David Cameron and EasyJet boss Carolyn McCall to warn of Brexit’s impact on UK travel costs May 23, 2016 Prime Minister David Cameron will today highlight the potential increase in travel costs if Britain were to leave the European Union. The Prime Minister, who will be seen standing in front of a plane with EasyJet boss Carolyn McCall, is set to discuss the Treasury’s recent warning that leaving the EU would make Britain poorer [...]
Spotify out of tune as revenues soar but losses swell May 23, 2016 Spotify, the world’s biggest music subscription service, saw its revenues rise 80 per cent to €1.95bn (£1.5bn) in 2015. However, the company saw its net losses increase to €173m (£134m) from €162m in 2014. The streaming giant’s revenues soared thanks to a 78 per cent increase in subscriptions to €1.74bn (£113.8bn) while advertising revenues grew [...]
Goldman Sachs told Arcadia bosses that Dominic Chappell had a history of bankruptcy May 23, 2016 Top Goldman Sachs banker Anthony Gutman told MPs this evening that his firm warned Arcadia Group over its sale of BHS. Gutman, co-head of investment banking services for Europe, said that Goldman offered informal advice on the sale and highlighted that Retail Acquisitions' Dominic Chappell had a history of bankruptcy. Gutman described his advice over [...]
Third Energy gets fracking go-ahead in North Yorkshire May 23, 2016 Third Energy has become the first company to have a fracking application approved in England since a ban on the process was lifted in 2012. North Yorkshire County Council has voted in favour of the application to extract shale gas at a site near Kirby Misperton in Ryedale. The council's planning committee voted 7-4 in favour [...]
Tinder sues threesome-app rival 3nder for stealing its thunder May 23, 2016 Dating app Tinder, which is in no mood of being tender with rivals, has launched a legal battle against threesome-app 3nder alleging trademark infringement. Tinder, which is owned by online dating behemoth Match, wants its smaller competitor to shut down over the similarity in name. 3nder hit back at Tinder through Tinder Sucks My Socks, [...]
“City sophisticates” will dominate the Night Tube and give a boozy £71m boost to the economy, according to new research May 23, 2016 There's something of the night about City workers, according to new research. Researchers at CACI International have put their heads together to work out just how much the hotly anticipated Night Tube will bring in to London's boozing economy. The white paper, "Mind the Gap", has found that London would see a staggering £71m boost to it's late-night [...]
Tata Steel pensions proposals “drive a cart and horses through pensions protection” says former minister May 23, 2016 Efforts to reduce Tata Steel's pensions deficit by scaling back members' rights represent a dangerous precedent according to the former pensions minister. British Steel Pensions Scheme Trustee chairman Allan Johnston suggested last week that business secretary Sajid Javid was exploring options outside of the Pensions Protection Fund in a bid to tackle the firm's £485m [...]
The UK is among worst offenders for breaking EU’s budget rule, says German think tank May 23, 2016 The UK is one of the worst offenders for violating the EU’s budget deficit limit of three per cent of GDP, according to research by German think tank Ifo Institute. The report, that comes ahead of the release of the UK's public sector finances tomorrow, found that Britain recorded a total of nine violations since 1999 out of which two, [...]
We’re fintech investors, but here’s why we’ll never be based in Silicon Valley May 23, 2016 In 1934, Willie Sutton was asked by FBI agents “why do you rob banks, Willie?”. Sutton replied dryly, “because that's where the money is”. We create rather than rob banks, so why did we set up outside of Silicon Valley, where the tech money is? Because that’s where the banks are. Anthemis is in London, New York and Geneva, [...]