London banking stocks tumble as Silicon Valley Bank shockwaves spread to HSBC, Barclays and Lloyds March 10, 2023 A crisis at US start-up lender Silicon Valley Bank (SVB) has sent shockwaves across the Atlantic today and dragged down shares in London-listed lenders. Shares in Nasdaq-listed SVB plunged over 60 per cent yesterday after the firm announced a $1.75bn share sale on Wednesday in a bid to shore up its balance sheet and plug [...]
Start-up tax pain could scupper Rishi Sunak’s science superpower dreams, investors warn March 10, 2023 Further tax pain inflicted on the UK’s start-ups could scupper Rishi Sunak’s tech and science superpower plans, venture capital firms have warned. The warning comes as Jeremy Hunt prepares to announce his first full budget next week. Start-ups have piled pressure on Hunt to reverse changes to research and development tax credits announced in the [...]
City minister Griffith calls in top Hogan Lovells lawyer to boost floundering capital markets March 9, 2023 Ministers have called in a top City lawyer to oversee a review of the investment landscape today amid fears the UK’s capital markets are losing ground to international competitors. In a speech to traders in the Square Mile, City minister Andrew Griffith said that Rachel Kent, a senior partner at Hogan Lovells, would oversee the [...]
London fintech Railsr rescued from collapse in emergency sale March 9, 2023 Embedded banking platform Railsr has been rescued from collapse after it was snapped up by a group of investors led by London-based D Squared Capital. The City-based fintech, which has been on the hunt for a buyer after running into cash troubles in the past year, said today that it had been “purchased and re-capitalised” [...]
‘Pension funds need to invest in UK growth’: former innovation minister Sam Gyimah on the future of UK tech March 9, 2023 Speak with most tech and innovation figures in the UK currently and you will hear a similar gripe: institutional investors are not pulling their weight. Investment into the UK’s tech sector, as with most of the world, has tumbled in the past year and brought into sharp relief a funding gap that they argue is [...]
WANdisco suspends shares over ‘potentially fraudulent irregularities’ March 9, 2023 Data firm WANdisco has suspended trading on the London Stock Exchange today after finding “potentially fraudulent irregularities” in its books that mean it may have overstated its revenues by $15m.
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.