Category Archives: Technology sector

Cybersecurity firm Wiz rejects $23bn bid from Google parent Alphabet

Posted on by

Israeli company aims for stock market flotation after spurning biggest deal in tech group’s history

The cybersecurity firm Wiz has turned down a $23bn (£18bn) takeover bid from Google’s parent, Alphabet, spurning what would have been the tech company’s biggest ever acquisition and seeking a stock market flotation instead.

Alphabet had been in talks with Wiz, founded by alumni of Israel’s cyberintelligence unit, as it seeks to catch rivals Microsoft and Amazon in the hyper-competitive cloud services market.

Continue reading...

British chipmaker Graphcore bought by Japan’s SoftBank

Posted on by

Deal for undisclosed sum secures Bristol-based company’s future after ‘material uncertainty’ in 2023

Graphcore, a British chipmaker once seen as a potential competitor to Nvidia, has been bought by Japan’s SoftBank in a deal that secures the company’s future.

The Bristol-based startup’s products are focused on artificial intelligence and it has been acquired by the powerful Japanese tech investor for an undisclosed sum. Last year, Graphcore warned that there was a “material uncertainty” over its survival and that it needed fresh funding by May 2024.

Continue reading...

Samsung Electronics workers to extend strike indefinitely

Posted on by

Campaign for better pay and benefits stepped up, says union representing about 30,000 staff in South Korea

Thousands of workers in South Korea have pledged to extend indefinitely the first strike at Samsung Electronics, ramping up a campaign for better pay and benefits at one of the world’s largest smartphone and AI chip makers.

A union representing about 30,000 staff – about a quarter of its employees in South Korea – said members were extending industrial action that was originally meant to last only three days, after management failed to give any indication that it would hold talks with them.

Continue reading...

Post Office scandal: ex-Fujitsu engineer accused of ‘hiding’ IT problems

Posted on by

Lawyers acting for victims of Horizon IT scandal accuse Gareth Jenkins of protecting ‘out of control monster’

A former Fujitsu engineer has been accused by a lawyer acting for victims of the Post Office scandal of “hiding” problems with the Horizon IT system to protect the “out of control monster”, a public inquiry heard.

Gareth Jenkins, formerly a senior engineer at Fujitsu, which developed the Horizon IT system, faced tough questioning by lawyers acting for post office operators caught up in the scandal, which has been described as one of the biggest miscarriages of justice in recent history.

Continue reading...

Apple found in breach of EU competition rules

Posted on by

European Commission finds iPhone maker broke new laws designed to protect smaller competitors against big tech platforms

Apple has been found to be in breach of sweeping new EU laws designed to allow smaller companies to compete and allow consumers to find cheaper and alternative apps in the tech business’s app store.

The European Commission, which also acts as the EU antitrust and technology regulator, said it had sent its preliminary findings to Apple after an investigation launched in March.

“For too long Apple has been squeezing out innovative companies — denying consumers new opportunities and choices,” said Thierry Breton, the European commissioner responsible for digital markets, on X.

In preliminary findings, against which Apple can appeal, the European Commission said it believed its rules of engagement did not comply with the Digital Markets Act (DMA) “as they prevent app developers from freely steering consumers to alternatives channels for offers and content”.

Continue reading...

Productivity soars in sectors of global economy most exposed to AI, says report

Posted on by

Employers in UK, one of 15 countries studied, willing to pay 14% wage premium for jobs requiring AI skills

The sectors of the global economy most heavily exposed to artificial intelligence (AI) are witnessing a marked productivity increase and command a significant wage premium, according to a report.

Boosting hopes that AI might help lift the global economy out of a 15-year, low-growth trough, a PwC study found productivity growth was almost five times as rapid in parts of the economy where AI penetration was highest than in less exposed sectors.

Continue reading...

Brexit border IT outages delay import of perishable items to UK by up to 20 hours

Posted on by

Lorries carrying meat, cheese and cut flowers held up by new checks, with retailers rejecting some orders

Lorries carrying perishable food and plants from the EU are being held for up to 20 hours at the UK’s busiest Brexit border post as failures with the government’s IT systems delay imports entering Britain.

Businesses have described the government’s new border control checks as a “disaster” after IT outages led to lorries carrying meat, cheese and cut flowers being held for long periods, reducing the shelf life of their goods and prompting retailers to reject some orders.

Continue reading...

Arm owner SoftBank reports £1.2bn profit as it shifts towards AI

Posted on by

Tech investor led £800m funding round into UK self-driving car software company Wayve

The Japanese tech investor SoftBank made a profit for the second consecutive quarter as it tries to turn its performance around before big planned investments in artificial intelligence.

SoftBank reported net income of 231bn yen (£1.18bn) in the first three months of 2024, compared with a 57.6bn yen loss in the same period last year, according to financial results published on Monday.

Continue reading...

Chinese PR boss says sorry after glorifying work-till-you-drop culture

Posted on by

In a crisis of her own making, Qu Jing also threatened Baidu staff who dared to question her management style

The head of public relations at China’s biggest search engine, Baidu, has apologised after creating her own PR crisis with a series of videos glorifying the country’s work-till-you-drop culture.

Qu Jing, who is also vice-president at the company, said she would not take responsibility for her staff’s wellbeing “as I’m not your mother” in the videos posted over the May bank holiday on Douyin, the most popular short-video app in China. In another she said: “If you work in public relations, don’t expect weekends off.”

Continue reading...

