Category Archives: Technology sector

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

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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.

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Elon Musk faces Brazil inquiry after defying X court order

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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.

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Huawei shrugs off US sanctions with fastest growth in four years

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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.

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

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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.

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

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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.

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EU fines Apple €1.8bn over App Store restrictions on music streaming

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Penalty for breaching competition law is four times higher than forecast as Brussels looks to send message to tech firms

Apple has been fined €1.8bn (£1.5bn) by the EU after an investigation found it had limited competition from music streaming services such as Spotify.

The fine is nearly four times higher than expected as the European Commission attempts to show it will act decisively on tech companies who abuse their dominant position in the market for online services.

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Lyft CEO says ‘My bad’ after earnings typo sends stock up 60%

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The company had predicted it would grow by 5% in 2024, but later said that the real increase would be a factor of 10 lower

Lyft beat estimates for fourth-quarter profits on Tuesday as the ride-share platform reaps the benefits of growth in rides to stadiums and airports as well as heavy cost-cutting.

Company shares surged more than 60% in extended trading but erased most of those gains after Lyft’s chief financial officer corrected a major mistake in the earnings report. The company had predicted it would grow by 500 basis points (5%) in 2024, but later said that the real increase would be a factor of 10 lower – 50 basis points (0.5%). In 2023, the stock gained about 36%.

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Fujitsu bosses have been paid £37m since it won Post Office contract

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Spotlight turns on seven executives who presided over Horizon contract that led to huge miscarriage of justice

Bosses at Fujitsu have collected about £37m in pay, bonuses and compensation for loss of office since the technology company won the contract to supply the software at the heart of the Post Office Horizon scandal, it has emerged.

Accounts going back 25 years reveal the seven-figure sums paid out to executives of the UK division of the Japanese-owned technology company, even as more than 900 people were prosecuted as a result of flaws in the system their company supplied.

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Don’t wait for Post Office-style scandal before regulating AI, ministers told

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Government to say binding measures for overseeing artificial intelligence are needed, but not immediately

Ministers have been warned against waiting for a Post Office-style scandal involving artificial intelligence before stepping in to regulate the technology, after the government said it would not rush to legislate.

The government will acknowledge on Tuesday that binding measures for overseeing cutting-edge AI development are needed at some point – but not immediately. Instead, ministers will set out “initial thinking for future binding requirements” for advanced systems and discuss them with technical, legal and civil society experts.

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Mark Zuckerberg to receive $700m from Meta dividends

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Facebook’s parent company to pay out to shareholders as it reports $40bn revenues for final quarter

Mark Zuckerberg, the chief executive of Meta, the parent company of Facebook, Instagram and WhatsApp, is expected to receive $700m (£549m) a year in dividends.

On Thursday, Meta announced it would pay its first-ever quarterly dividend to investors since Facebook floated on the stock market in 2012, after beating Wall Street expectations with $40bn in revenues for the final quarter last year.

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Big tech boom or bust? Experts see signs of strength after wave of layoffs

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Even as more job cuts await, some analysts see the beginnings of a bull market in the coming season of earnings reports

Will 2024 be a boom or a bust for big tech? By one estimate, there have been more than 7,500 layoffs in the sector since the start of the year – a dispersal of pink slips that many hoped would have ceased after the deep job cuts of 2023.

However, as the US’s big tech earnings season gets under way this week, some analysts are predicting strong numbers. This batch of quarterly financial results may show that the industry has cleared out its pandemic-era overhiring and reorganised itself around cloud computing and AI - necessitating cuts in sectors with less rosy prospects. Analysts keen on AI say we are at the start of a tech bull market.

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Fujitsu government contracts under scrutiny in light of Horizon scandal

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Treasury committee writes to 21 bodies including Bank of England and HMRC to demand details of post-2019 deals

Fujitsu’s receipt of lucrative government contracts despite its role in the Post Office Horizon scandal has come under greater scrutiny after the Treasury committee wrote to organisations including the Bank of England and HM Revenue and Customs to demand details of their contracts with the tech company.

