Google Tax to prompt tech giants to kill Irish tax deals as government cracks down on avoidance tactics December 10, 2014 Rules, detailed by the government yesterday, aimed at clamping down on tax avoidance by tech giants including Google and Apple, could force US multinationals to start winding down “artificial arrangements” used to divert profits abroad. “What they’re trying to do is say ‘if you have a UK presence and if you are making UK sales, [...]
Former Quindell chair slashes his share holdings December 10, 2014 SHARES of embattled insurance outsourcer Quindell lost over a quarter of their value yesterday after founder and former chairman Rob Terry sold off most of his remaining stock. Since April, when mysterious US short seller Gotham City Research published a note questioning its business and profits, shares in the company have lost more than 80 [...]
Snap! Instagram leaves Twitter in the dust with 300m daily users December 10, 2014 FACEBOOK’S photo-sharing service, Instagram, yesterday said it now had more than 300m users sharing over 70m photos and videos each day. Meanwhile, microblogging service Twitter, which recently listed on the New York Stock Exchange, reaching a valuation of $23.4bn (£14.8bn), had just 284m active users, according to its website. Instagram, bought by Facebook in April [...]
Walgreen’s chief Greg Wasson to retire after Alliance Boots mega-merger December 10, 2014 US drugstore chain operator Walgreen has said its chief executive Greg Wasson will retire after the completion of its pending takeover of Alliance Boots, owner of the UK high street pharmacy Boots. Stefano Pessina, executive chairman of Alliance Boots, will serve as acting chief executive after Wasson steps down. “With the creation of Walgreens Boots [...]
EToro raises $27m from Chinese and Russian investment funds December 9, 2014 SOCIAL investment network EToro yesterday closed a $27m (£17.2m) funding round led by the venture capital arm of China’s largest financial services group Ping An Insurance and SBT Venture Capital which is partnered with Russia’s largest bank Sberbank. Israeli startup EToro, which has offices in Canary Wharf’s Level39, has 4m users across 140 countries who [...]
Fitbug share price slumps as CEO Malcolm Fried steps down from wearable group December 9, 2014 Fitbug, the penny stock that roared to life earlier this year after Sainsbury’s and Target announced they would stock its fitness trackers – sending shares up over 4,000 per cent – came back down to earth yesterday. On news that Fitbug would raise £3.5m through the placing of 39m new shares and chief executive Malcolm [...]
John Lewis sales remain strong following bumper Black Friday December 9, 2014 The UK’S largest department store group John Lewis saw sales grow 10.8 per cent to £160m last week compared with the same week last year, with colder weather boosting sales of knitwear. Due to the roaring trade during Black Friday the week before, John Lewis saw its biggest ever week for sales in its 150-year [...]
Uber driver rape allegations: Can taxi app overcome its latest scandal in New Delhi? December 8, 2014 The controversial ridehire app faces public outcry after one of its drivers is accused of rape in New Delhi. Uber's success, its $40bn (£25.6bn) valuation and its rapid adoption as a verb is marred with questionable business practices and a rapid global expansion that has now brought into question whether Uber is “safest rides on [...]
Cupid renamed Castle Street Investments as it dumps dating websites UniformDating and LoveBeginsAt December 8, 2014 Matchmaking company Cupid cut its ties with online dating yesterday after the group sold its final three websites Cupid, UniformDating and LoveBeginsAt for £3m, and announced it would pivot its business to become an £18m investment company. The decision to sell its remaining dating sites to Tradax IP Licensing, Together Networks Holdings Ltd and Together [...]
Trumpton: Ukip members not getting the Twitter joke December 8, 2014 Some Ukip members have failed to see the funny side of a spoof Twitter account that depicts the party’s members as characters in a 1960s children’s programme, Ukip’s economic spokesperson told City A.M. yesterday. Ukip’s sole Scottish MEP David Coburn last week called for @Trumpton_UKIP to be banned and encouraged his own followers on [...]
