Powa play: Dan Wagner ready for legal battle with former director Ben White over collapse of fintech unicorn November 1, 2016 With its multi-billion-dollar valuation, plush Heron Tower headquarters and outspoken founder, British fintech “unicorn” Powa was billed as Britain’s answer to Google – until, in February this year, it sensationally collapsed into administration. Now City PM can reveal the collapse is set to trigger a bloody courtroom battle as two of the story’s protagonists go head [...]
Google for gifs startup Giphy has raised millions of dollars more October 31, 2016 As if more proof were needed that communication via animated gif is the future, the startup which is like Google but for gifs has raised millions of dollars more in venture capital investment. The $72m (£59m) from top Silicon Valley investors comes less than a year after it previously raised $55m and now values the startup at more [...]
Euronext derivatives trading is back up and running after it suspended futures indices and derivatives markets – including Cac and AEX October 31, 2016 Trading on Euronext's derivatives markets was back up and running after it suspended derivatives markets and futures indices following problems with market data. Twitter users reported trading was functioning normally, after the European exchanges operator was forced to restart its entire UTP Derivatives platform. #Euronext #Derivatives #Markets is now functioning normally. — Jac (@DiversifiedTF) October [...]
Sony cuts profit forecast after battery business sale October 31, 2016 Sony has cut its profit forecast for the year as a result of the sale of its battery business by 10 per cent. Its outlook for the full-year ending March 2017 is now expected to be ¥270bn (£2.1bn) compared to the ¥300bn previously estimated after notching up a ¥33bn impairment charge for the sale of its battery business [...]
Goldman Sachs said Powa was on a “clear path to a $50bn” valuation shortly before its collapse October 31, 2016 Goldman Sachs suggested Powa was on a "clear path" to a $50bn valuation in a presentation just months before the so-called British tech unicorn sensationally collapsed. A 60-page document seen by City PM shows Goldman valued the British technology company at between $16bn and $18bn in September 2015, five months before its collapse. It also suggested revenues could [...]
Former Barclays boss Antony Jenkins launches fintech business October 31, 2016 Former Barclays boss Antony Jenkins has launched his new fintech business, 10x Future Technologies, which he thinks will "transform how banks operate". The platform will provide banks “with a new core digital banking platform” that Jenkins said would allow them to unify their range of complex data systems. Jenkins said 10x Future Technologies will give [...]
Home is where the smart is: City PM meets Krystian Zajac October 31, 2016 When I first came to the UK, I was living in a tiny flat with five other people. I was educated, but washing dishes for a living. I did not care, the money was still better than what I got in Poland,” says Krystian Zajac, founder of Andrew Lucas. As far as rags to riches [...]
BT boss says “it’s quite possible” that 80 per cent of today’s jobs won’t exist in the future October 29, 2016 Gavin Patterson probably doesn't want to worry anyone but he thinks it's "quite possible" that 80 per cent of the jobs that people do today won't exist in the future. Yes, 80 per cent. Speaking at the HSBC Innovation Summit on Friday, the BT boss said: "It's a combination of ubiquitous networks, ubiquitous data, ubiquitous [...]
Here’s Elon Musk’s latest project: Tesla’s solar roof October 29, 2016 You'd forgive Elon Musk for feeling pretty confident at the moment. He has just surprised Wall Street with Tesla's first profit for three years, reporting net income of $21.9m (£17.9m) for the third quarter after 13 consecutive quarterly losses. Record deliveries helped offset rising expenses. And now, the Tesla co-founder and chief executive has unveiled his [...]
Employment tribunal ruling could cost Uber over £17m, says employment lawyer October 28, 2016 Today's landmark ruling by an employment tribunal that Uber drivers are not self-employed but entitled to basic workers' rights such as holiday pay, could cost the company in excess of £17m, according to an employment lawyer. Sean Nesbitt, partner in the employment team at law firm Taylor Wessing, said: "It is economically significant to Uber. [...]
