Apple’s two UK divisions pay just £9m in UK corporation tax as sales top £1.1bn July 12, 2021 Apple paid just £9m in tax in the UK last year even as the tech giant weathered the pandemic to pull in sales of more than £1.1bn. In recently filed accounts the iPhone maker’s two UK subsidiaries — Apple Retail UK and Apple UK — posted revenue of £1.1bn and £372m respectively in 2020. Pre-tax [...]
Exclusive: UK fintech firms raise $5.7bn in record-breaking year July 12, 2021 UK fintech firms raised $5.7bn (£4.1bn) in the first six months of the year alone, smashing investment records for the booming sector. The bumper figure outstrips the total investment secured in the whole of 2020 and is more than a quarter higher than the previous annual record of $4.6bn set in 2019. The record-breaking cash [...]
Klarna snaps up London ecommerce tech startup Hero July 11, 2021 Klarna has acquired London-based ecommerce tech startup Hero in a deal worth a reported $160m (£115m). Hero, which was founded in 2015, offers virtual shopping services to retailers and counts Harvey Nichols, Levi, Nike and JD Sports among its clients. Klarna said it will introduce Hero to its 250,000 retail partners, allowing them to access [...]
Huawei chief suffers extradition setback after HSBC documents blocked July 11, 2021 Huawei chief financial officer Meng Wanzhou has been dealt a major blow in her extradition case after a judge denied her application to use a trove of HSBC documents as evidence. Meng is facing extradition from Canada to the US on charges of bank fraud for allegedly misleading HSBC about Huawei’s dealings in Iran, potentially [...]
Biden to sign executive order cracking down on Big Tech July 9, 2021 US President Joe Biden will today sign an executive order aimed at clamping down on anti-competitive behaviour in Big Tech and across a host of other sectors. In a sweeping set of reforms, the president will call on more than a dozen agencies to undertake 72 initiatives aimed at promoting competition across the US economy. [...]
Uber rival Ola raises $500m in funding round ahead of IPO July 9, 2021 Uber rival Ola today said it has raised $500m (£362m) from private equity backers as it gears up for a stock market float. The Indian ride-hailing giant, which is backed by Softbank, said the cash injection had been secured from Temasek and Warburg Pincus in the company’s first funding round for two years. Ola did [...]
Facebook ‘lost’ important rule on dangerous individuals for three years July 8, 2021 Facebook “misplaced” guidance on an important exemption to its rules on dangerous individuals and organisations for three years, the company’s oversight board has revealed. The board, which was created to rule on controversial content decisions, said it had overturned Facebook’s original decision to remove an Instagram post encouraging people to talk about the solitary confinement [...]
Former Barclays boss Bob Diamond to take crypto firm Circle public in Spac deal July 8, 2021 Former Barclays boss Bob Diamond is set to take cryptocurrency firm Circle public through a $4.5bn (£3.3bn) blank-cheque listing. The complex Spac deal will see Circle merge with Concord Acquisition Corp, which is backed by Diamond, before the combined entity is acquired by a new Irish holding company that will trade on the New York [...]
Instacart poaches top Facebook executive as new boss July 8, 2021 US grocery delivery giant Instacart has tapped one of Facebook’s most senior executives as its new boss ahead of a potential stock market float. Instacart today announced that Fidji Simo will take over as chief executive from Apoorva Mehta, who will take on the role of executive chairman and still be involved in day-to-day activities. [...]
Apple founder Steve Wozniak backs right-to-repair movement July 8, 2021 Apple co-founder Steve Wozniak has thrown his weight behind the burgeoning right-to-repair movement despite resistance from the company he helped to build. The right-to-repair movement calls for new laws guaranteeing users access to information and parts to fix their own devices. Current laws in the US and Europe limit right-to-repair rules to vehicles and appliances [...]