Co-op Bank kicks off search for new boss to replace Niall Booker, update expected with tomorrow’s results March 31, 2016 The troubled Co-op Bank has begun its search for a replacement for its outgoing chief executive Niall Booker, with top bankers at Barclays and Santander already approached for the role. Stephen Jones, who stepped down as Santander UK's chief financial officer several months ago, and at least one internal candidate are thought to have been shortlisted. [...]
Fintech growth and approaching “Uber moment” will see 30 per cent staff reduction in a decade across banks in Europe and United States, Citigroup report predicts March 31, 2016 The banking industry in Europe and the US is approaching an "automation tipping point" – or "Uber moment" – according to a new report by Citigroup. In a "digital disruption" note, Citi said the rise of fintech companies will mean these traditional banks reduce employee numbers by 30 per cent in the next decade. Read more: Fintech revolution? Banks will [...]
Cabbies group abandons bid to have rival Uber’s licence revoked in London March 30, 2016 Action for Cabbies, a London taxi drivers group, has abandoned its attempt to mount a legal challenge to Uber's licence to operate in the capital. The group launched a crowdfunding campaign earlier this year with the aim of raising £600,000 to fund the first phase of a judicial review (JR), arguing that in 2012 TfL was wrong [...]
Gett is buying black cab firm Radio Taxis March 30, 2016 On-demand black cab app Gett is buying up a long-established black cab fleet, upping its stake in the battle for London's roads. Gett has made an all-cash offer for Radio Taxis owner Mountview House Group. It's understood to be a multi-million pound deal, however, the terms and value have not been disclosed. "Radio Taxis has a long, proud history and we [...]
Global IPO volume plunges to lowest level since 2009, with technology industry leading the slump, down 77 per cent year on year March 30, 2016 The global initial public offering (IPO) market has plunged to depths not seen since 2009. IPO volume for the first three months of this year, to 29 March, stands at $13.2bn (£9.2bn). This is down 67 per cent on the same period last year. This year has also seen the number of deals fall 38 per cent [...]
Uber boss Travis Kalanick says IPO is not on the near-term agenda March 28, 2016 Uber's chief executive Travis Kalanick has stated there are no plans to float the company on the stock market in the near future. The ride-hailing app firm's boss and co-founder told CNBC that he is "going to make sure [an IPO] happens as late as possible", adding that a flotation is definitely not going to happen [...]
Toyota Prius review: the new model is now a serious contender for the budget-conscious driver March 24, 2016 This year I became a Prius convert. Until that point it had always been a car for other people; I found the whole doing-good-for-the-planet thing irritating. And the logic behind the Prius didn’t work either: if you wanted the best fuel economy, simply buy a diesel. That way you get choice too, rather than having [...]
Tube strike 2016: Ride hailing app Uber says it will expand car sharing option UberPool during Piccadilly Line strike tonight and tomorrow March 23, 2016 Uber said it will expand its car sharing option UberPool to cover the entire length of the Piccadilly Line if the strike planned for this evening and tomorrow goes ahead. The coverage area will be expanded from Cockfosters to both Heathrow and Uxbridge from 9pm tonight until 7am on Friday. UberPool is currently only available for trips beginning in [...]
Uber’s giving £10k to hackers with a bug bounty program to find security flaws March 22, 2016 Uber is offering up to $10,000 to hackers. No, it's not some sort of blackmail, it's for the friendly sort who can spot security flaws in their technology meaning they can fix it before any not so friendly hackers do. The so-called bug bounty program offers a tidy cash sum to anyone who can track down bugs in their code as [...]
Transport for London approves new regulations to “modernise and improve the private hire industry” as it cracks down on the growth of Uber March 18, 2016 Transport for London has approved a new plan to modernise and improve London's private hire industry. It is the first significant amendment to private hire regulations since they were first introduced following the surge in the number of private hire vehicles in the capital after the meteoric rise of Uber. The private hire vehicles will [...]