Exclusive: UK esports funding hits record high amid lockdown gaming boom July 28, 2021 British esports startups enjoyed record levels of investment last year as surging interest in the sector during Covid lockdowns helped fuel a major cash injection. Esports firms raised £42m in 2020, which was a record year for both value and number of deals. The momentum has continued into 2021, with eight deals worth £15m already [...]
Converted: London Jehovah’s Witnesses HQ to start new life as film studio July 27, 2021 The former headquarters of the UK Jehovah’s Witnesses in north London will be given a fresh start as a film and TV hub in a bid to tap into surging demand for studio space. Flexible workspace firm Purpose has snapped up the 200,000 square feet site in Mill Hill and plans to transform it into [...]
Big Tech earnings: What to expect this week as tech titans report July 27, 2021 Wall Street is gearing up for a slew of Big Tech earnings this week with Apple, Amazon, Facebook, Google and Microsoft all set to deliver figures for their latest quarter. Twitter and Snap kicked off proceedings by smashing expectations last week, raising hopes that a post-pandemic advertising rebound will boost other platforms. Tesla also shrugged [...]
Just Eat Takeaway investor calls for merger as it slams stock performance July 27, 2021 A major investor in Just Eat Takeaway has urged the food delivery platform to explore a potential merger as it took aim at the company’s share price performance. Cat Rock Capital, which holds a 4.7 per cent stake in the group, slammed management’s “deeply flawed communication” with investors, which it blamed for a 28 per [...]
Mirror publisher Reach restores dividend amid digital push July 27, 2021 Newspaper publisher Reach today restored its dividend after strong growth in its digital offering helped drive the group’s recovery after a torrid pandemic year. Reach, which owns the Mirror and Express as well as a number of regional titles, posted a four per cent rise in revenue to £302.3m in the six months to 27 [...]
Moonpig more than doubles revenue as lockdown delivers trading boom July 27, 2021 Online card retailer Moonpig has more than doubled its revenue in its first annual results since a bumper London stock market float earlier this year. The greetings card specialist posted revenue of £368.2m in the year to the end of April, a huge jump from the £173.1m recorded in the previous year. Reported pre-tax profit [...]
Wechat suspends new user registration amid China crackdown July 27, 2021 Chinese social media giant Wechat has temporarily suspended new user registrations as Beijing ramps up its crackdown on domestic tech firms. The messaging platform, which is owned by Tencent, said it was upgrading its security technology “to align with relevant laws and registrations”. “During this time, registration of new Weixin [Wechat] personal and official accounts [...]
Startups urge caution over buy now pay later regulation July 26, 2021 British startups have urged caution over the City watchdog’s plans to regulate the £2.7bn buy now pay later market. The Financial Conduct Authority (FCA) is set to crack down on companies such as Klarna and Clearpay after the number of BNPL transactions across the UK tripled last year. But a lobby group representing startups has [...]
Green economy Spac Spinnaker plots London stock market float July 26, 2021 A special purpose acquisition company (Spac) focused on sustainability and green energy is planning an initial public offering on the London Stock Exchange. Spinnaker Acquisitions — a blank-cheque firm that will target mergers in the green economy — will list in London this week. The company said it will target businesses valued at between £5m [...]
Ofcom targets Musk’s SpaceX and Oneweb with satellite rule revamp July 26, 2021 Ofcom has outlined proposals for tighter rules on the satellite broadband sector in a move that would impact Elon Musk’s SpaceX and British rival Oneweb. Space X and Oneweb are racing to launch constellations of low-orbit satellites that will provide high-speed broadband services to remote rural locations worldwide. While the systems can bring faster speeds [...]