Ashmore profits plunge by half to £53.8m as spooked investors pull out of emerging markets February 8, 2023 Ashmore’s profits plunged during the first six months of its financial year, with the emerging markets asset manager blaming extreme market turbulence for investors’ decision to pull their cash. The London-listed asset manager notched up pre-tax profits of £53.8m in the six months to the end of December, a fall of 54 per cent on [...]
Arm revenues jump to £620m as Softbank gears up to float UK chipmaker February 7, 2023 British chipmaker Arm said revenues had surged 28 per cent in the past quarter as its parent company Softbank gears up for a much anticipated float at the end of this year. In a trading update on its third quarter trading the Cambridge-headquartered firm said revenues had topped $746m (£620) after its partner firms shipped [...]
New innovation department could be a ‘gear change’ for tech growth, industry chiefs say February 7, 2023 The creation of a new government department for technology and innovation could be a “gear change” for the growth in the UK’s tech sector and represents a “significant” boost for UK innovation, tech chiefs said today.
SoftBank’s Vision Fund loses £4.6bn as tech rout continues February 7, 2023 Japanese investment giant Softbank swung into the red between October and December, driven down by heavy losses at its flagship Vision Fund. Softbank’s Vision Fund suffered the brunt of a global tech rout that has shaved billions from the value of the world’s largest tech firms. Vision Fund booked a loss on its investments of 730.4bn [...]
Chris Woolard on BNPL, regulatory run-ins and getting financial rulemaking right February 2, 2023 The regulatory veteran wants a rulebook for the 21st century, but getting it right might trump speed, Charlie Conchie writes. Urgent. That was the word used by the former-interim chief of the City watchdog Chris Woolard when he gave his verdict on regulation of buy-now pay-later services in a landmark review two years ago today. [...]
London digital lender Zopa bags £75m for dealmaking push February 2, 2023 Digital lender Zopa today said it had raised £75m as it looks to kick off a major growth push and flurry of dealmaking in the coming months. The London-based fintech said the fresh funding round would be used to meet the capital requirements of its “growing balance sheet” as well as fund a major acquisition [...]
Future of UK tech talent visa uncertain after controversial closure of Tech Nation February 1, 2023 Tech chiefs have sounded the alarm over the future of Tech Nation’s lauded visa programme today after the start-up body announced it would wind down after controversially losing a major government contract.
Iwoca hits profits as recession fears boost small firms’ demand for cash February 1, 2023 Fintech lender Iwoca said it hit profitability for the first time last quarter after a surge in demand for borrowing as small businesses were rocked by soaring costs and a looming recession.
FCA is ‘doing its best’ and asks for ‘understanding’ as city regulator counters concern over unfilled roles January 31, 2023 A Financial Conduct Authority chief has called for more understanding from the City and said the regulator is doing its “best” after criticism in recent months it has failed to hire fast enough to meet its swelling remit.
Tech Nation to shut down after government controversially gives funding to Barclays January 31, 2023 Start-up network Tech Nation is to be wound down after the government controversially withdrew its funding and handed it to Barclays, the organisation announced today. Tech Nation, founded by the coalition government in 2010, said it would cease operations from the end of March after the Department for Culture Media and Sport confirmed it had [...]
