US chipmaker Broadcom (AVGO) has $19bn wiped off its market value, after an out-of-sector deal confused investors | City A.M. July 12, 2018 Californian semiconductor chipmaker Broadcom has lost $19bn (£13.7bn) in market value so far today, after a surprise deal to acquire software company CA for $18.9m didn’t sit well with investors and analysts. The company revealed no clear reason behind yesterday’s acquisition, which led stymied investors to drive down its share price as low as 19 [...]
Proptech startup Habito lands £18.5m to make mortgages digital in series B led by Atomico September 3, 2017 A fintech startup focused on making mortgage applications easier has bagged millions more in funding from top investors. Atomico, the venture fund set up by Skype founder Niklas Zennstrom, led the £18.5m series B round with existing investors Ribbit Capital, Mosaic Ventures and Revolutionary (ad)Ventures also participating. It brings total funding for the startup – [...]
Tesco removes Mel B advert after Spice Girls star complains November 12, 2019 Tesco has removed an advert featuring an image of Spice Girls star Mel B after the singer complained about its use. The advert for Tesco’s new Clubcard Plus featured a picture of Scary Spice with the words “Stop right now. You get 10 per cent off two big shops a month for £7.99”, a play [...]
Delivery Hero and Blue Apron investor Target Global launches $100m tech fund to find the next Uber June 6, 2018 German venture capital fund Target Global has launched a $100m (£74.7m) tech fund with a focus on innovation in mobility and transportation. With investments to be spread across startups in Europe and Israel, the fund is set to run indefinitely and can deploy up to $300m in capital, satisfying investor need for long-term interest in [...]
Winning formula: Electric series Formula E continues to evolve at a rapid rate and defy the constraints of traditional motorsport December 13, 2018 Formula E set out four years ago with the goal of revolutionising racing and pioneering a transition to electric vehicles. As it prepares for its fifth season, which starts on Sunday in Saudi Arabia, the series has continued to evolve at a rapid rate and defy the constraints of traditional motorsport. This year the series [...]
Lift-off for Trump baby blimp as Sadiq Khan defends decision to let it fly July 13, 2018 The 6-metre tall balloon in the shape of Donald Trump as a baby is taking flight over London this morning, despite the President saying it made him feel "unwelcome". It will fly between 9.30am and 11.30am today. However strict rules mean that the balloon will be tethered to the ground throughout, and restricted from floating [...]
Playtech is snapping up Italian gaming firm Snaitech after buying an €846m stake April 12, 2018 Gambling software firm Playtech revealed a plan to buy Italian betting and gaming company Snaitech this morning after it bought a 71 per cent stake for €846m (£737m) this morning. Upon completion of the stake sale, which is expected in the third quarter, Playtech will be required to make a mandatory takeover offer for all [...]
Fund manager Pimco close to £5bn deal for Bradford & Bingley mortgage book April 24, 2018 The UK government is close to selling a £5bn Bradford & Bingley mortgage book to a major bond fund manager, it has been reported. Bradford & Bingley’s loan book was nationalised in 2008 at the height of the financial crisis. UK Asset Resolution (UKAR), the government body set up to manage nationalised banking assets, could [...]
CYBG’s £1.7bn takeover of Virgin Money approved by shareholders September 10, 2018 Shareholders have backed banking group CYBG's £1.7bn takeover of Virgin Money. CYBG, which owns Yorkshire Bank and Clydesdale Bank, and Virgin Money held general shareholder meetings this morning where three motions related to the deal were passed with an overwhelming majority. Read more: Virgin Media wins landmark legal case against council over land access All three resolutions were passed [...]
City’s elite Magic Circle law firms under pressure from expansion of US entrants September 16, 2018 "The likes of Cazenove were great UK banks, seemingly unassailable on the world stage, but slowly and surely every single one was taken over, they all fell to the might of the US banks,” says White & Case corporate partner Guy Potel, “and it might be that something similar is happening in the legal industry.” The reshaping [...]