M&G profits down at £529m but fund manager says ‘transformational programme’ will deliver cost savings to shareholders March 9, 2023 Fund manager M&G claimed “adverse market movements” caused its assets under management to dive £28bn to £342bn during 2023. M&G’s adjusted operating profit before tax during the 12 months was £529 million compared to 2021’s £721m as it took a hit losses in its annuity portfolio and foreign exchange costs on its US dollar debt. [...]
Start-ups pile pressure on Hunt to reverse R&D tax overhaul March 8, 2023 Pressure is mounting on the Chancellor to scrap changes to research and development (R&D) tax credits in next week’s budget as over 150 start-ups and Britain’s biggest small business body launched a fresh offensive on the Treasury last night. In an open letter published last night, the group of start-ups wrote to Chancellor Jeremy Hunt [...]
Engagement with fossil fuel companies better than divestment, say green finance chiefs March 8, 2023 Green finance chiefs agreed engagement with polluting companies was better than divesting as they faced MPs’ questions today on how the City of London was supporting the transition to net zero. Speaking to the Environmental Audit Committee, head of climate change at HSBC Tim Lord said “our strategy is absolutely around engagement”. “The objective here [...]
FCA mounts defence after being blamed for Arm’s London snub March 8, 2023 The Financial Conduct Authority has mounted a defence of its role in the botched charm offensive on British chipmaker Arm today after the firm revealed it would shun a London listing in favour of New York last week.
Amigo survival options ‘diminish significantly’ as lender scrambles to raise £45m emergency cash March 8, 2023 Beleaguered lender Amigo said its survival options had “diminished significantly” today as it updated on efforts to raise £45m in a bruising meeting with shareholders.
Female tech founders bag £3.6bn despite wider investment slump March 8, 2023 Venture capital investment into tech firms founded by women jumped last year despite soaring inflation and volatility sparking a slowdown in funding across the sector, new figures reveal. Female founders shrugged off the downturn that hit the UK’s tech sector last year and bagged some £3.6bn of VC, up from £2.9bn the previous year, according [...]
UK commits £76m of dormant assets to tackle cost of living crisis March 7, 2023 The government has committed £76m of dormant assets to go towards tackling the cost of living crisis as it seeks to unlock over £800m for community funding over the next few years. The Department for Culture, Media and Sport (DCMS) confirmed today that an initial £76m will be distributed to 69,000 people under the Dormant [...]
Apollo makes another takeover swoop for Wood Group March 7, 2023 Shares in energy and consulting firm Wood Group surged today after it revealed a £1.6bn takeover swoop from US buyout giant Apollo, its fourth bid for the firm. The London-listed engineering and energy consulting firm, which has rejected the three previous cash offers on the grounds they undervalued the firm, said it was set to [...]
London’s capital markets woes deepen as WANdisco eyes New York March 6, 2023 London’s ambitions to elevate its capital markets on the international stage were dealt a fresh blow today as data firm Wandisco became the latest UK tech outfit to reveal it was eyeing a New York listing. In a statement this morning, the AIM-listed firm said it was in the “early stages” of scoping out a [...]
Home REIT rent troubles deepen as two major tenants go bankrupt March 6, 2023 Beleaguered social housing investor Home REIT revealed that two of its tenants had gone into administration this morning, effectively shutting off another 18 per cent of its annual rent roll.