Bankrupt crypto exchange FTX says it will be able to repay creditors full $11bn

Posted on by

CEO confirms once company has sold off remaining assets it will have more than amount required

The bankrupt cryptocurrency exchange FTX has said it will be able to repay creditors the full $11bn (£8.8bn) it owes, as the boom-bust cycle repeats itself with a sharp increase in bitcoin prices.

John Ray III, who succeeded the disgraced Sam Bankman-Fried as the chief executive of FTX shortly after its collapse, said that once the exchange had sold off its remaining assets, it might have more than $16bn – well in excess of its debts.

Continue reading...

Fears of Putin swinging elections behind EU’s Meta crackdown

Posted on by

Action against Facebook owner comes amid concerns about how it is dealing with fake news

Fears that Vladimir Putin is trying to fill the European parliament with more pro-Russia MEPs were behind the EU’s blunt message to the Silicon Valley owner of Facebook on Tuesday.

It gave Meta just five days to explain how it will root out fake news, fake websites and stop adverts funded by the Kremlin or face severe measures.

Continue reading...

EU to investigate Meta over election misinformation before June polls

Posted on by

Brussels to act later this week against Facebook and Instagram owner over policies on deceptive advertising and political content, reports say

The EU is set to launch formal proceedings against Meta, the owner of Facebook and Instagram, amid concerns it is not doing enough to counter Russian disinformation before the EU elections in June, according to reports.

It is also expected to express concerns about the lack of effective monitoring of election content and a potentially inadequate mechanism for flagging illegal content.

Continue reading...

‘Watershed moment’ for Tesla as Elon Musk’s visit to China reaps quick reward

Posted on by

Deal to use mapping data from web search giant Baidu is a big step towards launching driver assistance tech in world’s biggest car market

Elon Musk’s visit to China has reportedly reaped immediate rewards with a deal for Tesla to use mapping data provided by web search company Baidu, a big step in introducing driver assistance technology in the world’s largest car market.

Musk made an unannounced visit to China over the weekend. The billionaire posted a picture of his meeting with the Chinese premier, Li Qiang, on X, the social network he took over in 2022.

Continue reading...

What’s behind the record FTSE 100 high?

Posted on by

Hopes of a UK interest rate cut and easing geopolitical tensions are not the only reasons for the intraday peak reached this morning

The UK stock market has hit an intraday record high, lifted by hopes of interest rate cuts and easing geopolitical tensions, after setting a new closing high on Monday. The FTSE 100 index touched 8,076 points at the opening bell on Tuesday, surpassing a previous high of 8,047 reached in February 2023. We explain what is behind the rising London market.

Continue reading...

EU threatens TikTok Lite with ban over reward-to-watch feature

Posted on by

App feature could be suspended unless child safety concerns addressed, in first use of sweeping new digital powers

The EU has said it will ban a new service launched by TikTok in Europe that it believes could be “as addictive as cigarettes” unless the company offers “compelling” fresh evidence that children are safeguarded.

If the ban goes ahead, it would be the first time the EU has used sweeping new powers to impose sanctions on social media companies since its landmark Digital Service Act (DSA) came into force last August.

Continue reading...

TSMC to make state-of-the-art chips in US after multibillion subsidy pledge

Posted on by

World’s most valuable chipmaker Taiwan Semiconductor to set up third facility in Arizona using funding from Biden policy

Taiwan Semiconductor Manufacturing Company is to build its most advanced chips in Arizona after receiving a pledge of as much as $11.6bn in US government subsidy as part of Joe Biden’s efforts to attract computer chip production.

TSMC, the world’s most valuable chipmaker, says it aims to start producing the two-nanometre chips at a new factory in Phoenix, Arizona, by 2028.

Continue reading...

Elon Musk faces Brazil inquiry after defying X court order

Posted on by

Multibillionaire called for resignation of judge who ordered platform to block far-right users

Elon Musk faces a legal investigation in Brazil after becoming embroiled in a public row with a supreme court judge over an order requiring the social network X to take down some far-right accounts.

Justice Alexandre de Moraes had issued a court order forcing the site formerly known as Twitter to block several users as part of his investigation into the former president Jair Bolsonaro’s attempts to stay in power after his 2022 election defeat.

Continue reading...

Huawei shrugs off US sanctions with fastest growth in four years

Posted on by

Revenue at Chinese telecom rose 10% as net profit more than doubles

Chinese telecoms firm Huawei grew faster in 2023 than it has for four years, as it shrugged off the impact of US sanctions.

Revenues rose by nearly 10% to 704.2bn yuan (£77bn) as the Shenzhen-based company enjoyed a rebound within its consumer segment, which includes smartphone handsets.

Continue reading...

EU investigates Apple, Meta and Google owner Alphabet under new tech law

Posted on by

Technology groups face hefty fines if they are found guilty of breaching Digital Markets Act

Apple, Google’s parent company and Meta are being investigated by the EU for potential breaches of the bloc’s new laws designed to police anti-competitive behaviour by big technology companies.

The trio face significant fines if they are found guilty of breaching the Digital Markets Act (DMA), a landmark piece of regulation that came into force on 7 March and is aimed at increasing choice for online consumers.

Continue reading...

EU calls on tech firms to outline plans to tackle deepfakes amid election fears

Posted on by

Move involving companies such as Google, Facebook and X comes after evidence of Russian online interference in polls

The EU is calling on eight major tech companies including Google, Facebook and X to detail how they identify and tackle deepfake material amid concerns about the use of the technology to influence elections.

In a world first, they will be using new laws on artificial intelligence to force companies to root out fake video, imagery and audio.

Continue reading...