The privacy paradox: How we got trapped in a data dystopia February 18, 2020 One of the less encouraging reports to come out of the tech world this month was that Facebook, everyone’s favourite villainous corporation, knew very well about the colossal security flaw that let hackers rob personal data from millions of users long before the breach itself. Facebook employees have said that they felt “guilt” and “hurt” [...]
Rapid expansion drives losses at hotel startup Oyo February 17, 2020 Indian budget hotel startup Oyo reported widening losses last year as it ramped up its international expansion. Losses deepened to $335m in the 12 months to 31 March, rising to 35 per cent of revenue compared to 25 per cent the previous year, driven by expansion in China. Meanwhile, revenue reached $951m in the year, [...]
Barclays and Downing St have some thinking to do February 17, 2020 Once is unfortunate, twice could be coincidence but three times starts to look like a pattern. We can now say Jes Staley’s unfortunate habit for gathering eyebrow-raising headlines certainly looks like the latter. The latest is the controversy surrounding his relationship with convicted sex offender Jeffrey Epstein, and two watchdogs’ investigation into whether he was [...]
Research parks can help turn the light-bulb moment of science into business success February 17, 2020 Based on 35 years of experience, I am a proponent of the idea that “place matters”. Businesses benefit from being located in an environment willing to share the risks involved in fostering entrepreneurship. That’s why the global research and science park movement has taken off. It is designed to support the clustering of enterprises to [...]
Both north and south of the border, Ireland’s financial centres are the City’s historic partners February 17, 2020 As the debate around our future relationship with the European Union continues, we at the City Corporation have been focusing on building even stronger ties with our closest neighbours. Over the past two weeks, I have visited Dublin, Belfast and Derry-Londonderry to do just that. Both the Republic of Ireland and Northern Ireland have long-standing [...]
US private equity snaps up UK companies on the cheap February 17, 2020 The total value of acquisitions of UK companies by US private equity funds jumped 53 per cent last year to £19.9bn. According to a report by law firm Mayer Brown, the depressed valuations of UK companies versus their European peers has made them look to be good value for funds. The period of Brexit uncertainty, [...]
BBC radio stations under threat as No 10 vows to scrap licence fee February 16, 2020 The BBC could reportedly be forced to sell off the majority of its radio stations as the government looks to overhaul the broadcaster and “prune” back its services. Senior aides to the prime minister told the Sunday Times that they were “not bluffing” about plans to scrap the licence fee and make viewers pay a [...]
HS2: China tells UK it can build high-speed line in five years and at lower cost February 15, 2020 The UK is considering giving China’s state-owned railway builder a role in constructing the HS2 rail line. Government officials said “preliminary discussions” had taken place, but no “concrete commitments” had been made. The Chinese railway firm said it could build the line in five years and at a much lower cost, according to a letter [...]
GBP/EUR Update – Cabinet Reshuffle February 14, 2020 Reports over the weekend of tensions rising between the UK and the EU over trade negotiations meant that the pound got off to a shaky start this week. Despite this, sterling did make some gains later in the day, reflecting investors’ optimism that a suitable deal will be reached, despite reports that the EU may [...]
Mark Zuckerberg ‘accepts’ Facebook may have to pay more tax in Europe February 14, 2020 Facebook boss Mark Zuckerberg says he recognises that tech giants may to have pay more tax in Europe in future. The social media giant’s founder said he understood the “frustration” surrounding the issue and backed plans from think tank, Organisation for Economic Co-operation and Development, to find a global solution. Facebook and other tech giants [...]