Category Archives: Technology sector

Unity seeks to clarify new game engine charges amid outrage from developers

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Games creators attack the fees, due for implementation in 2024, as company executive dials back on initial plan

Tech company Unity has sought to clarify its decision to charge a controversial new fee to game developers. A blogpost on its official site last night announced the company would be introducing a “runtime fee”, which would require developers to pay a fixed sum each time a game built using the Unity Engine was installed by a player.

Unity stipulated that the fee would only be chargeable after a game made $200,000 (£160,000) in 12 months and had at least 200,000 lifetime game installs, but developers nevertheless vented outrage on social media.

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Number of Britons facing significant internet outages doubles in a year

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Two-fifths of UK adults disconnected for three hours or more with one in four left without service for nearly a week

The number of Britons who have experienced their internet connection failing for at least three hours has almost doubled in the last year, with irate consumers now ranking broadband outages as a bigger frustration than roadworks or public transport delays.

In the past year, two-fifths (41%) of all UK adults – 22 million consumers – have had their internet disconnected for three or more hours, a significant increase on the 12 million who reported disruption the previous year, according to a report by the price comparison website Uswitch.

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Huawei accused of building secret microchip factories to beat US sanctions

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US-based semiconductor association claims Chinese tech firm has acquired at least two plants and is constructing three others

Huawei has been accused by a leading association of semiconductor manufacturers of building a collection of secret chip-making facilities across China to help the technology company bypass US sanctions, according to a report.

The Chinese tech firm moved into chip production last year and was receiving an estimated $30bn (£23.7bn) in state funding from the government, the Washington-based Semiconductor Industry Association was quoted as saying by Bloomberg, adding that Huawei had acquired at least two existing plants and was building three others.

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CEO regrets her firm took on Facebook moderation work after staff ‘traumatised’

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Outsourcer Sama facing legal cases brought by Kenya-based employees alleging exposure to graphic content

The chief executive of a company contracted to moderate Facebook posts in east Africa has said she regretted taking on the work, after its staff said they were left traumatised by graphic content on the social media platform.

The US outsourcing firm Sama is facing a number of legal cases brought by Kenya-based employees, who alleged being exposed to graphic and traumatic content such as videos of beheadings, suicide and other material at a moderation hub.

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UK considers tighter rules on investment in China after US clampdown

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Rishi Sunak mulls whether to follow US lead in restricting funding for advanced technologies

The British government is considering tightening rules on investment in China after the US president announced new measures aimed at limiting the dollars and expertise flowing into sensitive technologies in the country.

Joe Biden signed an executive order on Wednesday that authorises the US treasury secretary to prohibit or restrict US investments in Chinese entities in three sectors: semiconductors and microelectronics; quantum information technologies; and certain artificial intelligence systems.

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Kenya halts Worldcoin data collection over privacy and security concerns

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Issues raised include use of eye scans to prove ‘humanness’ and financial inducements to sign up

The Kenyan government has barred the eyeball-scanning Worldcoin cryptocurrency project from recruiting new customers as it investigates data privacy and security concerns.

Kenya’s interior ministry said the venture must stop collecting user data after raising a number of issues including: concerns over the secure storage of data that includes scans of a user’s iris; that offering crypto in exchange for data “borders on inducement”; inadequate information on cybersecurity safeguards; and placing large amounts of private data in the hands of a private business.

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New cryptocurrency offers users tokens for scanning their eyeballs

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Worldcoin, launched by CEO of ChatGPT developer OpenAI, says scheme will distinguish between ‘verified humans’ and AI

Members of the public are being invited to have their eyeballs scanned by a silver orb as part of cryptocurrency project that aims to use biometric verification to distinguish humans from AI systems.

People signing up to the Worldcoin scheme via an app this week will receive a “genesis grant” of 25 tokens, equivalent to about £40, after having their iris scanned by one of the bowling ball-sized devices.

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Elon Musk reveals new Twitter logo X

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Experts warn that rebranding of 15-year-old app may be a risky move at a time when competitors are upping their game

Elon Musk has revealed a new logo for Twitter, choosing a “minimalist art deco” X as part of a rebrand of the platform.

The Twitter owner indicated that the design would be altered, tweeting that it “probably changes later, certainly will be refined”. Twitter’s CEO, Linda Yaccarino, confirmed the choice on Monday by tweeting the design and writing: “X is here! Let’s do this.”

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Twitter investor writes down stake by 47% as analyst claims Threads user fall

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Elon Musk has said advertising has plunged on his social media platform and it is cashflow negative

An investor in Elon Musk’s Twitter has written down their stake in the business by 47% as advertisers rein in their spending on the social media platform.

The move by ARK Investment Management came as an analysis firm claimed that usage of the “Twitter killer” Threads app has fallen by half since its launch by Mark Zuckerberg’s Meta.

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Twitter and Tesla’s interests at odds in Elon Musk’s quiet China visit

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The world’s richest person lapsed into an unusual silence on social media during his trip to the electric carmaker’s second largest market

Followers of Elon Musk didn’t know what to expect from his trip to China. Would he speak about Tesla, a company with a large market and manufacturing footprint there? Or SpaceX, with its symbiotic relationship with the American state? Or even Twitter, the social network he bought because “free speech is the bedrock of a functioning democracy”?

The one thing no one expected: silence.

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Nvidia gains $185bn in value after predicting AI-driven boom in chip demand

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Shares in US tech firm jump by 25% in early trading as quarterly revenue forecast excites investors

The value of the US tech company Nvidia has soared by a quarter after it predicted a boom in demand for its computer chips to meet the needs of artificial intelligence products such as ChatGPT.

