Tesla surpasses Toyota to become world’s most valuable carmaker July 1, 2020 Electric carmaker Tesla today became the world’s most valuable automobile manufacturer, eclipsing Toyota to take the crown. Tesla’s market value is now at $208bn, as shares rose more than five per cent to reach record highs of $1,132 earlier today. In comparison, Toyota was worth approximately $202bn following a small drop in its Japan-listed shares [...]
OECD insists US remains part of global talks on digital tax July 1, 2020 The OECD has said the US is still taking part in discussions around a global digital tax solution, despite statements to the contrary from Washington. US treasury secretary Steven Mnuchin said earlier this month the US would leave the talks if several European countries did not halt their plans for independent digital taxes, including the [...]
Tesla to pay Musk $1m for lawsuit insurance policy July 1, 2020 Tesla has said it plans to bring an end to an unusual insurance arrangement with its chief executive, which safeguards its board members against lawsuits, after a final payment of $1m. Tesla’s chief executive Elon Musk has been personally indemnifying the firm’s board, after he said in April that he believed insurance premiums from other [...]
Competition watchdog pressures government to take on tech giants July 1, 2020 The Competition and Markets Authority (CMA) has said existing UK laws are not suitable for effective regulation, calling on the government to overhaul its structure so it can better tackle tech market dominance. The watchdog said it needs more support to govern the behaviour of “major platforms funded by digital advertising, like Google and Facebook”, [...]
Innovation is the only way to recover from the Covid crisis July 1, 2020 One silver lining of the Covid-19 crisis has been a surge in innovation. Enterprising firms have invented both new products and different ways of delivering existing ones. Innovation is the life blood of any prosperous economy. Innovation is much more than a scientific invention. It turns inventions into things of practical and affordable use to [...]
Microsoft to train up 25m people with digital skills in wake of coronavirus crisis June 30, 2020 About 25m workers are set to get free online training in digital skills from Microsoft, as the computer giant bids to give the ailing global economy a boost amid the coronavirus pandemic. The training, which will be available to workers around the world, is designed to teach skills that Microsoft says people need to get [...]
Netflix to spend $100m on racial equality initiatives June 30, 2020 Netflix has said it intends to set aside approximately two per cent of its cash reserves for initiatives focused on supporting Black communities in the US, following widespread racial equality protests worldwide. It will start with an initial tranche of $35m, $25m of which will go into a new fund called the Black Economic Development [...]
Tiktok denies giving data to China over India ban June 30, 2020 Tiktok has today denied claims by the Indian government that it has shared individuals’ data with China, as the app went dark for the country’s 200m users. India yesterday banned Tiktok along with 58 other apps which have parent firms in China, claiming they “pose a threat to the sovereignty and security” of the country. [...]
Puma, Adidas, Microsoft and Ford join Facebook boycott June 30, 2020 Major global brands have joined a long list of companies that have withdrawn adverts from Facebook amid mounting pressure for the social media site to remove harmful and false content. Sportswear giants Puma and Adidas joined a raft of almost 200 major companies around the world including Reebok, Coca-Cola, and Starbucks, that have signed up [...]
Uber makes offer for US food delivery service Postmates June 30, 2020 Uber is said to have made a takeover offer for rival food delivery app Postmates, despite the latter having recently filed to go public. The deal values Postmates at $2.6bn, the New York Times first reported. Talks are still ongoing, and an agreement could yet fall apart. The tie-up could provide a leg-up to Uber’s [...]