The world’s booming middle class still holds the key to the City’s future February 5, 2019 Billions of people have escaped poverty over recent decades, in what is arguably humanity's greatest success story. Figures last autumn, moreover, estimated that five people join the world's burgeoning middle class every second. Much of the success is concentrated in Asia, a picture that looks set to continue according to fresh data published by PwC [...]
Theresa May travels to Northern Ireland to warn of ‘concerning time’ over Brexit February 4, 2019 Theresa May will head to Northern Ireland on Tuesday in a bid to win support for her Brexit renegotiation strategy as the row over the Irish border backstop intensifies. The Prime Minister has vowed to seek “alternative arrangements” to stop a hard border on the island of Ireland if a UK/EU trade deal isn’t ready when [...]
Home secretary Sajid Javid approves extradition of Indian tycoon Vijay Mallya February 4, 2019 Home secretary Sajid Javid has approved the extradition of Vijay Mallya, the Indian tycoon behind Kingfisher, who is facing criminal fraud charges in India over the collapse of his airline. Last December a UK court ruled that Mallya should be extradited to India and left the decision in the hands of Javid, who has today approved the decision. [...]
Tesla to buy battery firm Maxwell Technologies for $218m February 4, 2019 Electric vehicle manufacturer Tesla has agreed to buy energy storage firm Maxwell Technologies for $218m, as part of an all-stock deal to help Tesla build better batteries. Maxwell has developed tech that can help increase the driving range of electric cars while reducing the battery cost. Existing customers of the firm include General Motors and [...]
Angela Merkel urges UK to explain how it will replace the Irish backstop February 4, 2019 Angela Merkel has urged the UK to set out exactly how it wants to avoid a hard border with Ireland in the absence of a trade deal as she called for “creative” conversations to solve the Brexit deadlock. Speaking on Monday morning, the German Chancellor tried to strike an upbeat tone as she insisted a [...]
Elon Musk test fires new Space X Raptor rocket engine for Starship space craft February 4, 2019 Eccentric tech billionaire Elon Musk’s space exploration company Space X has test fired the Raptor engine for its Starship space craft. Musk tweeted videos of the tests today from Space X’s Texas base. Read more: Elon Musk wants you to work 100 hours a week First firing of Starship Raptor flight engine! So proud of [...]
An end to gridlock? How artificial intelligence could help get London moving again February 4, 2019 London is a truly remarkable city – an economic powerhouse and a cultural destination without equal. It’s a magnet to millions, and rightly so. But it’s a terrible irony that this fast-moving, fast-living, fast-earning metropolis is stuck in traffic so much of the time. We simply cannot move. According to traffic data company INRIX, London [...]
HSBC, Goldman and Lord Fink back City fintech firm Bud February 4, 2019 Fintech startup Bud has closed a $20m (£15.3m) funding round from investors such as HSBC, Goldman Sachs and former Man Group boss Lord Stanley Fink. Other investors included Investec’s INVC fund, ANZ Bank, the corporate venture arm of Banco Sabadell and 9 Yards, the venture capital firm which lists former chancellor George Osborne among its [...]
More than three quarters of CFOs believe the UK will be worse off out of the EU, says Deloitte February 4, 2019 More than three-quarters of chief financial officers believe the UK will be worse off as result of leaving the EU, a new Deloitte survey has found. Approximately 80 per cent of CFOs surveyed by the big-four accountant said they expected the long-term business environment to be worse on leaving the EU. The UK is scheduled to leave [...]
Canadian vinyl record shop boss Doug Putman joins bidding war for HMV February 3, 2019 Canadian vinyl record tycoon Doug Putman has made a dramatic late bid to snap up collapsed music store HMV in a move that could hamper Mike Ashley's takeover plans. Douglas Putman, who owns Canadian chain Sunrise Records, has entered the auction and is now the front-runner ahead of the Sports Direct tycoon, according to media reports. [...]