Nvidia’s share price rose by 25% in early trading on the back of the announcement, and gave it a market valuation of more than $940bn (£760bn) after stock markets opened on Wall Street on Thursday, up from $755bn on Wednesday evening.

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Biden trade curbs on China risk huge damage to US tech sector, says Nvidia chief

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Jensen Huang says Chinese firms will ‘just build it themselves’ if they cannot buy from US

The US risks causing “enormous damage” to its tech industry if it continues restrictions on trade with China, according to the chief executive of the chipmaker Nvidia.

Jensen Huang said curbs introduced by the Biden administration, which include restricting the export to China of advanced chips made with US technology, had left the business with “our hands tied behind our back”.

In an interview with the Financial Times, Huang said: “If [China] can’t buy from … the United States, they’ll just build it themselves. So the US has to be careful. China is a very important market for the technology industry.”

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‘Don’t F&*! The Planet’: Atlassian issues net zero guide for companies cutting climate impact

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Tech firm founded by Australians Mike Cannon-Brookes and Scott Farquhar says net zero must be achieved by cutting emissions by 90% and only offsetting the remainder

As corporate reports go, the title of Aussie tech firm Atlassian’s guide for other companies to cut their greenhouse gas emissions is as direct and flavoursome as they come: “Don’t F&*! The Planet.”

The firm, founded by Australians Mike Cannon-Brookes and Scott Farquhar, says it is already running its operations on 100% renewable electricity and has a “science-based target” to reach net zero emissions no later than 2040.

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Facebook owner Meta fined €1.2bn for mishandling user information

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Penalty from Ireland’s privacy regulator is a record for breach of EU data protection regulation

Facebook’s owner, Meta, has been fined a record €1.2bn (£1bn) and ordered to suspend the transfer of user data from the EU to the US.

The fine – equivalent to $1.3bn – imposed by Ireland’s Data Protection Commission (DPC), which regulates Meta across the EU, is a record for a breach of the bloc’s General Data Protection Regulation (GDPR).

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Elon Musk: I will tweet what I want even if it loses me money

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Twitter owner and Tesla chief defends tweet about George Soros after being accused of antisemitism

Elon Musk has said he will continue sending controversial tweets even it loses him money, as he defended himself against accusations of antisemitism over tweets about George Soros.

The Twitter owner and Tesla chief executive said he is “allowed to say what I want to”, as he defended a tweet posted on Tuesday saying the billionaire financier “reminds me of Magneto” – the Jewish villain in the X-Men series.

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UK competition watchdog launches review of AI market

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CMA to look at underlying systems of artificial intelligence tools amid concerns over false information

The UK competition watchdog has fired a shot across the bows of companies racing to commercialise artificial intelligence technology, announcing a review of the sector as fears grow over the spread of misinformation and major disruption in the jobs market.

As pressure builds on global regulators to increase their scrutiny of the technology, the Competition and Markets Authority said it would look at the underlying systems, or foundation models, behind AI tools such as ChatGPT. The initial review, described by one legal expert as a “pre-warning” to the sector, will publish its findings in September.

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No 10 says UK ‘extremely attractive’ for business after Microsoft broadside

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Downing Street responds to stinging attack from US firm’s president over blocking of $69bn Activision deal

Downing Street has defended the UK as an “extremely attractive” place for tech startups after Microsoft’s president said Brexit Britain was worse for business than the EU, in a stinging attack on the UK’s decision to block a $69bn (£55bn) deal to take over Activision Blizzard.

Microsoft rounded on the Competition and Markets Authority (CMA) on Thursday after a surprise decision to block its planned takeover of the Call of Duty games developer, with its president, Brad Smith, describing it as the “darkest day in our four decades in Britain”.

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Jeremy Hunt aims to spur business investment with ‘full expensing’ tax break

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Measure over next three years will allow firms to write off costs of IT equipment and machinery against tax on profits

Jeremy Hunt has launched a flurry of tax breaks to encourage investment by businesses after the double blow of microchip designer Arm opting for a New York stock market listing and AstraZeneca deciding to build a new factory in Dublin.

Businesses that invest in IT equipment and machinery will be able to claim back the cost by writing it off against tax on their profits, the chancellor announced in his budget on Wednesday.

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TechScape: How Silicon Valley Bank UK was saved

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In this week’s newsletter: While its quick slip into financial hardship has left American bankers reeling, its UK division is surprisingly fine. But the tech sector isn’t out of trouble yet

Last week, if you had heard of Silicon Valley Bank UK, you probably worked in tech. The bank had only been spun out in to a separate entity last summer, after its few thousand corporate customers pushed it over a regulatory threshold, and while SVB had grown to almost hold £10bn of deposits, with £5.5bn of outstanding loans, it was very much a specialist player.

The bank’s selling point was that it understood the needs of the “innovation economy”, something that high street banks frequently failed to acknowledge. A startup might have zero revenue, yet hold £5m in the bank and have 10 employees, a profile fundamentally different from a typical small business. As a result, trying to get something as simple as a corporate credit card could be a surprising hassle, and when SVB arrived on the UK scene, it was enthusiastically adopted by founders and venture capitalists alike.

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Silicon Valley Bank: global banking shares slide as fallout spreads

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Stock markets fail to be reassured by Joe Biden’s intervention, as SVB failure is followed by Signature

Global financial markets have come under severe pressure after the collapse of Silicon Valley Bank, despite governments on both sides of the Atlantic taking extraordinary measures to maintain confidence in the banking system.

On a day conjuring up memories of the 2008 financial crisis, the US president, Joe Biden, sought to restore calm by insisting the US banking system remained safe, while HSBC stepped in to buy the UK arm of the failed technology lender after a deal brokered by the British government and the Bank of England.

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