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  • 📈 Bioniq Hits $82M with Ronaldo’s Backing

📈 Bioniq Hits $82M with Ronaldo’s Backing

Octopus Turns Bulb Bailout into £1.5bn Win!

October 24, 2024

This is Cliff Equity, the UK’s business newsletter that keeps you informed on what’s important in tech, business and finance in less than 5 minutes

In today’s stories:

  • Bioniq Hits $82M with Ronaldo’s Backing

  • Octopus Turns Bulb Bailout into £1.5bn Win!

  • Rare UK Economy Downgrade: Is the Growth Train Slowing?

The summary: Cristiano Ronaldo’s investment in Bioniq signals a game-changing moment for personalised nutrition, blending cutting-edge AI with superstar power to revolutionise how we fuel our bodies.

The details:

  • Cristiano Ronaldo has backed London-based Bioniq, a personalised nutrition startup, boosting its valuation to $82 million—because who else could turn vitamins into headline news?

  • Bioniq’s Swiss-made supplements are tailored using an AI-powered algorithm that analyses your blood and lifestyle—talk about a high-tech multivitamin!

  • Ronaldo’s investment comes with more than just cash; he’ll lend his expertise in performance and brand development, ensuring Bioniq stays ahead in the global health game.

  • With Ronaldo on board and a product loved by top athletes, Bioniq looks set to become the go-to for high-performance nutrition—one blood test at a time.

Why it matters: Cristiano Ronaldo backing a health startup isn't just a flex—it's a sign that personalised nutrition is the next big player in wellness. Bioniq’s AI-driven approach to tailored supplements is pushing the vitamin aisle into the future, and Ronaldo’s involvement gives it a superstar stamp of credibility. If it's good enough for one of the world’s greatest athletes, it’s probably time to rethink those one-size-fits-all multivitamins.

The summary: Octopus Energy's repayment of over £3bn to the government has turned the once-dreaded Bulb bailout into a £1.5bn taxpayer win, proving even energy crises can have a silver lining!

The details:

  • Octopus Energy has repaid over £3bn to the government, including £40m from a profit-share deal, netting taxpayers an unexpected £1.5bn profit from its Bulb rescue.

  • Wholesale energy prices dropped, turning what was once a feared £6bn bailout into a tidy £1.53bn profit for the public purse, thanks to clever hedging.

  • Octopus, now the UK's second-largest energy retailer, has repaid the government in full, covering £1.85bn in wholesale costs, £200m in interest, and more on the way.

  • While Bulb’s collapse once had larger players in legal fits, Octopus' deal proved a surprising win for the Treasury, unlike the looming Thames Water drama.

Why it matters: Taxpayers have bagged a £1.5bn windfall from what was once seen as a costly bailout, proving that even government gambles can occasionally pay off. Octopus Energy's full repayment turns the Bulb saga from potential disaster into an unexpected fiscal triumph. With Thames Water eyeing a similar fate, the Treasury will be hoping lightning strikes twice—but don’t hold your breath.

The summary: While EY has trimmed its growth forecasts due to lower consumer spending, the bright side is that business investment is set to rise, so let's raise a toast to a hopeful Autumn Budget that might just stir up some economic cheer!

The details:

  • EY has shaved its UK growth forecasts, now predicting a modest 0.9% growth for 2024, down from 1.1%, and an even steeper drop to 1.5% in 2025, compared to an earlier optimistic 2%.

  • While global forecasts are cheering the UK’s strong start to the year, EY blames less consumer spending power, thanks to lower household savings, for its gloomier outlook.

  • Sticky inflation means the Bank of England will be slow to cut rates, with EY forecasting a modest 3.5% rate by the end of next year—offering little boost to consumer spending.

  • On the bright side, business investment is forecasted to grow, with an expected 3% rise in 2025. All eyes on the Chancellor's next move in the Autumn Budget to keep that momentum going.

Why it matters: A downgraded growth forecast is like getting a soggy biscuit with your afternoon tea—disappointing and slightly concerning for the economy's appetite. With consumer savings taking a dip, it seems folks might be cutting back on the good life, leaving businesses to shoulder the economic load. As the Chancellor gears up for the Autumn Budget, let’s hope he’s got a few tricks up his sleeve to sprinkle some confidence into this cautious climate.