London’s startup scene is under threat – here’s how we can safeguard our entrepreneurs September 10, 2020 Following one of the biggest economic upheavals in living memory, London is now resetting itself. But our capital’s startups have taken a bruising in the last few months and their recovery requires urgent action. The impact has not been uniform, as some investment is still flowing. But investors have been backing portfolio companies, or in [...]
Microsoft appoints new UK boss as Rose shifts to Europe September 9, 2020 Microsoft has appointed its UK chief operating officer Clare Barclay as the country’s new chief executive, as current boss Cindy Rose switches focus. Barclay, who has been at the software giant for more than two decades, will oversee Microsoft’s commercial product, service and support offerings in the UK from 1 October. Her former roles include [...]
Tech rout wipes $13bn off Softbank’s market value September 9, 2020 A run of bad days on the stock exchange has taken around $13bn off the market capitalisation of Softbank, after investors grew concerned at its exposure to risky tech bets. Softbank’s shares closed down three per cent as markets shut in Tokyo today, extending a slump that has seen its share price fall around 10 [...]
Nintendo to ramp up Switch production by 20 per cent to handle demand September 9, 2020 Nintendo is said to have asked its suppliers to increase production of its popular Switch console by a further 20 per cent, after global lockdown measures caused an unprecedented spike in demand. The gaming giant has raised its production goal for the Switch to as much as 30m units for this fiscal year, people familiar [...]
Amazon pays just £293m in UK corporation tax despite revenue bounce September 9, 2020 Amazon paid out less than £300m in tax to HMRC last year, despite raking in an extra £3bn in revenue. The e-commerce giant said it paid £293m in direct tax — meaning contributions paid directly to the Treasury through levies such as corporation tax and business rates — in 2019, rising by more than a [...]
David Beckham’s e-sports team Guild to float in London September 9, 2020 David Beckham’s e-sports company is to list on the London Stock Exchange this autumn, raising £20m at a valuation of £50m. If successful, Guild Esports would become the first company of its kind to float in London. Former England captain Beckham is an original shareholder of the group, which was founded in September and launched [...]
Computacenter shares jump on pandemic-driven profit September 9, 2020 Computacenter’s share price rose more than six per cent this morning, after the technology group posted a boost in profit driven by the rise in remote working. The FTSE 250 group reported a pre-tax profit of £72.4m for the first half of 2020, up from £50.8m a year earlier, as costs also fell. Computacenter said [...]
The mutant algorithm: what actually went wrong with this year’s school exams September 9, 2020 The Prime Minister described it as a “mutant algorithm”. Social commentators were naturally outraged as it disproportionately upgraded the results of children from private schools, while downgrading those from state schools, especially in the poorest areas. Few people actually understood how it worked, as the technical report from the UK Office for Qualifications (Ofqual) purporting [...]
Tesla shares set for worst day in six months as tech sell-off bites September 8, 2020 Tesla’s share price fell more than 18 per cent as Wall Street opened this afternoon, putting it on track for its worst performance in nearly six months as investors spurned US tech stocks. The electric carmaker was excluded from a group of companies being added to the S&P 500 index — a milestone the company [...]
Australian regulator to probe competition between Apple and Google September 8, 2020 Australia’s competition watchdog has said it is going to take a deeper look at the use of data by apps and the extent of competition between the app stores of Apple and Google. It follows a major antitrust investigation of Apple’s app store policies in the EU announced earlier this year, as well as other [...]