Airbnb set to swing to a loss ahead of 2020 market debut February 11, 2020 Holiday letting platform Airbnb reportedly swung to a loss last year, raising concerns ahead of its planned initial public offering (IPO) later this year. The tech giant reported a $322m (£248.65m) net loss in the nine months to September as costs spiked, down from $200m profit the previous year, the Wall Street Journal reported. Airbnb [...]
The mayor must speak up for ambitious Londoners and for businesses — not call for further restrictions October 13, 2020 Sadiq Khan is arguably under more scrutiny — and subject to some of the harshest criticism — than any politician in the country. Much of it is unfair. London remains a city with an illusion of a mayor, rather than one with the power to make decisions for the good of the city and its [...]
Addison Lee secures rescue deal as banks take over January 28, 2020 Addison Lee has secured a rescue deal as its banks struck a deal to take control yesterday. The struggling cab firm’s lenders have agreed to inject £45m of cash into the business, according to The Telegraph. It wipes out US private equity firm Carlyle’s investment which bought the taxi operator for £300m in 2013. The [...]
Timing a Token Launch September 11, 2020 It’s March 2020. Countries across Asia are closed for travel and movement. Italy has come under the global spotlight because of its strict and indefinite lockdown period. Spain isn’t far behind. The world is becoming alert to a new, deadly virus and supermarkets are being overrun by panic buyers. Economists are predicting a formidable depression [...]
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 [...]
Softbank’s second Vision Fund set to come in underweight December 8, 2019 The giant Japanese investment fund Softbank is dialing down its ambitions for the second of its Vision Funds after failed bets on firms such as Wework and Uber dragged the company to its first quarterly loss in 14 years. Softbank’s first Vision Fund two years ago raised around $100bn (£76bn) from backers including the Saudi [...]
Santander takes majority stake in Ebury for £350m November 4, 2019 Santander has snapped up a majority stake in UK-based fintech firm Ebury for £350m. The Spanish bank’s acquisition of a 50.1 per cent holding in the firm comes as part of a wider effort to target more growth from SMEs. Read more: Debate – will Uber’s move into banking succeed or fail? Ebury, which operates [...]
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 [...]
General Election 2019: Businesses hit back as Labour ‘names and shames’ UK’s five worst bosses December 2, 2019 Businesses have hit back against Labour’s renewed attack, after the party “named and shamed” some of the biggest firms in the country. Retailers Amazon, Asda and Sports Direct, taxi app Uber and outsourcer ISS have all come under attack from Jeremy Corbyn, as part of Labour’s campaign promise to deliver “the biggest extension of workers’ [...]
Founder Masayoshi Son calls Softbank’s staggering loss ‘a mess’ November 6, 2019 Softbank founder Masayoshi Son has called the Japanese company’s disappointing results “a mess” and admitted a “problem” with his judgement, after the tech investment giant swung to an operating loss for the first time in 14 years. The group reported a $6.4bn quarterly loss this morning, driven by soured bets on tech prospects including Wework [...]