ABB chairman breaks away from Saudi mega-city project amid Khashoggi case October 21, 2018 Former Shell chief executive and chairman of Swiss engineering firm ABB Peter Voser is the latest high-profile figure to distance himself from the advisory board of Saudi Arabia's $500bn £382.5bn) mega-city project Neom. The move follows the exit of a string of global business and political leaders from an upcoming investment conference in Riyadh. International ties to the region have been breaking [...]
Saudi-backed fund plans investment in British digital bank Oaknorth October 18, 2018 The world’s largest technology fund could pump hundreds of millions of dollars into British unicorn Oaknorth. The deal would make Saudi Arabia’s sovereign investment fund an indirect shareholder in the digital bank. Read more: Acorn OakNorth rises to $2.3bn valuation as it closes fresh $100m fundraise Softbank’s Vision Fund, in which the Saudis are the [...]
Theresa May’s new merger powers would be a hostile takeover by the state October 16, 2018 Back in July 2016, Theresa May launched her campaign for leadership of the Conservative party by promising radical action on foreign takeovers of British businesses. In the wake of Kraft’s takeover of Cadbury and Pfizer’s failed bid for AstraZeneca, May promised to defend workers and local communities from transient shareholders who, she said, were more [...]
Softbank mulls majority stake in Wework October 10, 2018 Softbank is reportedly in talks to take up a majority stake in co-working giant Wework, despite the firm tripling its losses last year. Sources told Reuters the pricing and valuation of the deal has not been confirmed, while the Wall Street Journal earlier reported the investment could be between $15bn (£11.4bn) and $20bn from Softbank's Vision Fund. The fund [...]
Microsoft makes strategic investment into ride-hailing firm Grab October 9, 2018 Microsoft has signed a five-year agreement with Southeast Asian ride-hailing firm Grab to collaborate on big technology projects, which includes the software firm taking a strategic stake in the business. The valuation of the stake was not disclosed by either company. The deal will see Grab work with Microsoft on exploration of facial recognition, artificial [...]
Improbable unveils move to new London HQ October 8, 2018 A London-based virtual reality firm is to take up a new City headquarters, as it looks to accelerate its expansion ambitions following a wave of investments from abroad. Improbable, a games company that was founded six years ago, is moving its base from Farringdon to Spitalfields as part of a plan to accommodate its growing workforce, [...]
Wework triples its losses in Europe as London begins to turn a profit October 5, 2018 Co-working property powerhouse Wework tripled its losses in 2017 across Europe, while taking its flagship building in Moor Place, London to a profit. In accounts published to Companies House today, reports put Wework International's losses at £32.3m for the year ending December 2017 from £11m the year before. However its revenues, which account for only the UK [...]
Toyota and Softbank team up on ride-sharing, driverless tech unit October 4, 2018 Toyota and Softbank have unveiled a partnership that will see the two companies collaborate on transport services that utilise self-driving technology. Named Monet, a play on the longer term Mobility Network, the new venture will be initially funded at ¥2bn (£13.5m), with Softbank taking a stake of just over half of the business. “SoftBank alone and automakers alone [...]