US-based Turntide to bolster UK’s renewable tech for freight industry June 8, 2021 US-based renewable tech firm Turntide has confirmed it is rolling into the transport sphere this morning after buying two UK-based engineering businesses. The firm, which has patented a Smart Motor System, is launching its Turntide Transport division today, in its bid for a net zero freight and shipping industry. After buying Sunderland-based battery pack manufacturer [...]
Wealthy Chinese and Hong Kong nationals flock to the UK via investor visa June 8, 2021 Research by real estate firm Astons has found that wealthy Chinese and Hong Kong nationals are the most likely to head to the country via the UK Tier One Investor visa during the pandemic. Meanwhile, over 34,000 Hong Kong citizens so far this year have applied for the UK’s bespoke BNO visa scheme that was launched [...]
Remote working pushes tech subscription market to be worth $303bn by 2026 June 7, 2021 The device-as-a-service market is forecast to swell to around $303.6bn by 2026, according to a new market research report today, as remote working charged the industry. The market, currently worth around $50.3bn, has seen increasing demand throughout the pandemic as businesses have opted for subscription-based tech according to the report by MarketsandMarkets. The hardware section [...]
UK fraud watchdog seizes dirty money tied to nearly £500m global metal scam June 7, 2021 The UK’s fraud watchdog has seized £247k of dirty money from an account linked to Virendra Rastogi, a puppeteer in an around £493m global fraud case. Once one of the UK’s richest men, Rastogi was one of three former directors of RGB Resources convicted of running an international metal trading scam that cost banks dotted [...]
Sportswear start-up Prevayl scores £7.5m investment as market picks up pace June 7, 2021 Manchester sportswear start-up Prevayl has scored £7.5m in pre-revenue to stitch together its ‘intelligent sportswear’ collections as the UK sportswear market continues its strong pace. The investment has been made by consumer brand investment firm Stonebridgesignals good faith in the UK sportswear market which is expected to grow 20.9 per cent by 2023, reaching £6.7bn [...]
London’s launch of e-scooters in the Square Mile to be postponed until July June 7, 2021 The launch of London’s e-scooter rental trial today is set to be delayed across the Square Mile as the City Corporation has postponed its involvement until July. The City Corporation, the local authority for the Square Mile, said it would not be joining the scheme until 5 July, apparently due to administrative setbacks rather than [...]
Walmart backed Indian e-commerce site Flipkart looks to raise $3bn ahead of IPO June 7, 2021 Indian e-commerce giant Flipkart, which is controlled by Walmart, is looking to raise $3bn from SoftBank and other investors as the e-commerce market swells. Targeting a valuation of an eyewatering £40bn, Flipkart will also rally several sovereign wealth funds, Bloomberg first reported. According to one of the sources involved in the private discussions, who opted [...]
Kremlin critic Navalny returns to prison after hunger strike hospital recovery June 7, 2021 Kremlin critic Alexei Navalny, who was sentenced to 2.5 years in February, has been returned to prison after recovering from a hunger strike at a hospital in a different prison. The opposition politician had declared a hunger strike in late March in a bid for better medical care in prison after experiencing acute leg and [...]
Winemaker Gusbourne necks strong revenue despite hospitality restrictions June 7, 2021 Winemaker Gusbourne has reaped the benefits of lockdown wine nights this past year, despite the hospitality group battling lower trading sales. The group’s net revenue rose by 28 per cent to £2.11m, up from £1.65m the year before the pandemic pushed people’s social lives to their sofas. The winemaker’s share’s lifted 1.22 per cent in [...]
Commodity inflation hits China after pandemic delays and recovery demand June 7, 2021 Despite its imports growing at their fastest pace in a decade in May, pandemic delays and recovery demand have spelled rising commodity inflation in China. Surging demand for raw materials stoked the country’s import growth, despite exports climbing less than expected due to pandemic disruptions and Covid cases at key ports. Imports increased 51.1 per [...]
