Data breach could be ‘fatal’ for Open Banking sector, treasury committee chair Nicky Morgan warns June 18, 2019 A single data breach at an Open Banking startup could “fatally” damage the developing sector, Nicky Morgan, the chair of the treasury committee, warned today. Open Banking, which allows users to view all their financial information in one place, relies on customers providing their data to a third party. Read more: Are Britain’s banks closed-minded [...]
Lift off: Gatwick earnings rise after increase in long-haul flights June 18, 2019 London’s Gatwick airport cheered a bump in earnings during the last 12 months, as long-haul flights to the Far East helped deliver growth. Earnings before interest, tax, depreciation and amortisation (Ebitda) jumped 7.3 per cent in the year ending 31 March, driven by new routes, increased frequencies and retail development, the UK’s second largest airport [...]
Shell Energy to pay £390,000 after overcharging customers June 14, 2019 Shell Energy Retail has had to pay £390,000 in compensation and refunds after overcharging 12,000 customers. The utility company overcharged the customers on its default tarrifs after the energy price cap was introduced at the start of this year. Read more: Sunny markets beckon for London energy supplier bulb The Energy watchdog, Ofgem, made the [...]
Morrisons to expand Amazon online delivery service across UK June 13, 2019 Supermarket Morrisons said today it will expand its online delivery partnership with Amazon to more cities across the UK. The Morrisons at Amazon service allows Amazon Prime customers to receive online same day grocery deliveries in Leeds, Manchester, Birmingham and parts of London and the home counties. Customers can order groceries online which are picked [...]
Investment Association calls on industry to act on racial diversity June 13, 2019 The Investment Association has called on the industry to act to increase the number of black asset managers working in the sector Companies should modernise recruitment processes, establish mentoring schemes and networks, and improve education on inclusion, the Investment Association said in a report published this morning. Read more: LGIM’s gender parity fund drives boardroom [...]
Can Amazon really be a climate change champion? June 12, 2019 Amazon is not a company normally associated with meaningful strides towards a low carbon future. Although e-commerce is typically better for the environment than heavily air-conditioned, high street stores, speedy deliveries carry a high carbon cost. Any Amazon shopper may feel a pang of guilt – as I have – at using the one day delivery [...]
Fashion app Depop grabs $62m from Airbnb and Uber investor June 7, 2019 British fashion marketplace app Depop has today closed a series C funding round at $62m (£48.8m), led by US venture capital stalwart General Atlantic. Existing investors HZ Holtzbrinck Ventures, Balderton Capital, Creandum, Octopus Ventures and Tempocap also participated in the round, alongside Klarna founder Sebastian Siemiatkowski. Depop said it will use the funding to expand [...]
Homes outnumber shops on UK high streets June 6, 2019 Residential addresses now outnumber retailers by more than two to one on UK high streets, data published today reveals. Read more: Boots considers more than 200 store closures The percentage of retail business fell two per cent to comprise just 25 per cent of high street addresses between 2012 and 2017, according to the Office [...]
Amazon to deliver packages by drone ‘within months’ June 6, 2019 Amazon will begin delivering packages by drone within months, fulfilling a goal that has eluded the world’s biggest online retailer for years. The new fully-electric drones take off and land vertically like a helicopter. They use visual, thermal and ultrasonic sensors to fly themselves and can avoid objects in the air and on the ground. [...]
Ofcom boss Sharon White chosen as next John Lewis chair June 6, 2019 Ofcom boss Sharon White is set to replace Sir Charlie Mayfield as the next chair of John Lewis, taking on the role as the retailer battles to recover from a recent plunge in profits and tough trading conditions on the high street. White, who is currently chief executive of the UK’s communications regulator, is set [...]