Category Archives: Technology sector

Missing Chinese billionaire banker Bao Fan assisting authorities in investigation, company says

Posted on by

Tech dealmaker reported to be unreachable 10 days ago in latest case of a top executive going missing during Xi Jinping’s anti-corruption drive

The Chinese billionaire tech banker Bao Fan, who was reported missing 10 days ago, is cooperating with Chinese authorities conducting an investigation, a China-based boutique bank has said.

It is the first time China Renaissance Holdings has given a reason for the disappearance of its founder and chairman, though no details about the investigation were shared.

Continue reading...

Apple posts first revenue drop in four years

Posted on by

Facebook parent company Meta bucks trend with better earnings than expected, as Apple sees first profit miss in seven years

The A-Team of big tech – Apple, Amazon and Alphabet – all delivered disappointing results on Thursday a day after Facebook owner Meta bucked the gloomy trend in technology, delivering better-than-expected results.

Apple shares slid more than 4% on Thursday after the company posted a disappointing first-quarter earnings report, including rare misses on revenue, profit and sales.

Continue reading...

Darktrace boss defends UK cybersecurity firm amid short-seller attacks

Posted on by

Embattled firm to launch £75m share buyback to bolster stock price after criticism of sales and marketing

The chief executive of Darktrace has launched a staunch defence of the embattled cybersecurity company saying it is run with the “greatest integrity”, after allegations of irregular sales, marketing and accounting practices raised by a US-based hedge fund.

Poppy Gustafsson published a 1,200 word defence of the company she co-founded in 2013, after its share price collapsed to a record low after the publication of a highly critical 70-page report by New York-based Quintessential Capital Management (QCM) on Tuesday.

Continue reading...

Bank of Israel governor says judicial reform could hurt economy – reports

Posted on by

Amir Yaron said to have warned PM that erasing democratic checks and balances could deter crucial foreign investment

The governor of the Bank of Israel has warned Benjamin Netanyahu that his new government’s proposals for sweeping judicial reform could damage the country’s economy, according to Israeli media reports.

Prof Amir Yaron met the Israeli prime minister on Tuesday, according to the Yedioth Ahronoth newspaper, after requesting an “urgent meeting”.

Continue reading...

Google parent firm Alphabet to cut 12,000 jobs worldwide

Posted on by

It is latest US tech company to announce sweeping job losses as global outlook weakens

Google’s parent company is to cut 12,000 jobs worldwide as it becomes the latest US tech major to cut staff.

Alphabet’s chief executive, Sundar Pichai, said the redundancies followed a “rigorous review” of the business. The cuts come days after Microsoft said it would cut 10,00 jobs, citing a post-pandemic shift in digital spending habits and weakness in the global economy.

Continue reading...

Microsoft to cut 10,000 jobs in March as tech firms, including Amazon, thin ranks

Posted on by

Sector reacts to post-pandemic shift in digital spending and gloomy economic outlook for 2023

Microsoft is cutting 10,000 jobs as it cited a post-pandemic shift in digital spending habits and weakness in the global economy.

The tech group joined a list of US peers making extensive job cuts, including Facebook owner Meta, Amazon, and business software-maker Salesforce, who have scaled back on workforce expansions stoked by a pandemic-related boom in demand for their services and products that have lost momentum.

Continue reading...

Where does the Britishvolt collapse leave UK’s dream of an electric future?

Posted on by

Britain’s car industry relies on petrol or diesel vehicles – and every failure to be part of the electric revolution makes it more exposed

The battery startup Britishvolt eyed a big opportunity. With the looming UK ban on sales of internal combustion engine cars after 2035, big demand for batteries was guaranteed. The problem was actually building the batteries.

The company’s efforts have now come to nothing. It collapsed into administration on Tuesday after funding talks failed, leaving a string of disappointed backers ranging from the FTSE 100 companies Glencore and Ashtead to the property investor Tritax, owned by investment group abrdn, which had committed to fund a battery “gigafactory” in Northumberland.

Continue reading...

China to take ‘golden shares’ in tech firms Alibaba and Tencent

Posted on by

Move marks shift in focus by Beijing as it tries to extend influence and keep sector in check

China is to take “golden shares” in two of its biggest tech companies, Alibaba and Tencent, as Beijing extends its influence on the country’s star tech firms and its most powerful and wealthy business people.

Beijing’s move marks a shift away from imposing hefty fines and sanctions in its two-year tech crackdown, which was launched after Alibaba founder, Jack Ma, criticised regulators,

Continue reading...

Apple’s Tim Cook to take 50% pay hit after shareholder feedback

Posted on by

‘Target compensation’ for CEO down from $99.4m in 2022 to an expected $49m for current year

The Apple chief executive, Tim Cook, is expected to have his pay cut by almost 50% this year to about $49m (£40m) after the billionaire boss asked the company to “adjust his compensation” in the light of feedback from shareholders disappointed at the fall in the company’s share price.

Cook, 62, who became CEO after the death of the co-founder Steve Jobs in 2011, was paid $99.4m in 2022 and $98.8m in 2021. But the company said in a regulatory filing late on Thursday night that it had set a “target compensation” of $49m for 2023.

Continue reading...

Obscure Indonesia-linked investor circles UK’s Britishvolt with £160m deal

Posted on by

Talks on rescue deal for battery startup led by DeaLab, which has been involved in fossil fuel transactions

The battery startup Britishvolt is in talks with an Indonesia-linked oil and gas investor for a £160m rescue deal that would almost wipe out the value of existing shareholders’ stakes.

The investor consortium is led by DeaLab Group, a UK-based private equity investor that has been involved in several fossil fuel and renewable energy transactions in Indonesia, and an associated metals business, Barracuda Group.

