapse October 31, 2016 Goldman Sachs suggested Powa was on a "clear path" to a $50bn valuation in a presentation just months before the so-called British tech unicorn sensationally collapsed. A 60-page document seen by City A.M. shows Goldman valued the British technology company at between $16bn and $18bn in September 2015, five months before its collapse. It also suggested revenues could [...]