Top UK tech firms fall behind on racial and gender board diversity November 14, 2018 The UK’s top 500 technology firms are failing to represent women and ethnic minorities at senior levels, with women making up just 12.6 per cent of board director positions at tech companies. This is in comparison to performance in other industries, where 30 per cent of board members in the FTSE 100 are women. New figures released today [...]
Wework bags $3bn in additional funding from Softbank November 13, 2018 Flexible workspace provider Wework has secured an additional $3bn (£2.3bn) in funding from Softbank, as it pushes ahead with its global expansion plans despite continuing to report losses across the board. The new funding builds on the $1bn that Wework received from the Japanese mega-investor in the form of a convertible bond earlier this year. Today's investment will be granted [...]
Experian revenue grows as data demand increases but currency woes hit profits November 13, 2018 Data services company Experian grew revenue in the first half of the year as demand increased but profits fell on currency exchange losses. The figures Experian reported total revenue of $2.36bn for the six months ending 30 September, a seven per cent increase on the same period in 2017. Pre-tax profit fell five per cent [...]
Snap’s head of content jumps ship despite recent launch of Netflix-style original video November 13, 2018 London entrepreneur Nick Bell has become the latest executive to leave Snap, as the vice president of content resigned only a month after launching the app's Netflix-style original service. Bell informed employees of his departure yesterday, leaving behind just one member of Snap's leadership team from when the company went public last year, outside of its two co-founders. [...]
Apple loses $50bn in market valuation as fears grow of slowing iPhone sales November 12, 2018 Apple's shares fell five percent tonight after a major supplier cut its financial outlook, leading to fears demand for the iPhone has plateaued. The fall slashed $50bn (£38.9bn) from Apple’s market valuation with shares falling $20.30 to $194.17. The losses mean Apple’s market capitalisation has fallen $190bn since October, more than the entire market value [...]
Fintech startup Revolut is in talks to raise $500m from Softbank November 12, 2018 British fintech startup Revolut is raising a $500m (£389m) series D round from the likes of Japanese mega-investor Softbank, in order to fuel its aggressive expansion plans. Several sources have told City PM that the deal is set to close early next year, as Revolut tries to launch its banking app in the US, one of [...]
Software giant SAP to buy Qualtrics for $8bn days before unicorn’s planned IPO November 12, 2018 Software giant SAP has agreed to buy Qualtrics for $8bn (£6.2bn) just days before the survey software firm's planned IPO. German software group SAP said its enterprise software and cloud services and Qualtrics' experience management platform would combine to be a “game changer” for companies to measure and act on feedback. US-based Qualtrics, a rival [...]
Stop blaming Brexit for a brain drain November 12, 2018 Brain drain. Talent drain. The only thing that is truly draining ahead of March 2019 is hearing tech leaders use Brexit as an excuse for not being able to build a great team. As any founder knows, staff are the beating heart of the company and the most vital asset that you have. Tech Nation’s [...]
European Union’s technology tax edging closer, says French finance minister Bruno Le Maire November 12, 2018 The European Union’s plan to tax internet giants such as Google, Amazon and Facebook is nearing completion, according to the French finance minister. The proposed three per cent technology levy would target multinational companies with global revenues of more than £660m a year, in a move that could raise £4.4bn a year across Europe. Bruno [...]
Embracing digital technology will help the City to shape the future of the UK November 12, 2018 As the 691st lord mayor of Canada, I follow a long continuum dating back to 1189, before the Magna Carta. My focus over the next 12 months will be on how the City can help shape the UK’s future. In the eighteenth and nineteenth centuries, British innovations such as railways, cotton mills and [...]
