Softbank-backed fintech Oneconnect chooses New York over Hong Kong for IPO November 14, 2019 Oneconnect, the fintech arm of Chinese financial conglomerate Ping An, has chosen New York over Hong Kong for the launch of its initial public offering (IPO). The company, which is backed by Softbank, filed a prospectus for an IPO on Wednesday and plans to list its shares on NASDAQ. Read more: Alibaba poised to launch [...]
First Group shares sink as losses widen after Greyhound charge November 14, 2019 First Group’s share price sank today as it fell to a £187m half-year loss as transport charges hobbled the firm while doubts weigh over the future of its West Coast Rail franchise. Read more: CMA flags competition concerns on 21 West Coast Rail franchise routes The figures The transport giant fell to a loss before [...]
How can you stop your credit card being sexist? November 14, 2019 Can a credit card be sexist? It’s not a question most people would have thought about before this week, but on Monday, the US financial regulator announced an investigation into claims of gender discrimination by Apple Card. The algorithms Apple Card used to set credit limits are, it has been reported, inherently biased against women. [...]
Shop Direct gets £75m injection from Barclay brothers as it looks to plug PPI funding hole November 13, 2019 Shop Direct has been given a £75m equity injection from its parent company as it looks to plug a funding gap from the cost of recent payment protection insurance (PPI) complaints. The online retailer owned by the billionaire Barclay brothers said today that £75m will be invested by way of an equity injection before the [...]
Gap between Tory and Labour tax plans hits its biggest in a generation November 13, 2019 The Conservatives and Labour’s plans for taxes are the most different in a generation, a new report has said, with a “tax pledge gap” of £60bn set to become a key election battleground. Labour is expected to call for tax increases of at least £50bn a year in its manifesto, while the Conservatives’ are likely [...]
The vote-winning power of tax cuts November 12, 2019 As theGeneral Election clunks into gear, it’s already clear what Labour’s approach will be: promise to spend literally all the money. The Tories put out a dossier at the weekend costing the opposition’s pledges at a jaw-dropping £1.2 trillion. You can quibble with the detail, but it’s pretty clear that under John McDonnell’s guidance, the [...]
London startup Zego gains first ever licence for UK insurtech November 12, 2019 An insurance startup aimed at the gig economy today said it is the first insurtech firm in the UK to secure an insurance licence. Zego, which offers flexible insurance to freelance workers such as drivers for Uber or riders for Deliveroo, said it was awarded the licence by the Gibraltarian regulator. Chief executive Sten Saar [...]
European markets rise as US and China agree to phase out tariffs November 7, 2019 European markets have risen this morning after the US and China announced plans to gradually lift tariffs as the two countries work towards securing a trade deal. News of the trade-war de-escalation buoyed Britain’s FTSE 100 index, sending it up as much as 0.44 per cent in morning trading. The blue chip index was sitting [...]
Uber rival Bolt bolsters green credentials with environmental investment fund November 7, 2019 Ride-hailing app Bolt is set to launch a €10m environmental impact fund in a bid to boost its green credentials. Bolt, which recently committed to making all journeys taken via its app will be made carbon neutral through offsetting, said the fund would invest in initiatives that deliver “social and environmental benefits”. Read more: Uber [...]
Private equity firm KKR raises record €5.8bn European fund November 5, 2019 US buyout firm Kohlberg Kravis Roberts (KKR) has raised its largest ever European fund at €5.8bn (£5bn), as investors look to the region for higher returns. The flagship fund, which launched in February with an initial target of €5bn, will focus on private equity deals in Western Europe. Read more: European private equity buyouts climb [...]