Online shopping group says it has dismissed ‘multiple’ attempts to buy company
Online shopping group THG has dismissed “numerous” takeover approaches as “unacceptable”, saying they undervalued the company.
Manchester-based THG (formerly known as The Hut Group), which runs beauty and nutrition websites including Lookfantastic, Cult Beauty and Myprotein, confirmed there had been interest from third parties, but said the company was not currently involved in any talks.
Continue reading...Huawei executive warns of ‘massive losses’ in tech sector as tensions rise over strict lockdowns
A top Huawei executive has broken ranks to warn that China’s stringent zero-Covid policy may trigger “massive losses” for the tech industry, putting the country’s economy as well as the global supply chain at greater risk.
“If Shanghai cannot resume production by May, all of the tech and industrial players who have supply chains in the area will come to a complete halt, especially the automotive industry,” Richard Yu Chengdong, head of Huawei’s consumer and auto division said in a WeChat post. “That will pose severe consequences and massive losses for the whole industry.”
Continue reading...Yandex-delivered ads found alongside misinformation and propaganda about Ukraine on Russian-language news sites
A Russian tech giant mostly owned by western investors is helping websites pushing false claims about the war in Ukraine to make thousands of dollars every day through digital advertising.
Yandex is considered Russia’s equivalent to Google, running both a search engine and an extensive digital advertising business. Its deputy CEO, Tigran Khudaverdyan, resigned this month after the European Union imposed sanctions on him.
Continue reading...Technology stocks have been tumbling in the new year; now all eyes are on the sector’s giants as they report results
Tech stocks have been nursing a new year hangover, pushing the Nasdaq into correction territory. Momentum is building against companies with exciting promises to reshape the world, as investors turn to “value” alternatives such as oil and banking.
The tech sector now faces a crunch fortnight as its biggest names report results, including Microsoft on Tuesday, Tesla on Wednesday and Apple on Thursday. They must prove they can thrive in a post-lockdown world where the cost-of-living squeeze is leaving people with less money for tech products and services.
Continue reading...Social network says it wants to ensure virtual world is built responsibly
Facebook is creating 10,000 jobs in the EU as part of its push to build a virtual world for its users.
The company has trumpeted the “metaverse” as the next big phase of growth for large tech companies and recently announced a $50m (£36m) investment programme to ensure that this metaworld is built “responsibly”.
Continue reading...US justice department suspended fraud charges against chief financial officer of Chinese telecoms giant
The Chinese telecommunications giant Huawei hopes that the US justice department’s decision to abandon its efforts to extradite Meng Wanzhou may mark the starting point in a new era in relations between the company, China and the US government.
Meng, the firm’s chief financial officer and daughter of its founder, was freed last month after three years of house arrest in Canada following an agreement with the justice department to suspend fraud charges against her.
Continue reading...Company won licences for Manchester and Sheffield but faces pressure from Chinese government
Chinese Uber rival Didi Chuxing has reportedly suspended plans to launch in the UK and Europe, as the ride-hailing company faces pressure from authorities in its home market.
The company’s plans to launch in the UK and Europe have been pushed back at least 12 months, and staff working on the launch have been told they face possible redundancy, the Daily Telegraph first reported.
Continue reading...Billionaire vice-chair was serving 30-month sentence for bribing country’s former president
The billionaire boss of South Korea’s Samsung empire hs been released from prison after serving 18 months of a 30-month sentence for bribing the former president of South Korea Park Geun-hye.
Lee Jae-yong, Samsung’s vice-chair and de facto leader, apologised to the country for his actions upon his release from Seoul detention centre. “I’ve caused much concern for the people. I deeply apologise,” Lee, 53, told reporters on Friday. “I am listening to the concerns, criticisms, worries and high expectations for me. I will work hard.”
Continue reading...Tory MP Tom Tugendhat raises concerns about deal in light of global computer chip shortage
The UK’s largest producer of semiconductors has been acquired by the Chinese-owned manufacturer Nexperia, prompting a senior Tory MP to call for the government to review the sale to a foreign owner during an increasingly severe global shortage of computer chips.
Nexperia, a Dutch firm owned by China’s Wingtech, said on Monday that it had taken full control of Newport Wafer Fab (NWF), the UK’s largest producer of silicon chips, which are vital in products from TVs and mobile phones to cars and games consoles.
Continue reading...Open-source UK tech company cites copyright issues, rising costs and prospect of more influence in EU
OpenStreetMap, the Wikipedia-for-maps organisation that seeks to create a free and open-source map of the globe, is considering relocating to the EU, almost 20 years after it was founded in the UK by the British entrepreneur Steve Coast.
OpenStreetMap Foundation, which was formally registered in 2006, two years after the project began, is a limited company registered in England and Wales. Following Brexit, the organisation says the lack of agreement between the UK and EU could render its continued operation in Britain untenable.
Continue reading...Global tax changes could mean Treasury loses £230m digital services tax receipts from Google, Amazon, Facebook and eBay
Experts have warned that US tech companies, including Google, Amazon and Facebook, could pay less tax in the UK and several other big economies under global reforms agreed at the weekend by the G7.
