London AI startup InstaDeep bought by BionTech in half-a-billion deal HealthTech London based AI startup InstaDeep has been bought out by biotechnology giant BioNTech in a half-a-billion pound deal. InstaDeep focuses on machine learning and artificial intelligence, and has raised nearly £100m across four seed rounds. The deal will allow BioNTech to use InstaDeep’s machine learning to “improve its drug discovery process, including developing personalised treatments tailored [...]
Darktrace shares down over 10 per cent after firm cuts revenue forecast Cyber security British cyber-security company Darktrace cut its full-year revenue forecast on Wednesday after prospective customers turned more reluctant to run product trials due to the worsening economic environment. The company, which listed in April 2021, said it now expected its constant currency annual recurring revenue (ARR) to increase by between 29.0 per cent and 31.5 per [...]
BMW: How supply chain issues and China lockdowns have impacted its bottom line Car market BMW’s sales have slumped in 2022 due to supply chain issues and the now-scrapped zero-Covid policy in China. A byproduct of the pandemic, supply chain issues such as chip shortages and higher raw material costs were magnified by Beijing’s decision to implement severe lockdown measures for the good part of last year. The German automotive [...]
Tangle Teezer launches innovation panel to fuel haircare brand’s future growth January 10, 2023 British haircare brand Tangle Teezer has launched an innovation advisory board panel which will bring together global business leaders and experts from across the retail, haircare, technology, ESG, and scientific communities. Last September the breakthrough British company announced record results of £43.5m for the full year 2021, a year-on-year hike of 46 per cent, the [...]
FTSE 100 close: China reopening boosts Antofagasta and London miners January 9, 2023 London’s FTSE 100 has today extended its robust start to the new year, fuelled by mining giants clinching gains on investors betting commodity prices are on the rise as China dismantles pretty much all of its Covid-19 restrictions. The capital’s premier index jumped 0.33 per cent to close at 7,724.93 points on the opening day [...]
Oil giant Shell warns of earnings slide January 6, 2023 Shell has revealed it will face a hit of around two billion dollars (£1.7 billion) to its latest quarterly earnings due to UK and EU windfall taxes. It comes after bosses at the London-listed oil giant said in October they had not paid any UK windfall taxes amid heavy investment in the North Sea. The firm [...]
Odeon sees Christmas boom as Avatar 2 lures Brits back to the big screen January 5, 2023 Odeon, the UK’s largest cinema chain, welcomed over a million viewers during Christmas thanks to the much anticipated Avatar sequel. Cinemas in the UK have started 2023 on a high note after two rough years, according to new numbers released by Odeon. The return of viewers to the big screen was credited to the release [...]
Musk lifts Twitter ban on political ads but may need to do more to lure advertisers back to the social media site January 5, 2023 Twitter is to lift its ban on political ads after losing nearly a million users since it was bought by Elon Musk in October last year. Musk’s controversial policy of reinstating controversial accounts including that of former US President Donald Trump, led to the reported loss of nearly 50 per cent of Twitter’s top advertisers. [...]
Sky high? Wizz Air enjoys Christmas bump as passenger levels increase January 3, 2023 London-listed budget airline Wizz Air will be avoiding the January blues this year after a pre-Christmas traveller bump boosted 2022’s passenger numbers. The airline flew 4.18m passengers in December, up more than 50 per cent on this time last year when some parts of its European network were affected by Omicron travel destinations. The December [...]
Vodafone CEO frontrunner critical of telecoms sector January 2, 2023 Vodafone’s former non-executive director and ex-EE chief has publicly criticised the bureaucracy of European telecoms. Olaf Swantee, a Dutch businessman and key figure in the continent’s telecom sector has stated that the sector’s biggest companies are too complex and centralised. He stated that the sector needs to listen to customers. Swantee is rumoured to be [...]