India’s Paytm IPO crashes on debut, shedding $5bn from valuation November 18, 2021 India’s largest initial public offering (IPO), Paytm, has crashed on its market debut – evaporating around $5bn from its valuation. The debut was one of India’s worst, falling as much as 27 per cent, as doubts were raised around Paytm’s business model. “One day does not decide what our future is,” CEO Vijay Shekhar Sharma [...]
G7 calls Belarus ‘callous’ as 2,000 migrants gather at Polish border November 18, 2021 The G7 has called Belarus “callous” over its treatment of migrants, which has seen some 2,000 people gather in desperation at the Polish border. There are currently around 7,000 migrants residing in Belarus, according to presidential press secretary Natalya Eismont today, who hope of entering the European Union (EU). “The European Union shall open a [...]
Fresh restrictions blanket new Covid epicentre – Europe November 18, 2021 Ireland has become the latest European country to impose fresh Covid-19 restrictions, as the continent becomes the epicentre of the pandemic. From today, the country’s population will work from home where possible, though universities will not sink back into online teaching. Hospitality has also been impacted, with bars and restaurants having been ordered to [...]
Energy storage developer eyes £350m valuation in London IPO November 17, 2021 Electrical energy storage developer Superdielectrics is set to list in London in the coming weeks, in hopes of boosting its valuation to £350m. The company is also intending to raise £20m in the December float, to help develop tech to build “environmentally benign” electrical energy storage devices for the sustainable energy and transport system push. “We [...]
China’s Baidu pulls in near $5bn revenue as AI turnover surges November 17, 2021 Internet services giant Baidu pulled in nearly $5bn in revenue in its latest quarter, climbing past analyst forecasts, despite China’s ongoing technology crackdown. Revenue jumped 13 per cent year on year to $4.95bn, while it secured $358m in operating income in the three months to September 30. The Beijing-headquartered company expects to pull in around [...]
Antivaxxers targeting Tesco Christmas ad set to complain to advertising watchdog November 17, 2021 The antivaxxers who began the #BoycottTesco trend at the weekend have reportedly arranged a campaign to complain to the Advertising Standards Authority. Tesco became the latest subject to antivax protest after it included a double vaccinated Santa in its Christmas advert. Antivaxxers, those who have been against the Covid-19 vaccine rollout, took to Twitter to [...]
UK High Court jails nine Insulate Britain activists November 17, 2021 The UK’s High Court has jailed nine climate activists from the Insulate Britain group for breaching an injunction that sought to ban the group from blocking roads. The protestors have been jailed from between three to six months. The controversial environmental group, which seeks to properly insulate the UK’s homes in a bid to reduce [...]
City Moves: Who’s switching jobs in the Square Mile this week? November 17, 2021 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every morning. Email citymoves@cityam.com to be featured. MCF Corporate Finance Corporate finance advisory firm MCF Corporate Finance has hired a mergers and acquisitions (M&A) veteran as a new partner. Joining the firm’s technology practice in London, Atul Monga brings 13 years’ worth of experience from across Big Four firm Deloitte [...]
YO! Sushi owner scouting for potential buyout bidders as IPO talks swirl November 16, 2021 YO! Sushi owner Snowfox Group has reportedly asked advisers to look into potential bidders following a series of advances. The Japanese food group is looking to jumpstart takeover talks, Sky News first reported, as talks of going public swirl. Mayfair Equity Partners, the group’s majority shareholder, has been exploring a potential initial public offering (IPO) [...]
Rideshare for satellites: Exolaunch inks multi-million-dollar deal with SpaceX November 16, 2021 Launch services and in-space logistics firm Exolaunch has inked a multi-million-dollar deal with tech-billionaire Elon Musk’s SpaceX for a satellite rideshare service. The deal, which covers two years worth of transporter missions, will see Exolaunch’s customer satellites ferried into space by SpaceX rockets. Over 95 per cent of Exolaunch’s 3,000kg capacity on the SpaceX missions [...]