Providence buys Hyve for £481m.

Creative Media NewsFriday, 17 March 2023, 12:000

Private equity has acquired another British firm ravaged by the pandemic. The US-based Providence Equity Partners has agreed to purchase event organizer Hyve for 108 pence per share, or £481 million. The transaction increased the value of the company’s shares, which are traded on the London Stock Exchange, by 10.4%, or 10.4p, to 110p. That...

As shares rise, Chancellor “welcomes” Credit Suisse’s £44.5bn rescue.

Creative Media NewsFriday, 17 March 2023, 0:000

The second-largest bank in Switzerland is the first significant global bank to receive such a bailout since the 2008 financial crisis. The bank stated that it was “taking decisive action to strengthen its liquidity in advance.” Chancellor Jeremy Hunt “welcomed” the Swiss central bank’s decision to provide Credit Suisse with a £44.5 billion lifeline. The...

Before Jeremy Hunt’s first budget, government extends energy price cap.

Creative Media NewsThursday, 16 March 2023, 4:000

At 12.30 p.m., Jeremy Hunt will present his fiscal plans to Parliament. Which include halting the planned increase in the quota and increasing child care assistance. Jeremy Hunt’s first full budget extended the energy price cap for three months. The Energy Price Guarantee (EPG) – which limits the unit cost of gas and electricity that...

Samsung to fund South Korean megachip plot

Creative Media NewsThursday, 16 March 2023, 0:000

Samsung intends to invest approximately 300tn won ($230.8bn; £189.6bn) over the next 20 years in the South Korean government’s initiative to establish a mega semiconductor hub in the country. This will be used to construct five semiconductor factories, the company informed. Samsung is the largest producer of memory chips, smartphones, and televisions on the globe....

How the demonstrations on March 15 affect you

Creative Media NewsWednesday, 15 March 2023, 8:000

On Wednesday at noon, when Chancellor Jeremy Hunt delivers his Budget speech in parliament, he may hear a crowd of demonstrators heading in his direction. There are likely to be tens of thousands of teachers and other public sector employees marching down Whitehall demanding pay increases. Just across the river from the House of Commons...

McLaren energizes investors with a £70 million equity infusion

Creative Media NewsWednesday, 15 March 2023, 0:000

The Surrey-based automotive institution has received £70 million from existing shareholders as part of a wider capital-raising effort that could see it seek up to £500 million from investors. The supercar manufacturer and Formula One team owner McLaren Group has received £70 million in funding from investors as part of a larger capital-raising scheme. The...

January strikes cost UK 220,000 working days.

Creative Media NewsTuesday, 14 March 2023, 20:000

Teachers’ walkouts had the most significant impact on the education industry. As double-digit inflation persisted, public sector wage growth lagged behind that of the private sector, but overall, workers continued to experience a pay reduction in real terms. In January, a total of 220,000 working days were lost due to industrial action, according to the...

U.S. Contractors drive Uber and Lyft.

Creative Media NewsTuesday, 14 March 2023, 2:000

Uber and Lyft can continue to treat their California-based drivers as independent contractors after a US court ruling. The California court of appeals determined that Proposition 22, a labor measure, was essentially constitutional. Labor organizations and some employees opposed the measure, arguing that it violated their rights to sick leave. According to the companies, the...

Silicon Valley Bank: Biden asserts the US financial system is secure.

Creative Media NewsMonday, 13 March 2023, 16:000

President Joe Biden stated that the United States will do “whatever is necessary” to stabilize the financial system after a series of bank failures sparked concerns about the stability of the economy. His remarks came a week after the United States guaranteed all deposits at Silicon Valley Bank and Signature Bank, which both failed. After...

Cost-of-living measure: frozen fruit instead of alcopops.

Creative Media NewsMonday, 13 March 2023, 8:000

Changes to the basket of products and services are used to calculate the rising cost of living to reflect the consumption patterns of consumers with a commitment to a green lifestyle. According to the Office of National Statistics (ONS), alcopops have been withdrawn and frozen berries used in fruit smoothies have been added. In addition...

HSBC rescues Silicon Valley Bank UK.

Creative Media NewsMonday, 13 March 2023, 2:000

UK tech firms were relieved when HSBC bought the UK branch of the defunct US Silicon Valley Bank (SVB). Customers and businesses who were previously unable to withdraw their funds can now do so as usual. The government and Bank of England led the talks and worked through the night to reach a taxpayer-free agreement....

Premier League sports boosts the economy in January.

Creative Media NewsSaturday, 11 March 2023, 0:000

The economy expanded by 0.3% in January, proving that the country avoided recession at the end of last year. The Office for National Statistics (ONS) reported a rebound in output last month following a larger-than-anticipated 0.5% contraction in December, which was not revised in the update. The dismal performance during the month of December, when...

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