UK tech special: The rocky but unstoppable rise in startup valuations January 30, 2022 The accelerated growth of startup valuations has sparked debate around the world, particularly in the markets where this has been reflected in the most significant raises and the speediest unicorns. Despite ongoing pandemic uncertainty, a quarter of the UK’s 116 unicorn tech companies became unicorns during 2021. Investment climbed significantly, up to £26bn in 2021 [...]
HP wins civil case against UK tech tycoon Mike Lynch as extradition order looms January 28, 2022 Hewlett-Packard has won the majority of its civil case against British tech tycoon Mike Lynch over its acquisition of Autonomy in 2011, a London judge said this morning, though damages will be considerably less than the £3.7bn claimed. The American technology giant sued Lynch, Autonomy’s founder, and its former chief financial officer Sushovan Hussain, following [...]
Sadiq Khan: London home-building ‘at risk of stalling’ amid hiked construction costs January 28, 2022 Skyrocketing construction materials are slowing house-building progress in London, Sadiq Khan has warned. The Mayor of London warned new-build developments and extension projects were being hit by a cocktail of rising costs thanks to Brexit and the pandemic. Prices for materials, including steel, timber, and concrete, shot up 23 per cent last year, according to [...]
Businesses brace for insolvency storm as Covid aid winds down January 28, 2022 Over half a million UK businesses are struggling financially amid soaring inflation and the rollback of government Covid-19 support.
Heathrow trims 2022 revenue forecast following CAA interim airfare price January 28, 2022 Heathrow has decided to reduce its revenue forecast for 2022 following the Civil Aviation Authority’s (CAA) decision to set the airport’s interim airfare at £30.19. In an investor report update published this morning, the hub explained 2022 revenue forecasts would now station at £2.2bn, down by £307m from the initially expected £2.5bn. Heathrow’s adjusted EBITDA [...]
What a day for Mike Lynch: Priti Patel to make extradition decision and £3.7bn High Court fraud ruling at 11.30am January 28, 2022 All eyes will be on the High Court today at 11.30, as a judge is due to announce his decision on a multibillion-dollar fraud case brought by Hewlett Packard over its acquisition of British software company Autonomy a decade ago. The American technology giant sued British entrepreneur Mike Lynch, Autonomy’s founder, and its former chief [...]
PM mulls tax hike U-turn as govt awaits Sue Gray’s report: ‘Boris would now do anything to survive’ January 28, 2022 While questions loom over the future of Boris Johnson’s premiership in light of an official inquiry into partygate allegations, the prime minister is reportedly wavering on controversial plans to raise national insurance. The PM is under pressure from some Tory MPs to scrap the tax hike to win back support as he awaits the findings [...]
New Klarna valuation drives £117m payout to Jupiter Asset Management January 28, 2022 Managers and two stockpickers at Jupiter Asset Management reportedly received a £117m payout after giving Klarna an inflated valuation.
Complacent monetary policy has driven an inflation crisis, not businesses’ price hikes January 28, 2022 Inflation hit 5.4 per cent in December, its highest level since 1992. It is widely expected to reach seven per cent in the next few months – it has already reached that level in the US. There are several reasons why inflation has raised its ugly head again. Demand for gas and oil has outstripped [...]
Treasury Committee chair joins chorus of MPs urging government to ditch national insurance hike January 27, 2022 The chair of an influential group of cross-party MPs that scrutinise the government’s spending plans has joined the chorus of policy makers calling for the national insurance hike to be scrapped. Tory MP Mel Stride, who chairs the Treasury Committee, urged the government to cancel the looming 1.25 percentage point national insurance rise to ease [...]