Riding by: Kapten’s new chief executive plots out the company’s bold future October 27, 2019 French ride-hailing company Kapten launched in London six months ago, with a bold plan to loosen Uber’s iron grip on the sector. The company barged onto the scene in April and immediately paid for a flurry of advertising playfully mocking its competitor. “Others avoid paying VAT in the UK – that’s not Uber cool,” one [...]
Just Eat gatecrasher vows to take on Deliveroo with major cash boost October 27, 2019 The South African firm hoping to derail Just Eat’s merger with rival Takeaway.com is planning to invest hundreds of millions of pounds into the delivery firm in a bid to take on Deliveroo. Prosus, the Dutch division of tech conglomerate Naspers, last week tabled an audacious £4.9bn takeover bid for Just Eat, sparking a furious [...]
Addison Lee lenders ‘circle’ taxi giant as sale effort continues October 26, 2019 Addison Lee has insisted it expects “a successful conclusion” to the “ongoing” sale process despite reports that its lenders are preparing to take control of the London taxi company. A syndicate of a dozen banks led by ING have drafted in advisers from Alvarez & Marsal (A&M) to consider their options, according to Sky News, [...]
Citymapper’s London travel card will expand to zones three and four October 23, 2019 London commuter app Citymapper is set to expand its contactless transport pass to more parts of the capital. The Citymapper Pass was introduced in February to cover travel on the Tube, buses, trains, Santander bikes and its own Citymapper Ride shared taxi service in zones one and two. Read more: Uber rival Kapten teams with [...]
Bidding war on the cards as Just Eat rejects £4.9bn hostile bid from Prosus October 22, 2019 Just Eat could find itself at the centre of a bidding war after rejecting a hostile £4.9bn bid from investment firm Prosus that threatens to disrupt its merger with Takeaway.com. The firm’s share price leapt 24 per cent to 732.8p despite the rejection in favour of its £8.3bn tie-up with the Dutch Takeaway.com as a [...]
Just Eat revenue rises as it hopes for £9bn end-of-year merger with Takeaway.com October 21, 2019 Just Eat’s third quarter revenue rose 25 per cent, it revealed today, as it hopes a £9bn merger with Dutch rival Takeaway.com willbe tied up by the end of the year. Despite this, shares fell five per cent in early trading as analysts were sceptical the deal would get past shareholders at a meeting pencilled [...]
Facebook suffers drop in brand value as consumer trust slides October 17, 2019 Facebook has suffered a second successive annual decline in its brand value as the social media firm faces a backlash over data use and its faltering move into digital currency. The Silicon Valley giant has dropped out of the top 10 rankings of the world’s most valuable brands, suffering a decline of almost 12 per [...]
Watchdog launches investigation into Amazon’s Deliveroo investment October 16, 2019 The competition watchdog has launched a probe into Amazon’s investment in food delivery app Deliveroo. The Competition and Markets Authority (CMA) today said it would investigate whether Amazon’s investment would “result in a substantial lessening of competition”. The e-commerce giant led a $575m funding round in Deliveroo in May. Read more: CMA puts brakes on [...]
Goldman Sachs misses profit forecasts amid slump in advisory fees October 15, 2019 Goldman Sachs has missed Wall Street estimates for quarterly profit, amid fewer fees from advising on deals. Revenue at three of its four major business units fell in the most recent quarter, led by declines in investment banking due to fewer mergers and stock market floats. Goldman shares fell three per cent this afternoon. The [...]
Exodus reduces Libra members to 21 companies October 14, 2019 The final membership roster of Facebook’s controversial cryptocurrency project Libra has been revealed, having taken a significant hit after several major players abandoned ship. The Libra Association said 21 companies had signed the charter, committing to pay a $10m (£7.9m) founders’ fee and introduce a Libra incentive scheme, following a council meeting in Geneva. Uber, [...]