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Author: Rob Davies

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Paddy Power Betfair in talks to buy FanDuel after US sports betting ruling



Discussions with fantasy sports league company come as UK bookmakers are well placed for slice of US market

Paddy Power Betfair has made the first move in an expected wave of takeover activity prompted by the legalisation of sports betting in the US, as it launched a bid for fantasy sports league company FanDuel.

Shares in UK gambling companies soared earlier this week as investors responded to the US supreme court’s decision to overturn a law known as PASPA, a ban on sports bets that had stood for 26 years.

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Spotify poised to be a $25bn company on eve of IPO



Music streaming service’s NYSE flotation comes amid fierce competition in the sector and high volatility

Spotify is poised to press the play button on a stock market float that will test investors’ faith in its future prospects, amid mixed fortunes for fast-growing technology companies.

Analysts said the performance of the music streaming service’s shares on its first day of trading on Tuesday would gauge market opinion on whether it can stave off fierce competition for music fans’ wallets and eventually make a profit.

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Spotify poised to be a $25bn company on eve of IPO



Music streaming service’s NYSE flotation comes amid fierce competition in the sector and high volatility

Spotify is poised to press the play button on a stock market float that will test investors’ faith in its future prospects, amid mixed fortunes for fast-growing technology companies.

Analysts said the performance of the music streaming service’s shares on its first day of trading on Tuesday would gauge market opinion on whether it can stave off fierce competition for music fans’ wallets and eventually make a profit.

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Uber says 2.7 million in UK were affected by security breach



London mayor Sadiq Khan says ride-hailing service must take action after ‘catastrophic’ incident

Uber has admitted that 2.7 million people in the UK were affected by a 2016 security breach that compromised customers’ information, including names, email addresses and mobile phone numbers.

The ride-hailing company had previously disclosed that 57 million people worldwide were affected by a breach that it covered up for more than a year.

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Shipping firm Clarksons braces for data leak after refusing to pay hacker



World’s largest shipbroker follows large corporations including Deloitte, Yahoo and Equifax in falling victim to cyber-attack

Shipping company Clarksons is bracing for a tranche of private data to be released, after refusing to pay a ransom to a hacker who staged a “criminal attack” on its computer systems.

In a statement to the stock market, the world’s largest shipbroker said it was working with specialist police and contacting customers who may have been affected after a “cybersecurity incident”.

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Uber to take appeal over ruling on drivers’ status to UK supreme court



Case to determine whether taxi app drivers get improved rights such as guaranteed minimum wage and holiday pay

Uber plans to appeal to the UK’s supreme court against a ruling that drivers should be classed as workers, setting the scene for a landmark legal battle with major implications for the gig economy.

The taxi app lost a tribunal case brought by two drivers last year and tasted defeat for a second time earlier this month when the employment appeal tribunal (EAT) upheld the original decision.

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Bitcoin breaks $8,000 barrier amid speculation over spin-off



One unit of the cryptocurrency now valued at more than six times an ounce of gold, after tenfold rise since start of 2017

The price of the virtual currency bitcoin has broken the $8,000 barrier for the first time, prompting speculation that it could soar past $10,000 by the end of the year.

The rise means one unit of the world’s first major cryptocurrency is now valued at more than six times an ounce of gold, traditionally seen as a safe-haven investment in times of economic turmoil.

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Dyson to sue former chief executive Max Conze



Technology firm alleges he leaked company secrets and used company resources for his own benefit

Technology firm Dyson is to sue its former chief executive for allegedly leaking its closely guarded secrets, in a claim his lawyers say is a “naked attempt” to distract from a wrongful dismissal suit against the company.

The extraordinary row emerged after the company, founded by inventor Sir James Dyson, filed a high court claim against Max Conze, who led the company from 2011 to 2017.

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