Bam Construction reports £31.4m loss
19 Aug
Top Stories

Bam Construction reports £31.4m loss

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Top Stories Tamfitronics Bam Construction has reported a £31.4m pre-tax loss after struggling with high inflation and supply chain insolvency.The contractor lost money on revenue of £897.6m in the year to 31 December 2023 – representing a small reduction from the £900.9m it turned over in 2022, according to newly published financial accounts.“Profitability has been impacted by high inflation conditions within the UK and impact of unprecedented levels of supply chain liquidations,” said Bam Construction executive director Kim Sides in a strategic report.Bam’s revenue increased throughout 2023 as projects that were paused during the Covid-19 pandemic were finally built out. But the firm’s forward-order book stood at just £606m at year end, 38 per cent lower than the £971.6m total it posted a year earlier.“Work in hand has reduced in the year as Bam...
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Reports suggesting internet being throttled by govt ‘completely false’: IT minister
18 Aug
Science & Technology

Reports suggesting internet being throttled by govt ‘completely false’: IT minister

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Technology tamfitronics In the wake of countrywide internet disruptions and speculation over firewall installations, State Minister for Information Technology and Telecommunication Shaza Fatima Khawaja on Sunday termed reports suggesting that the government was throttling the internet as “completely false”.On Thursday, Khawaja said that the government had ordered the Pakistan Telecommunication Authority (PTA) and other relevant bodies to submit a report after citizens in various cities of Pakistan noted they were facing internet connectivity issues.She also confirmed that the government was indeed upgrading its ‘web management system’ to cope with cyber security threats.Her statement came a day after the business community and internet service providers alleged that the government’s heightened efforts to monitor internet traffic — including a so-called ‘firewall’ — had resulted in a significant nationwide slowdown of services, leading to losses to the economy.The...
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Xiaohongshu says reports of new funding based on $20 billion valuation are “untrue”
14 Jul
Lifestyle

Xiaohongshu says reports of new funding based on $20 billion valuation are “untrue”

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Lifestyle China’s Instagram-like lifestyle platform Xiaohongshu has merged its e-commerce and livestreaming operations. Credit: XiaohongshuChinese lifestyle sharing social media platform Xiaohongshu has dismissed as “untrue information” reports by local media outlet IPOzaozhidao that it is in the midst of a new round of fundraising that values the company at $20 billion. A previous report by tech outlet The Information in September 2023 said Sequoia China had acquired a Xiaohongshu stake from existing investors, in a deal that valued the firm at $14 billion, a 30% discount compared to the social media app’s $20 billion valuation in 2021. The move saw the well-known venture capital firm join Alibaba and Tencent in betting on Xiaohongshu’s prospects. The social app, now popular among younger users with its search function and sharing features, has stepped up its efforts in...
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