In a key stumbling block emerging days after the landmark deal, research from the TaxWatch campaign group indicates that the UK Treasury stands to lose about £230m from the taxes paid each year by four of the big US tech firms.
Continue reading...The AI researcher on how natural resources and human labour drive machine learning and the regressive stereotypes that are baked into its algorithms
Kate Crawford studies the social and political implications of artificial intelligence. She is a research professor of communication and science and technology studies at the University of Southern California and a senior principal researcher at Microsoft Research. Her new book, Atlas of AI, looks at what it takes to make AI and what’s at stake as it reshapes our world.
You’ve written a book critical of AI but you work for a company that is among the leaders in its deployment. How do you square that circle?
I work in the research wing of Microsoft, which is a distinct organisation, separate from product development. Unusually, over its 30-year history, it has hired social scientists to look critically at how technologies are being built. Being on the inside, we are often able to see downsides early before systems are widely deployed. My book did not go through any pre-publication review – Microsoft Research does not require that – and my lab leaders support asking hard questions, even if the answers involve a critical assessment of current technological practices.
Microsoft Round Island One is ‘tax resident’ in Bermuda, with no employees except directors
An Irish subsidiary of Microsoft made a profit of $315bn (£222bn) last year but paid no corporation tax, as it is “resident” for tax purposes in Bermuda.
The profit generated by the company, Microsoft Round Island One, is equal to nearly three-quarters of Ireland’s entire gross domestic product (GDP) – even though it has zero employees.
Continue reading...Study claims firms paid $96bn less in tax between 2011 and 2020 than the notional figures cited in their annual reports
The giant US tech firms known as the “Silicon Six” have been accused of inflating their stated tax payments by almost $100bn (£70bn) over the past decade.
As Chancellor Rishi Sunak called on world leaders to back a new tech tax ahead of next week’s G7 summit in the UK, a report by the campaign group Fair Tax Foundation singled out Amazon, Facebook, Google’s owner, Alphabet, Netflix, Apple and Microsoft.
Continue reading...Worldwide shift to flexible and home working in pandemic has led to rise of new kind of backpacker
Samantha Scott does not miss her daily commutes in London, particularly “the dread of having to wake up and get on the tube, and heading into work sweaty and flustered. I’m still waking up at 6 or 7am, but I’m able to go for a walk on the beach before I start work.”
When she and her partner Chris Cerra arrive with their luggage in a new city, they can easily be mistaken for tourists. But they are part of a new generation of “digital nomads” who hop from country to country to live and work.
Continue reading...Apple, Google owner Alphabet, Amazon, Facebook and Microsoft raked in money in first quarter
Big tech is on a roll. In every minute of the first three months of 2021, Apple, Google owner Alphabet, Amazon, Facebook and Microsoft sold products and services worth about $2.5m (£1.8m) combined. Profits before tax for the period came in at $88bn – more than $1bn of profit for every working day.
After a year of shifting to online work and leisure across the global economy, financial results published this week by most of US tech’s biggest names were bound to be strong. But even more bullish analysts on Wall Street were surprised by how fast they raked in money in the quarter, auguring even greater profits in the years ahead.
Continue reading...New paint reflects 98% of sunlight as well as radiating infrared heat into space, reducing need for air conditioning
The whitest-ever paint has been produced by academic researchers, with the aim of boosting the cooling of buildings and tackling the climate crisis.
The new paint reflects 98% of sunlight as well as radiating infrared heat through the atmosphere into space. In tests, it cooled surfaces by 4.5C below the ambient temperature, even in strong sunlight. The researchers said the paint could be on the market in one or two years.
Continue reading...Shares and revenues at UK-based Audioboom are soaring despite stiff competition from the world’s digital giants
A year ago, podcast producer Audioboom was facing an uncertain future as management sought, ultimately unsuccessfully, to find a buyer to inject cash to expand the business. When the company gives its latest financial update this week, it will be telling a very different story: in the past 12 months its market value has more than tripled and a maiden profit is looming as Audioboom joins the ranks of the pandemic winners.
Digital entertainment services from Netflix to Spotify have been supercharged by lockdown viewing and listening, and Audioboom has been no exception. It now draws 25 million listeners a month with content from partners ranging from Formula One to the former Bake Off presenter Sue Perkins.
Continue reading...Duke of Sussex’s first formal role since ending royal duties involves ‘meaty role’ as chief impact officer at BetterUp
Prince Harry has been given a job by a $1bn (£730m) Silicon Valley startup which provides professional coaching, mental health advice and “immersive learning” as its chief impact officer.
The Duke of Sussex said he hoped to be able to use his own experiences using the “the power of transforming pain into purpose” to help BetterUp’s clients with “proactive coaching” for personal development, as well as achieve “an all-round better life”.
Continue reading...Brothers Patrick and John Collison’s online payments empire is now valued at $95bn
The latest fundraising round by the digital payments firm Stripe has boosted the net worth of its co-founders, Patrick and John Collison, to about $11.5bn (£8.3bn) each, catapulting them into the top bracket of the world’s millennial billionaires. Not bad for two brothers from the tiny Tipperary village of Dromineer, population: barely 100.
Related: Silicon Valley's Stripe valued at $95bn after fundraising
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