Excessive spectrum costs could hurt consumer benefit from 5G, argue lobbyists February 26, 2019 The telecoms industry's main lobby group has said governments need to bring down high costs for 5G bids if Europe is to keep up with the global roll-out. The GSMA, which represents 300 operators worldwide, has been caught in the middle of a row between telecoms firms and governments as to who should shoulder the cost of [...]
ONS denied promotion to woman because of her gender, tribunal finds February 26, 2019 Managers tasked with ending sex discrimination at the UK’s statistics body have failed to recognise that male economists are being favoured above women, an employment tribunal has found. The tribunal awarded £19,000 in damages to a former employee at the Office for National Statistics (ONS), finding she had been overlooked for promotion in favour of [...]
Tech startups remain private for longer leading to high valuation IPO pipeline February 26, 2019 Technology startup companies are choosing to remain private for longer due to the availability of capital from private equity and venture capital investors, creating a pipeline of high-value listings expected this year. The median age of venture capital backed technology companies at the time of IPO has risen from 10.9 years in 2018 from 7.9 [...]
Square Mile skyscraper to bring in Shard man Danny Lemon February 26, 2019 The City's tallest skyscraper has drafted in The Shard’s former manager as it prepares to open its doors later this year. Developers at 22 Bishopsgate, the 62-storey building in the Square Mile known as "Twentytwo", have hired Danny Lemon to oversee the set up and management of the trophy building ahead of its opening late this [...]
UK growth ‘guaranteed’ to fall in no-deal Brexit, Mark Carney warns MPs February 26, 2019 UK growth is “guaranteed” to fall in the event of a no-deal Brexit, the Bank of England’s governor Mark Carney has told MPs. The Bank slashed its UK growth forecast for 2019 to 1.2 per cent earlier this month – down from the 1.7 per cent forecast in November – even on the assumption of [...]
Venture capital fund run by former Facebook and Deliveroo employees raises $85m February 26, 2019 A venture capital fund run by former Facebook, Deliveroo and Klarna employees has raised $85m. (£64.5m) The Blossom Capital fund is the first launched by ex-Index Ventures and Localglobe investor Ophelia Brown, 32, and is the fastest ever first time fundraise from a female VC in Europe. Read more: Ex-Google CFO opens up a venture capital office [...]
Defence engineering firm Meggitt spends £5m on Brexit stockpiling February 26, 2019 Defence engineering firm Meggitt has spent as much as £5m stockpiling parts and hiring extra customs officials as part of its plans to mitigate a potential no-deal Brexit. The firm’s shares slumped this morning as it announced in its full-year results it would take around two years before its operating margins significantly improve after being [...]
Hope of renewed Interserve rescue refinancing plan gives investors second wind February 26, 2019 Shares in outsourcer Interserve were up 16 per cent this afternoon as investors continue holding their breath for a rethink of its emergency financial rescue plan. The firm is expected to publish an updated version of the plan tomorrow morning after its biggest shareholder, Coltrane Asset Management, demanded it make changes on Thursday night. Read [...]
High Court strikes down black cab appeal against Uber’s London licence February 26, 2019 The High Court rejected an appeal to block Uber's 15-month London licence today, dismissing claims that the decision to grant it was biased. Taxi drivers of the United Cabbies Group (UCG) argued that chief magistrate Emma Arbuthnot's decision to grant Uber a licence to operate in London was affected by her husband's relationship with the company. Read more: [...]
Scottish Power set to pump £2bn into the UK this year in face of Brexit fears February 26, 2019 Scottish Power’s chief executive today played down Brexit fears as the company committed to investing £2bn into the UK this year. The energy supplier, which last year transitioned to 100 per cent renewable energy, said it will pour £6bn into Britain between 2018 and 2022, with two fifths of that going to renewable energy generation. [...]