KKR raises $2.2bn for second next-gen technology growth fund January 15, 2020 Investment firm KKR has closed its second Next Generation Technology Growth fund at $2.2bn (£1.7bn) — over three times the size of its predecessor. The fund will be dedicated to technology growth equity investment opportunities in Europe, North America and Israel, KKR said. Read more: World’s largest hedge fund sees gold price rising 30 per [...]
Shares in listed law firm Ince halve after £12m placing January 15, 2020 Shares in listed law firm Ince Group plunged nearly 50 per cent today after the firm raised £12m via a share placing. The firm’s share price plunged 47 per cent today on the placing at 45p, falling from 89p at yesterday’s close to 47p today. Ince – formerly Gordon Dadds – became the second English [...]
Fintech can be the silver bullet to banking the UK’s unbanked January 15, 2020 Can new technology help the 1.23m people in the UK who don’t have a bank account? And could it improve the lives of the 10–12m who still struggle to access affordable loans? New research suggests that the answer to both those questions is yes. It is all thanks to London’s booming fintech sector — one [...]
Rocket list 2020: The best London startups to work for this year January 14, 2020 Fintech firms dominate a new list of 32 fastest growing London startups released today, with the companies listing 499 open positions. Job site Otta, which focuses on the most innovative firms in the capital, has today released its Rocket List, highlighting the firms expanding the fastest in 2020. Nine fintech firms made the list, including [...]
Decline in German automotive production weighs on its economy January 13, 2020 Structural change and a sharp decline in automotive production in Germany is weighing on the economy, according to a report published today. The Munich-based ifo Institute estimated that the automotive industry workforce has shrunk by 1.3 per cent since the beginning of 2019, a much sharper decline than in the rest of the manufacturing industry [...]
Flybe ‘near collapse’: What do we know so far? January 13, 2020 Flybe, the biggest regional airline in Europe, is said to be on the brink of collapse. Sky News reports the carrier is engaged in a frantic bid for emergency funding, and the government is also said to be involved in the talks – which come just four months after Thomas Cook went bust in late [...]
Open banking ‘held back’ by lack of trust over data sharing January 13, 2020 Businesses have failed to reap the benefits of open banking due to a wariness about sharing financial data, a new report has revealed. Open banking, which enables sharing of financial information with other banks and finance providers, was introduced in the UK two years ago in a bid to boost consumers and small businesses. Read [...]
Debenhams in talks with Aviva to offload executive pensions January 12, 2020 Struggling retailer Debenhams is in talks with Aviva about the insurer buying out its executive pension scheme, which holds more than £200m assets. Debenhams is closing in on the deal as it shutters dozens of its department stores around the country, Sky News reported. It would guarantee that members of the executive pension scheme enjoy [...]
Bank of England’s Sam Woods warns of crackdown on the City January 12, 2020 Deputy Bank of England governor Sam Woods has warned the City that it could face a crackdown by regulators as they try to ensure the financial system remains safe a decade on since the financial crisis. Woods – who is chair of the BoE’s Prudential Regulation Authority (PRA) which oversees lenders and insurers – told [...]
Three ways to prevent the UK from falling into data anarchy January 10, 2020 No business will admit to using personal data in ways that are unethical or discriminatory. But when every social media click, phone call, card payment, and gym visit pings into existence a new nugget of data, how can any of us be sure that our data is being used ethically? There are many excellent examples [...]