Uber’s Apple-backed rival Didi Chuxing just raised billions June 16, 2016 The taxi wars are hotting up. A day after reports of Uber raising a further $2bn (£1.4bn) to add to its already rather large cash pile, its rival in China has announced another $7bn in new funding that puts it squarely on the tail of the US startup when it comes to being the most well-funded private startup [...]
EU referendum: Conservative chancellors and leaders attack Bank of England and George Osborne for dishonesty June 16, 2016 Four Conservative grandees, including two former chancellors and a pair of ex-leaders, have accused the Bank of England of "peddling phoney forecasts and scare stories", as they lashed out at George Osborne's plans for an emergency Brexit budget. Writing in The Telegraph this morning, the group – chancellors Norman Lamont and Nigel Lawson, and former leaders Iain Duncan-Smith and [...]
Purplebricks’ revenues soar over 400 per cent as the online estate agent eyes up Australia June 16, 2016 Online estate agents Purplebricks today announced a jump in revenues as it sets its sights on the Australian property market. The figures Revenues for the 12 months ending 30 April were up by 448 per cent, rising from £3.4m in 2015 to £18.6m this year. However, Purplebricks’ losses jumped over the period to £11.9m from [...]
Fintech and blockchain top Mark Carney’s Mansion House agenda June 16, 2016 London's status as the world leading centre for fintech is set to be cemented on Thursday when it tops the agenda of the governor of the Bank of England at a prestigious City event. Mark Carney will centre a major speech on the subject of fintech and blockchain technology at the annual Mansion House dinner, his first to address the disruptive sector in [...]
Poundland announces disappointing profits after surprise takeover offer from Steinhoff June 16, 2016 Bargain basement retailer Poundland today announced a fall in sales, a day after South African giant Steinhoff said it was eyeing up the company. Read more: Poundland shares have jumped after a surprise takeover offer The figures Like-for-like sales at the discounter were down 3.9 per cent, compared to a rise of 2.4 per cent in 2015. Pre-tax [...]
Mulberry has sales in the bag as pre-tax profit grows to £6.2m June 16, 2016 Designer handbag firm Mulberry Group has posted a £4m jump in profits, driven by retail sales as the company carries on with its turnaround plan. The figures The firm grew pre-tax profit to £6.2m in the year to 31 March, from £1.9m the year before. Total revenue was up by five per cent to £155.9m [...]
City Moves for 16 June 2016 | Who’s switching jobs June 16, 2016 Industry Barbican-based global brand consultancy Industry has appointed Nada El Barshoumi as lead brand consultant for the Middle East and North Africa Region. Prior to joining Industry, Nada was a partner at Bahrain-based PR and design agency Obai & Hill, where she was employed for more than three years. She has worked with a wide [...]
Airlines could sit on £112m of flight compensation this summer, as 70 per cent of customers won’t claim back for delays June 16, 2016 UK flyers could lose out on £112m in flight delay compensation this summer, according to new research from comparison website Money.co.uk. Seven in 10 UK travellers are unlikely to claim compensation from their airline this summer for delays to their journeys. However, this could be because consumer believe they will receive just £176 if they make [...]
Brexit is a massive opportunity for Britain’s world-beating financial services industry June 16, 2016 So what will a vote to leave on 23 June mean for our financial services? Simply put, it will be business as usual but with a massive opportunity to leave behind the EU’s “one size fits all” regulation and develop our world-leading industry under a strict and independent Bank of England. Never again should the UK taxpayer [...]
Hire a hacker: Cyber security needs some fresh ideas June 16, 2016 Today, cyber security is one of the major issues keeping chief executives awake at night. Cyber crime is on the rise. According to Juniper Research, data breaches are projected to cost companies $2.1 trillion by 2019. High profile hacks have highlighted the significant risks in the digital world. But while news outlets focus on the [...]