Exclusive: Average start-up loan shrinks to just £142k while volumes drop by half December 6, 2022 The average start-up loan has fallen over 138 percent in the past year to just over £142k, from £339k in 2021., according to new data shared exclusively with City A.M. today. Moreover, the number of startup loans has more than halved compared to 2019. The findings by Purbeck Personal Guarantee Insurance follow a recent British [...]
Conviction Life Science to float in London to pounce on undervalued biotech firms December 6, 2022 Investment fund Conviction Life Science will float in London in an £100m IPO to capitalise on a stream of undervalued biotech and pharma firms, its investment chief told City A.M. yesterday. While the UK is home to Nobel-winning science, the industry gets a bad rap for being too risky and lossmaking. The company had mulled [...]
Online safety makes return as concern over fraud adverts mount December 6, 2022 The online safety bill returned to parliament yesterday after five months in limbo and a tide of rallying cries from campaigners. The bill aims to better regulate big tech firms, threatening hefty fines for non-compliance, covering illegal and harmful content, as well as fraudulent advertising. Although consumer group Which? praised the inclusion of online scam [...]
TikTok rides out wider advertising slowdown December 5, 2022 TikTok is expected to ride out the advertising slowdown, as the Chinese-owned social media titan becomes an outlier to the wider industry slowdown. According to a new report published by GroupM, the media buying agency owned by WPP, TikTok doubled its advertising revenue in 2022. “This has likely been another driver of the advertising deceleration [...]
Foxconn faces revenue slump after iPhone factory fallout December 5, 2022 Revenues slumped for Foxconn as the iPhone manufacturing partner feels the sting on ongoing unrest over Covid restrictions and pay. The company reported NT$551bn (£14.7bn) in revenue last month, tumbling 29 per cent from October, and 11 per cent on the year before. November is usually a prosperous period for the firm, as it gears [...]
Investors lose interest in supply chain tech as pace of onshoring quickens December 5, 2022 Venture capital investment into supply chain focused technology has significantly slowed in the past few months, following a pandemic-era boom. Startups around the world injected $3.3bn (£2.6bn) to the industry in the third quarter, down more than 77 per cent in comparison with the same months a year ago, according to data research firm Pitchbook [...]
Avon Protection sells off US facility as it winds down armour-making business December 5, 2022 Avon Protection, which makes military and police gear, has sold off a US-based manufacturing facility as the British company winds down its armour-making business. The deal with CoorsTek, Inc., a manufacturer of advanced ceramics materials for the aerospace and defence industries, is expected to wrap up in the second half of next year. Bruce [...]
Tech recruitment firm Levin to set up London HQ at new space in 155 Bishopsgate December 5, 2022 British Land has signed an agreement with tech recruitment giant Levin to let its entire Storey space at 155 Bishopsgate for its new London HQ. Levin, which has had a footprint at the development since 2020, is to take up 23,000 sq ft of space, after previously leasing space on the same campus at 1 [...]
FTX collapse shows need for venture capital ‘correction’, says investment chief December 4, 2022 The collapse of FTX has underscored a “distortion” in the venture capital market and the need for a correction across the industry, the boss of a global investment body has said.
GSK makes headway with two cancer drugs after double-barrelled setback last month December 2, 2022 GlaxoSmithKline (GSK) is making “significant” headway with two of its cancer drugs, following a double-barrelled setback in its oncology efforts last month. The British pharmaceutical giant’s bone marrow cancer treatment Momelotinib this morning received marketing approval from the European Medicines Agency, following an application to the FDA in the US in August. If approved by [...]