Wework to go public via Spac in $9bn deal March 26, 2021 Wework has reportedly agreed to go public through a merger with a blank-cheque vehicle valuing the company at $9bn. The office-sharing giant is the latest company to join the Spac phenomenon which has been positioned as a quicker way to go public. Also known as blank cheque vehicles, Spacs raise capital through a public listing [...]
BoE urges banks to keep lending as government schemes come to an end March 26, 2021 The Bank of England has urged banks to continue lending through the recovery as the government starts to wind down its coronavirus loan schemes. While the vaccine rollout has boosted confidence the Financial Policy Committee (FPC), which looks at the risks facing the system, has warned SMEs will need to finance cash-flow deficits this year [...]
Biden doubles vaccine target to 200m doses in first 100 days March 25, 2021 President Joe Biden has set a new goal of 200m coronavirus vaccines in the US in his first 100 days in office. The US vaccine rollout has gathered pace in recent weeks with over 70 per cent of over-65s having received at least one dose of the vaccine. The White House said 130m shots had [...]
Lord Hill: I’m no cheerleader for Spacs but UK should leave door open March 25, 2021 Lord Hill, who recently published a review into London’s listing rules, has said he recognises concerns over Spacs but fears the UK may regret paying attention to the vehicles in a few years time. Special acquisition companies – Spacs – have risen to prominence during the pandemic in the US and in parts of Europe. [...]
US jobless claims fall to lowest level since the start of the pandemic March 25, 2021 New claims for unemployment benefits in the US fell to their lowest level since the start of the pandemic as the economy rebounds. Initial claims for state unemployment benefits came in at 684,000, down from 781,000 a week earlier, according to the Labor Department. Claims are now at their lowest level since the middle of [...]
Green investment surges as UK bosses sound alarm on climate change March 25, 2021 The majority of UK bosses intend to increase their long-term investments in sustainability initiatives as they grow concerned about the impact of climate change. A PwC survey of UK chief executives reveals 70 per cent are concerned about the impact of climate change, with almost a third “extremely concerned” about the issue. But climate change [...]
Seedrs and Crowdcube abandon merger after CMA provisionally blocks deal March 25, 2021 Seedrs has announced the termination of its merger with Crowdcube after the competition regulator provisionally blocked the deal on Wednesday. Crowdcube agreed to buy Seedrs last October in a deal before the Competition and Markets Authority (CMA) said that the tie-up would result in a substantial lessening of competition. Yesterday the regulator said its provisional [...]
Revolut submits application for US banking licence March 22, 2021 A year after launching in the US, Revolut has submitted its draft application for a US banking licence as it expands its business account across all 50 states. Revolut secured a Lithuanian banking licence bank in 2018 and announced it had applied for a UK licence earlier this year. Securing both a US and UK [...]
Just 43 tech firms have listed in London in the last 20 years March 22, 2021 Just 43 of the UK’s fastest-growing tech firms have floated on the London Stock Exchange in the last twenty years, according to new research. New research by accountancy firm BDO shows that of the UK’s 1,200 fastest growing tech startups fewer than four per cent have listed in London. Even with blockbuster IPOs lined up [...]
Valuation of Fortnite creator Epic Games soars to $28bn after lockdown demand March 20, 2021 The owner of two big pandemic winners, Fortnite and Houseparty, has reportedly closed a new fundraising round which brings its valuation to around $28bn. Epic Games is finalising the terms of a $1bn fundraising just seven months after its last round, according to Sky News. Last summer the Houseparty-owner secured a $17.3bn valuation after a [...]