Continue reading...

Meta dealt blow by EU ruling that could result in data use ‘opt-in’

Posted on by

Irish regulator fines Facebook owner €390m after EU rejects argument for use of data to drive personalised ads

The business model of Mark Zuckerberg’s Meta empire has been dealt a blow following a ruling that its legal justification for targeting users with personalised ads broke EU data laws.

Campaigners said the move could force the Facebook and Instagram owner to ask users to “opt in” to having their data used for targeted ads.

Continue reading...

Amazon agrees deal with Games Workshop to create Warhammer TV series

Posted on by

Former Superman star Henry Cavill linked to project, and agreement includes film and merchandise plans

Amazon has struck a deal with the high street games chain Games Workshop to create a series based on its hit franchise Warhammer, the science-fiction fantasy miniature war game, potentially featuring the former Superman star Henry Cavill.

The London-listed Games Workshop, which has a £2.7bn market value and runs about 530 stores, has struck a deal with Amazon to develop the company’s intellectual property into film and TV productions as well as sell merchandise.

Continue reading...

FTX’s Sam Bankman-Fried to testify before Congress next week

Posted on by

Founder and former CEO says he could talk about what he thinks led to crash and ‘my own failings’

Sam Bankman-Fried is set to testify before Congress next week about the collapse of FTX, as regulators investigate the cryptocurrency exchange he led until its recent demise.

The US House Committee on Financial Services said in a statement on Friday that the panel would hear from FTX’s newly-appointed CEO, John Ray, and from Bankman-Fried on 13 December.

Continue reading...

Amazon’s UK tax bill could rise by £29m amid business rates overhaul

Posted on by

Hikes set to hit warehouses and online retailers hardest in 2023 as UK government addresses ‘brick v clicks’ tax gap

Amazon’s UK tax bill jump could jump by £29m next year as a result of changes to business rates that are scheduled to hit warehouses and online retailers the hardest.

The online retailer is likely to be among firms facing big tax rises following the chancellor’s autumn statement, according to analysis from the real estate adviser Altus Group.

Continue reading...

Founder of failed crypto exchange FTX apologises to ex-employees

Posted on by

Sam Bankman-Fried continues to say firm’s downfall can be solely explained by misplaced $8bn

The founder of the failed crypto exchange FTX has written to its former employees apologising for his role in its collapse and continuing to insist its downfall can be solely explained by a misplaced $8bn (£6.7bn).

In the letter, first published by the industry news site CoinDesk, Sam Bankman-Fried wrote: “I deeply regret my oversight failure. In retrospect, I wish that we had done many many things differently … I’m going to do what I can to make it up to you guys – and to the customers – even if that takes the rest of my life.”

Continue reading...

Crypto exchange FTX expects to have more than 1m creditors

Posted on by

Bankruptcy filing says ‘questions arose’ about founder Sam Bankman-Fried’s leadership

The collapsed crypto exchange FTX expects to have more than 1 million individual creditors, the company has said in its first bankruptcy filing, scattered across more than 100 companies in the wider group.

According to the filing at the bankruptcy court in the US state of Delaware, where FTX US is based, Sam Bankman-Fried, the founder and chief executive, stepped down at 4.30am on Friday, “after consultation with his own legal counsel”.

Continue reading...

Twitter bans comedian Kathy Griffin for impersonating Elon Musk

Posted on by

Users adopt Musk’s name after he announces suspension of accounts pretending to be someone else

Elon Musk has banned a US comedian’s Twitter account after taking on users who impersonate him on the platform.

Twitter’s new owner announced an immediate ban on accounts pretending to be someone else without flagging them as parodies. The move resulted in the removal of an “Elon Musk” account held by the comedian Kathy Griffin, who had changed her account name to match that of the Tesla chief executive.

Continue reading...

Elon Musk considers charging Twitter users $20 a month for verified accounts

Posted on by

World’s richest person plans revamp of social media platform, asking users if he should bring back Vine

Elon Musk is considering charging Twitter users $20 (£17.30) a month or $240 a year for a blue tick on their account, as the world’s richest person prepares an overhaul of the social media platform.

The Tesla chief executive is planning changes to Twitter’s Blue subscription service, according to the tech newsletter Platformer, including raising the $4.99 a month fee to $19.99. Users verified by the platform – who carry a blue tick flagging them as an authentic source – would have 90 days to sign up to Blue or lose their check mark.

Continue reading...

China braces for wave of workers fleeing iPhone factory in Covid-hit Zhengzhou

Posted on by

Cities near Foxconn plant draw up plans to isolate migrant workers who are returning to home towns

Cities in central China have hastily drawn up plans to isolate migrant workers fleeing to their home towns from the country’s largest iPhone factory, amid fears they will spread coronavirus after leaving the plant in Covid-hit Zhengzhou.

Videos shared on Chinese social media showed people who are allegedly workers at the Foxconn plant climbing over fences and carrying their belongings along a road. It was previously reported that a number of workers had been placed under quarantine because of an outbreak of the disease.

Continue reading...

Meta shares plummet alongside billion-dollar losses in metaverse division

Posted on by

Latest in a series of difficult quarterly earnings reports forced Mark Zuckerberg to defend his virtual reality project

Shares of Meta plummeted on Wednesday after the company announced mixed results in its third-quarter earnings report, alongside billion-dollar losses in the division devoted to its ambitious “metaverse” project.

The Facebook parent company beat analyst predictions for revenue but offered a weak forecast for the upcoming quarter. It posted $27.7bn in revenue for the third quarter, higher than the $27.4bn predicted but 4% less than the same period last year. Its earnings a share, which accounts for expenses, was $1.64 – lower than the $1.89 predicted.

Continue reading...