Peter Thiel’s Palantir confidentially files to go public July 7, 2020 Data analytics firm Palantir said it has confidentially filed paperwork with the US Securities and Exchange Commission (SEC) to go public. Palantir is planning public listing of the Class A common stock, but has not disclosed the size of the listing. It is not known whether Palantir will pursue a traditional initial public offering or [...]
Uber confirms acquisition of Postmates in $2.65bn food delivery tie-up July 6, 2020 Uber has bought up rival delivery app Postmates in a $2.65bn deal, the companies announced today, ending speculation of a tie-up between the pair. The all-stock deal represents only a slight increase on Postmate’s last private valuation of $2.4bn in September. Postmates will be kept as a separate app to Uber Eats, but some parts [...]
Pret A Manger to close 30 stores after lockdown, putting 1,000 jobs at risk July 6, 2020 At least 1,000 jobs are understood to be at risk at Pret A Manger as it prepares to close 30 of its shops following a brutal lockdown. Pret has said it has suffered “significant operating losses” during the UK-wide shutdown of non-essential shops since late March. And while it has reopened 339 of its 410 [...]
Uber makes offer for US food delivery service Postmates June 30, 2020 Uber is said to have made a takeover offer for rival food delivery app Postmates, despite the latter having recently filed to go public. The deal values Postmates at $2.6bn, the New York Times first reported. Talks are still ongoing, and an agreement could yet fall apart. The tie-up could provide a leg-up to Uber’s [...]
Why Fintech investing will become more attractive post COVID-19 June 29, 2020 With the global economy predicted to fall, valuations in Fintech companies will be hit hard, too. This will provide investors unique opportunities to invest into those Fintech firms at attractive valuations, which will shape the future of financial services. Fintech investments so far this year: The impact of COVID-19 and the speed of its disruption [...]
What makes London a tech hub? June 29, 2020 Why the key to London’s future success is in its past – and what the UK must capitalise on to top the US as the world’s leading tech hub. 2019 was a bumper year for the UK tech sector. London overtook Beijing to become the third biggest tech hub globally and UK tech investment topped [...]
Uber Eats orders skyrocket 160 per cent in lockdown June 29, 2020 Orders on Uber Eats have jumped significantly since lockdown began, rising by over 160 per cent as the UK turned to food delivery apps to replace the high street. The number of new restaurants on Uber Eats’ UK platform has almost doubled in the last four months to a total of 17,000, as smaller independent [...]
Amazon buys self-driving startup Zoox for $1bn June 26, 2020 Amazon has acquired US self-driving startup Zoox, marking its first major step into the driverless cars market. The deal is valued at more than $1bn, the Information first reported. Amazon declined to confirm the size of the acquisition. Zoox chief executive Aicha Evans and chief technology officer Jesse Levinson will continue to lead Zoox as [...]
Sadiq Khan is wrong — extending the furlough scheme would hinder London’s recovery, not help it June 25, 2020 Warning of a “looming unemployment crisis”, Sadiq Khan this week made an appeal for a further extension of the Coronavirus Job Retention Scheme (CJRS), under which more than a million Londoners have been furloughed. His concern for London jobs is understandable. But it would be wrong to continue the scheme beyond October. Furloughing made sense [...]
Saudi sovereign wealth fund pours $1.5bn into India’s Jio Platforms June 18, 2020 Saudi Arabia’s Public Investment Fund (PIF), one of the world’s largest sovereign wealth funds, has announced it will invest $1.5bn (£1.2bn) into Jio Platforms to become the Indian telecoms firm’s eleventh investor. The Saudi fund will buy a 2.32 per cent stake in Reliance Industries Ltd subsidiary Jio Platforms, the company said in a statement [...]