Zoom shares down 90 per cent from pandemic high as it slashes revenue forecast November 22, 2022 Zoom’s share price continued to tumble a further nine per cent today, after the pandemic darling slashed its annual revenue forecast. The drop adds to its near 60 per cent fall in the year to date, with a 90 per cent plunge since October 2020. It comes as the tech firm struggles to adapt in [...]
Competition watchdog launches deeper probe into Apple and Google’s mobile dominance November 22, 2022 Competition regulators continue to cast their net towards Google and Apple, with a new in-depth investigation launched this morning over their mobile browser dominance. The Competition and Markets Authority (CMA) said it would be examining whether new rules are needed for users and developers in this space after it conducted a consultation. Around 97 per [...]
British defence titans boosted by global tensions November 22, 2022 Britain’s defence titans are benefiting heavily from the volatility sweeping the geopolitical stage, with profits on the rise, full-year outlooks cemented and blockbuster contracts in the pipeline. London-listed defence engineer Babcock today posted a underlying operating profit of £121.7m for the six-months ended to the end of September, compared to £115.3m a year earlier. Meanwhile [...]
Chancellor’s R&D tax relief cut for startups jeopardises UK innovation funding November 22, 2022 Most of the UK’s spending on research and development (R&D) hangs on the shoulders of businesses, leaving a sour taste in the mouths of startups following the Chancellor’s latest budget. The business sector contributed £44bn – the equivalent of 71 per cent – of R&D funding in 2020, followed by universities, which pumped in £13.9bn, [...]
UK set to become next AI superpower says new report November 22, 2022 The UK could be the next big global artificial intelligence superpower as the government leads the way with public sector investment. According to a new independent report carried out by WPI Economics, on behalf of software firm Splunk, the UK is forging ahead of its European rivals in many aspects of how it embeds data and [...]
Facebook owner Meta sued for selling personal data for ads November 21, 2022 Facebook owner Meta has been sued in the high court after claims that it disregarded the right to object against the collection of personal data to sell to advertisers. Human rights advocate Tanya O’Carroll alleges that the Silicon Valley giant has breached UK data laws by failing to respect her right to demand that it [...]
Merck inks £1.1bn deal for cancer drug developer Imago November 21, 2022 American pharmaceutical giant Merck has today inked a $1.35bn (£1.14bn) deal for cancer drug developer Imago BioSciences. The offer of $36 (£30.4bn) a share represents a nearly 107 per cent premium on the company’s last closing price. The deal is intended to bolster Merck’s portfolio of blood disorder treatments, with onlookers expecting the company’s blockbuster [...]
Arm delays IPO plans as recession shakes markets November 20, 2022 British chipmaker Arm has pushed back its plans for an initial public offering this year as markets are rocked by recessionary fears and soaring inflation.
Nvidia stock dips after share earnings miss expectations November 18, 2022 Shares in Nvidia have slipped today after the chipmaker’s earnings per share scraped the bottom of analyst forecasts. The US tech giant snagged $0.58 a share versus the $0.70 that was expected by onlookers. Nvidia did however sail past revenue expectations, securing $5.93bn in the third quarter, above estimates of $5.79bn. The company, which specialises [...]
Hunt pushes to make UK ‘the world’s next Silicon Valley’ November 17, 2022 The Chancellor has vowed to turn Britain into “the world’s next Silicon Valley,” stating that the key to global success was “not tax subsidies but competition”. In his Autumn statement, Jeremy Hunt restated the government’s commitment to pushing through legislation that would activate the Digital Markets Unit (DMU). Under the current draft Digital Markets Bill, [...]