British Tech Tycoon Missing

August 20, 2024

This is Cliff Equity, the UK’s business newsletter that keeps you informed on what’s important in tech, business and finance in less than 5 minutes

In today’s stories:

  • British Tech Tycoon Mike Lynch and Daughter Missing as Luxury Yacht Sinks Off Sicily

  • BT Shares Slide as Sky Dials Up Cityfibre Deal – But is the Breakup Real?

  • Piclo’s New Funds Spark Smarter, Greener Grids Worldwide

The summary: British tech mogul Mike Lynch and his daughter are among six missing after their yacht sank off Sicily during a storm, with 15 others, including his wife, rescued.

The details:

  • British tech entrepreneur Mike Lynch and his 18-year-old daughter are among six individuals missing after their luxury yacht, Bayesian, sank off the coast of Sicily amidst a severe storm on Monday morning.

  • The 56m yacht, carrying 22 passengers including British, American, and Canadian nationals, capsized after encountering waterspouts. Rescue efforts have recovered 15 people, including a British infant.

  • The yacht's anchor was down when the storm struck, causing it to lose balance and sink. Divers are searching for the missing, and the body of one man has been found.

  • Lynch’s wife, Angela Bacares, was rescued. She is listed as the yacht’s legal owner, and the trip was organised by Lynch for his colleagues.

  • The UK Foreign Office is providing support to British nationals affected, and Britain’s Marine Accident Investigation Branch is conducting an inquiry into the incident.

The summary: BT shares dipped 5% as Sky teamed up with Cityfibre for broadband from 2025, but analysts say the Openreach partnership remains strong, while Cityfibre ambitiously expands and BT's shareholder Altice offloads its stake to India's Bharti, a move hailed as a boost for UK investment.

The details:

  • BT took a 5% nosedive in early trading after Sky decided to play the field by joining forces with rival Cityfibre for broadband services from 2025.

  • Currently, BT’s Openreach hosts all 5.7m of Sky's broadband customers, but this new deal won’t topple the relationship – at least, according to analysts with a stiff upper lip.

  • Cityfibre, the scrappy third wheel in the broadband game, is aiming to expand from 3.8m to 8m customers by 2025, largely in rural areas that Openreach has skipped.

  • Meanwhile, BT’s largest shareholder Altice is cutting ties, selling its 24.5% stake to India’s Bharti – which called it a "vote of confidence" in the UK's investment appeal.

Why it matters: BT's shares are feeling the pinch as Sky decides to switch broadband partners, making Cityfibre the new kid on the block with grand expansion plans. While this might ruffle BT's feathers, it’s a classic case of “out with the old, in with the new” for broadband networks. Meanwhile, India’s Bharti is swooping in to snap up BT’s major shareholder stake, proving the UK's investment scene is still chuffed and full of surprises.

The summary: EDP Ventures and friends have popped their wallets open to back Piclo’s global grid-flexing escapades, ensuring smarter, greener energy systems while helping everyone do more with less – and pocket a bit more too.

The details:

  • EDP Ventures has backed Piclo’s latest funding round, joined by Clean Growth Fund and Future Energy Ventures, to fuel Piclo’s global expansion into the U.S. and Australia.

  • Piclo’s software helps energy buyers and sellers trade electricity capacity, boosting grid flexibility and accelerating decarbonisation.

  • Already active in six markets, Piclo’s platform boasts 300,000 assets and over 22 GW of flexible capacity, making it a key player in the energy flexibility market.

  • With £74 million in flexibility contracts awarded, Piclo's growth aligns with EDP’s commitment to greener energy and aims to maximise grid efficiency and revenue from distributed resources.

Why it matters: This investment means Piclo can spread its energy wizardry to new shores, making grids smarter and greener while everyone involved enjoys a bit of financial sparkle. With their platform flexing more than a bodybuilder, they’ll help squeeze every last drop of efficiency from our energy systems. In essence, we’re talking about a clever way to turn grid headaches into a smoother, cleaner energy future – and who wouldn’t want that?

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