New technologies to gain funding boost over next five years November 5, 2019 Nascent technologies such as quantum computing, blockchain and artificial intelligence (AI) are set to receive significant attention from British businesses over the next five years, new research has found. The amount of firms set to invest in quantum computing is to nearly triple from 11 per cent today to 32 per cent in five years, [...]
Softbank ‘tightening governance’ at firms it backs after Wework’s near collapse November 4, 2019 Softbank is said to be tightening governance at companies it has backed, as the conglomerate tries to limit the control of startup founders and renew confidence in its investments after Wework nearly collapsed. The Japanese company, which has a $97bn investment arm called Vision Fund, will reportedly announce harsher governance standards and restrictions on dual-class [...]
Uber hopes to turn a profit in 2021, as ride hailing firm makes heavy third quarter loss November 4, 2019 Ride hailing giant Uber hopes to be profitable by 2021, its chief executive has said, as the company booked a more than $1bn loss in its third quarter earnings. Uber beat Wall Street estimates for revenue over the period, as the number of people using its ride-hailing and food delivery service increased. However, it still [...]
Ousted McDonald’s chief is allowed to keep $37m in stock awards November 4, 2019 Fired McDonald’s chief executive Stephen Easterbrook will get to keep stock awards worth over $37m (£28.7m), in addition to $675,000 severance and health insurance benefits. The ousted boss will be allowed to keep $23.5m in stock options and may benefit from grants of restricted shares related to McDonald’s performance worth around $13.8m, according to calculations [...]
Ferrari’s prancing horse gallops on as luxury car maker raises outlook November 4, 2019 Luxury car maker Ferrari raised its outlook on Monday, after strong sales of its Portofino and 812 Superfast models drove “solid” results for the third quarter. The company nicknamed the Prancing Horse said a new brand strategy would help it navigate to even more growth, as its Milan-listed shares hit an all-time high today of [...]
Labour’s private jet ban plan makes ‘little sense,’ says industry November 4, 2019 The private aviation industry has criticised a Labour-backed proposal to impose a fully-fledged ban on private jets in the UK as soon as 2025 as making “little sense”. In a move which would remove London as Europe’s most active player in the industry should it come to fruition, shadow transport secretary Andy McDonald yesterday backed [...]
TfL is investigating thousands of potentially illegal minicab drivers November 4, 2019 Transport for London is investigating almost 2,000 London minicab drivers that may have illegally gained their driving qualifications. Minicab drivers must complete several requirements – passing topographical tests, medical checks and criminal record checks – with TfL before gaining a private hire vehicle licence. Read more: TfL cracks down on illegal minicabs and taxis However, [...]
Ryanair will ask for IAG divestments in €1bn Air Europa deal November 4, 2019 Ryanair boss Michael O’Leary is ready to ask competition regulators to intervene in British Airways owner IAG’s purchase of Air Europa, he said today. IAG is primed to buy the Spanish airline for €1bn (£860m) but O’Leary said he will ask the Competition and Markets Authority (CMA) to force the firm to make divestments to [...]
Facebook launches corporate rebrand amid antitrust concerns November 4, 2019 Facebook has today unveiled a rebrand for the parent company, in an effort to help users understand what apps and companies the tech giant owns and operates following pressure from regulators and politicians. From now on, apps such as Instagram and Whatsapp will show a more prominent “From Facebook” tagline, with a new logo developed [...]
Does WeWork spell the end of the unicorns? November 4, 2019 | Sponsored WeWork has undergone a dramatic fall from grace recently. Just two months ago the office rental start-up was expecting to offer shares to the public at a total business valuation of $47 billion. This soon halved and then investors rapidly pulled their support for an initial public offering (IPO) above $12 billion. The IPO was [...]