Snap raises $3.4bn in biggest tech float since Facebook March 1, 2017 Snap raised $3.4bn (£2.8bn) amidst strong demand for shares in a New York float that gives it the biggest tech valuation since Facebook. The owner of popular messaging app Snapchat is now valued at $24bn, higher than the $22.3bn expected, Reuters reported. Snap sold 200 million shares at $17 per share, above the range it [...]
FTSE reshuffle day: Capita and Dixons Carphone replaced by Scottish Mortgage Investment Trust and Rentokil Initial March 1, 2017 Capita and Dixons Carphone have dropped out of the FTSE 100 after its quarterly review of constituents. They will be replaced by Scottish Mortgage Investment Trust and Rentokil Initial, FTSE Russell announced this evening. However, Easyjet and Intu Properties escaped the chop, which will take effect after the close of business on Friday 17 March. Read [...]
Boots cuts 220 photo labs putting 400 jobs at risk March 1, 2017 Boots has announced it is closing 220 of its photo labs across the UK, including five in London, as weak demand for photo film services finally takes its toll. The closure of the in-store labs will put 400 jobs at risk, although a Boots spokesperson said the company would try to offer retraining and opportunities [...]
Global stocks bonanza: Dow Jones at 21,000 as FTSE 100 hits new record high March 1, 2017 Stock indices around the world have hit more record highs, with the Dow Jones Industrial Average and FTSE 100 both jumping past their previous best levels after US President Donald Trump struck a more emollient tone in a speech to the US Congress. London’s main index rose to close at 7,378.67 points, surpassing its previous peak [...]
Bank of England Brexit rate cut had little effect on UK’s surprise growth says former deputy governor March 1, 2017 The Bank of England’s (BoE) actions to cut interest rates after the referendum had little effect on the UK's powerful economic growth, according to its former deputy governor. Sir Charlie Bean said: “It may have some small effect at the margin but I really don’t take the view that the policy package that was announced [...]
Britons taking the day off work cost the economy £18bn every year March 1, 2017 People taking days off work cost the UK economy billions every year, with the toll to rise considerably over the next decade, a new study has found. Absences from work account for £18bn in lost productivity every year, according to the Centre for Economic and Business Research (CEBR) – a figure which could swell to £26bn [...]
Nissan asks government for £100m supply chain fund after Brexit February 28, 2017 A top Nissan executive has said the government must step in with millions of pounds of investments in the car parts industry in the UK if it is to continue to manufacture cars at its Sunderland plant. Colin Lawther, a senior vice president in charge of manufacturing at Nissan, said the manufacturer will “review constantly” [...]
Brexit secretary David Davis says UK must prepare for chance of no deal with the EU February 28, 2017 Brexit secretary David Davis has told cabinet ministers to prepare for the possibility of the UK not reaching a deal with the EU after leaving the EU. Davis described the UK leaving the EU without a trade deal as an “unlikely scenario” but warned the UK must prepare for the failure to negotiate a deal, [...]
Atom Bank secures £113m in new funding for app-only lender February 28, 2017 App-only Atom Bank has succeeded in raising more money as part of a £250m funding round, as it races to secure market share in the newest front in the battle for banking customers. The fintech start-up will receive £113m in investments from Spanish bank BBVA, as well as investment funds Toscafund and Woodford Investment Management, [...]
£50 banknote isn’t going anywhere says Bank of England chief cashier February 28, 2017 The £50 note will not be withdrawn any time soon, according to the Bank of England’s (BoE) chief cashier. Victoria Cleland also did not rule out the possibility of issuing new polymer £50 notes, in an interview with Bloomberg. She pointed to the lower usage of the distinctive red “bullseye” notes as the reason it [...]
