UK tech components maker mulls moving out of Sri Lanka amid unrest July 28, 2022 UK electronic components maker DiscoverIE could transfer its Sri Lankan operations to China or India amid political unrest in the country. The London-listed firm, which designs and manufactures computer chips and transformers for the wind energy market, has drawn up contingency plans to ensure output levels remain the same as the company experiences heightened demand. [...]
Lithium battery maker to build £190m megafactory in the UK in global EV push July 28, 2022 Lithium battery maker AMTE Power is set to build a so-called megafactory in the UK, in a bid to build on “a strong heritage of innovation” in the country as opposed to mainland Europe, which has equally attractive financial incentives. The London-listed firm, which also makes sodium batteries to store renewable energy, saw shares surge [...]
GSK hikes profit and sales forecasts in first results as focused biopharma firm July 27, 2022 GlaxoSmithKline (GSK) has hiked its operating profit and sales forecasts for this year, in its first results as a newly focused biopharma firm. Bosses at GSK now expect adjusting operating profit growth of between 13 and 15 per cent, and sales growth of around six and eight per cent, with guidance lifted by one [...]
Billions in US subsidies risk luring British semiconductor firms across the pond July 27, 2022 The $52bn semiconductor subsidy package president Joe Biden is pushing through Congress is a “huge risk” to the UK’s chip making industry. While Britain lacks a clear strategy on computer chips and an advisory board, unlike global competitors the US, Taiwan and Germany, billions in subsidies could lure UK-based businesses across the pond. Asked about [...]
Alibaba eyes Hong Kong primary listing as US audit row continues July 26, 2022 Alibaba is seeking a primary listing in Hong Kong as the e-commerce giant attempts to lure in more mainland Chinese investors.
Exclusive: Second Home dodges bankruptcy and eyes US expansion with fresh funding July 26, 2022 Shared office space firm Second Home has scooped a £7.5m funding package to dodge bankruptcy and is now eyeing up expansion in the US, City PM can reveal.
Privacy group slams supermarkets for using ‘Orwellian’ facial recognition cameras July 26, 2022 Privacy rights group Big Brother Watch has filed a legal complaint with the UK data watchdog claiming that Southern Co-operative’s use of live facial recognition cameras in its supermarkets is “unlawful”.
OneWeb and Eutelsat ink £2.8bn deal to forge satellite powerhouse July 26, 2022 British satellite darling OneWeb and French competitor Eutelsat confirmed this morning that they will push ahead with the £2.8bn merger. Eutelsat is set to suspend its dividend for two years to pump investment into OneWeb’s low-Earth orbit satellite network, as part of the all-share deal. The deal is intended to forge a satellite powerhouse to [...]
UK competition watchdog launches inquiry into £5.4bn Inmarsat takeover July 25, 2022 The UK’s competition watchdog has launched an inquiry into the £5.4bn takeover of UK satellite giant Inmarsat by a US rival Viasat. The merger would fuse British and US expertise in the satellite space, a sector traditionally dominated by the States. However, it has the potential to raise substantially reduce the amount of competition in [...]
OneWeb takeover by Chinese state-backed rival raises national security concerns July 25, 2022 The proposed takeover of British satellite darling OneWeb by French rival Eutelsat has caught scrutiny over national security. The joint company, estimated to be worth around $6bn (£4.9bn), would create a satellite and communications powerhouse to compete against Elon Musk’s SpaceX and Starlink – which currently dominates the satcoms industry. Eutelsat, which is partly owned [...]
