Facebook: We’ll pull US news content if Congress passes law to pay December 6, 2022 Facebook’s parent company Meta has threatened to pull news content from the US if Congress push forward with plans to make the company pay for content. Meta’s head of policy communications, Andy Stone, tweeted the thread, saying that “if Congress passes an ill-considered journalism bill as part of national security legislation, we will be forced [...]
Mangata Networks to create over 550 UK jobs with satellite manufacturing site December 6, 2022 Telecoms company Mangata Networks is set to create up to 575 new jobs in the UK, as it plots a multi-million-pound satellite manufacturing site in Scotland. The move forms part of a nearly £84m grant, of which £54.5m has been injected by the Scottish government’s research and development body. The Glasgow-based company will pay back [...]
Pfizer and BioNTech countersue Moderna in Covid-19 patent row December 6, 2022 Pfizer and German partner BioNTech shot back at competitor Moderna last night in the latest jab in the Covid-19 vaccine patent lawsuit. The sparring over allegations from Moderna that Pfizer and BioNTech violated the rights its three patents it created prior to the pandemic has been ongoing since August. All three companies are also embroiled [...]
Exclusive: Average start-up loan shrinks to just £142k while volumes drop by half December 6, 2022 The average start-up loan has fallen over 138 percent in the past year to just over £142k, from £339k in 2021., according to new data shared exclusively with City PM today. Moreover, the number of startup loans has more than halved compared to 2019. The findings by Purbeck Personal Guarantee Insurance follow a recent British [...]
Conviction Life Science to float in London to pounce on undervalued biotech firms December 6, 2022 Investment fund Conviction Life Science will float in London in an £100m IPO to capitalise on a stream of undervalued biotech and pharma firms, its investment chief told City PM yesterday. While the UK is home to Nobel-winning science, the industry gets a bad rap for being too risky and lossmaking. The company had mulled [...]
Online safety makes return as concern over fraud adverts mount December 6, 2022 The online safety bill returned to parliament yesterday after five months in limbo and a tide of rallying cries from campaigners. The bill aims to better regulate big tech firms, threatening hefty fines for non-compliance, covering illegal and harmful content, as well as fraudulent advertising. Although consumer group Which? praised the inclusion of online scam [...]
TikTok rides out wider advertising slowdown December 5, 2022 TikTok is expected to ride out the advertising slowdown, as the Chinese-owned social media titan becomes an outlier to the wider industry slowdown. According to a new report published by GroupM, the media buying agency owned by WPP, TikTok doubled its advertising revenue in 2022. “This has likely been another driver of the advertising deceleration [...]
Foxconn faces revenue slump after iPhone factory fallout December 5, 2022 Revenues slumped for Foxconn as the iPhone manufacturing partner feels the sting on ongoing unrest over Covid restrictions and pay. The company reported NT$551bn (£14.7bn) in revenue last month, tumbling 29 per cent from October, and 11 per cent on the year before. November is usually a prosperous period for the firm, as it gears [...]
Investors lose interest in supply chain tech as pace of onshoring quickens December 5, 2022 Venture capital investment into supply chain focused technology has significantly slowed in the past few months, following a pandemic-era boom. Startups around the world injected $3.3bn (£2.6bn) to the industry in the third quarter, down more than 77 per cent in comparison with the same months a year ago, according to data research firm Pitchbook [...]
Avon Protection sells off US facility as it winds down armour-making business December 5, 2022 Avon Protection, which makes military and police gear, has sold off a US-based manufacturing facility as the British company winds down its armour-making business. The deal with CoorsTek, Inc., a manufacturer of advanced ceramics materials for the aerospace and defence industries, is expected to wrap up in the second half of next year. Bruce [...]
