Silicon Roundabout: What will London’s tech hub look like after lockdown? April 1, 2021 The cluster of tech companies in East London, also known as Silicon Roundabout, was largely born out of the last financial crisis after soaring rents pushed companies out. This time round the fate of East London may look a little different as tech companies make remote working the norm. Remote working is here to stay [...]
Hopes of Deliveroo rebound evaporate as shares slide further April 1, 2021 Any hopes of a rebound in Deliveroo’s share price quickly dissipated today as the delivery firm dipped even further. It was a disastrous first day of trading for Deliveroo which plunged as much as 30 per cent, wiping £2bn off its valuation. The delivery platform’s shares closed out their first day down 26 per cent [...]
Moelis gives young bankers a $10,000 allowance to ‘improve mental health’ April 1, 2021 Young investment bankers working at Moelis & Co will receive a $10,000 payment in a bid to improve their mental health after a gruelling year. The boutique investment bank told employees from analyst level up to executive directors would receive a $5,000 payment followed by $2,5000 instalments to be spent on health and lifestyle. Moelis [...]
UK battery firm Britishvolt eyes US SPAC deal April 1, 2021 Britishvolt, the developer of a giant battery factory in the UK, is considering going public and eyeing options in the US. The company has appointed Barclays and Guggenheim Capital to explore an IPO which could include a merger with a special acquisition purpose company. SPACs are the latest phenomenon to grip global equity markets with [...]
US jobless claims rise again despite signs of recovery April 1, 2021 New claims for unemployment benefits in the US rose unexpectedly despite the vaccine rollout and a huge fiscal support driving market recovery. Initial claims for state unemployment benefits came in at 719,000, according to the Labor Department. Last week claims fell to 684,000, their lowest levels since the start of the pandemic. While the number [...]
Next pauses Myanmar production after year of strong online sales April 1, 2021 Next has paused its production orders from Myanmar, it’s boss said today, as the military coup grows more deadly. “We’re not placing any more orders at the moment, that is a big step,” CEO Simon Wolfson told Reuters. “Most of the stock that we were sourcing from Myanmar…we have alternatives in place already for that [...]
SPAC phenomenon helps global M&A break $1 trillion barrier in first quarter April 1, 2021 It has been a flying start for global M&A this year with blank-cheque vehicles becoming one of the principal drivers of deal-making. Special acquisition companies – SPACs – have become the go-to option for firms looking to go public. For targets the vehicles are potentially an easier route to market than a traditional IPO. The [...]
Quilter offloads international business to Utmost for £483m April 1, 2021 Quilter has agreed to sell its international business for £483m as it looks to focus its attention on its UK wealth management division.
Monzo finance chief leaves for crypto platform Luno April 1, 2021 Monzo’s chief financial officer is the latest top-level executive to leave the digital bank after just two years with the challenger bank. Alwyn Jones, who joined Monzo in September 2018 from Barclays, will join cryptocurrency firm Luno as CFO as cryptocurrency gains traction among top financiers. Luno is a leading crypto exchange launched in 2013 [...]
VCs fail to add value beyond funding, early stage founders say April 1, 2021 The past year has seen VC investment go through the roof as firms look to capitalise on increased demand for tech, but founders are unhappy with what firms are offering beyond funding. Forward Partners’ More than Money report published today will make uncomfortable reading for the VC community. VCs may well have splashed the cash [...]