The influential group of MPs told 21 public bodies, including the Treasury itself, to provide information on work given to the Japanese-owned company since 2019, when the high court ruled there had been dozens of bugs and errors in its Horizon IT system.

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Sheryl Sandberg to leave board of Facebook parent Meta

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Former chief operating officer was lead architect of Facebook’s digital advertising-driven business model

Sheryl Sandberg is to step down from the board of Facebook’s parent company, Meta, nearly two years after quitting her executive role at the business.

Sandberg was the lead architect of Facebook’s digital advertising-driven business model as Meta’s chief operating officer.

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End of era as Toshiba delists from Tokyo stock exchange after 74 years

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Electronics firm taken private in £11bn deal by consortium led by Japan Industrial Partners

Toshiba, the Japanese company synonymous with the country’s 20th-century dominance of electronics, has delisted from the Tokyo stock exchange after 74 years.

The manufacturer, associated in the UK with its 1980s “Ello Tosh, gotta Toshiba” advertising campaign, was taken private on Wednesday in an £11bn deal by a consortium of investors led by the private equity investor Japan Industrial Partners (JIP).

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Tech giants could be forced to share secret news deals under Australia’s media bargaining code

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New legislation will help ensure sustainability of public interest journalism, Labor says

Tech giants could be forced to hand over sensitive details on how they distribute news on their platforms to Australia’s competition watchdog as part of the federal government’s commitment to levelling the playing field for public interest journalism in the digital age.

The Australian Competition and Consumer Commission will undertake periodic reporting into how platforms subject to the media bargaining code are distributing news content on sites and whether significant bargaining power imbalances between the tech giants and media organisations exist.

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EE launches streaming TV with custom Apple TV box in UK first

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Live and on-demand TV over broadband replaces BT TV as firm continues brand and service revamp

The BT-owned EE is rolling out its revamped TV over broadband offering, which delivers live and on-demand services streamed to a choice of set-top boxes that includes a customised Apple TV – a first for the UK.

The new IPTV service continues the firm’s replacement of the BT brand with EE and ditches the aerial while still offering free-to-air and premium channels in a range of packages starting at £18 a month on top of the required EE broadband subscription.

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‘What do we want? £15!’ Hundreds join Amazon picket line for Black Friday strike

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Trade unionists from US and Europe stand with staff at Coventry hub over local pay dispute amid global day of action

Hundreds of strikers outside Amazon’s Coventry warehouse were joined on Black Friday by trade unionists from Europe and the US as part of a global campaign calling for better working conditions at the internet retailer.

Wearing orange beanie hats branded with the GMB union logo, activists from Germany, Italy and California, on strike at their respective Amazon workplaces, expressed solidarity with the Coventry strikers, who have taken 28 days of industrial action since January.

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OpenAI ‘was working on advanced model so powerful it alarmed staff’

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Reports say new model Q* fuelled safety fears, with workers airing their concerns to the board before CEO Sam Altman’s sacking

OpenAI was reportedly working on an advanced system before Sam Altman’s sacking that was so powerful it caused safety concerns among staff at the company.

The artificial intelligence model triggered such alarm with some OpenAI researchers that they wrote to the board of directors before Altman’s dismissal warning it could threaten humanity, Reuters reported.

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Sam Altman’s OpenAI exit leads to rollercoaster for sector

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Firing of industry figurehead led to rebellion at his former employer and his hiring by its rival Microsoft


The blog headline was anodyne – “OpenAI announces leadership transition” – but the consequences for Silicon Valley were seismic.

On Friday the company behind the hit AI text-generating system ChatGPT announced that Sam Altman, figurehead for the business and the artificial intelligence revolution that has enthralled and alarmed the world in equal measure, had been fired as chief executive.

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Amazon and Facebook owner Meta agree to protect consumers, CMA says

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Sites agree to stop practices that give them an unfair advantage over businesses and shoppers

The UK’s competition watchdog has said it has secured commitments from Amazon and the Facebook owner Meta to protect consumers on their marketplaces.

The agreements come after the Competition and Markets Authority (CMA) launched separate investigations into Amazon, which sells its own products and allows sellers to retail via its online marketplace function, and Meta, which owns Facebook Marketplace.

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