EU launches full-scale probe of Google-Fitbit merger August 4, 2020 The EU has decided to launch a full-scale investigation of Google’s proposed $2.1bn takeover of Fitbit, after an initial probe prompted concerns. The European Commission, the EU’s executive arm, closed a preliminary review today that determined further investigation of the deal was needed to ensure Google would not use Fitbit’s data to benefit its online [...]
CMA gives Amazon’s Deliveroo investment the all-clear August 4, 2020 The Competition and Markets Authority (CMA) has officially cleared Amazon’s 16 per cent stake in food delivery startup Deliveroo, after a lengthy investigation process. The watchdog awarded the deal initial clearance in April on the basis that Deliveroo could go out of business without the Amazon investment, but later changed its methodology to just focus [...]
Amazon almost doubles size of UK Prime Air drone delivery arm August 4, 2020 Amazon has ramped up expansion of its ambitious drone delivery project, almost doubling the number of staff in its Cambridge-based Prime Air team. Prime Air now has close to 60 staff working on making Amazon deliveries by drone a reality, its largest since the project began in 2016, data on Linkedin showed. Its most recent [...]
Google parent Alphabet reveals record $10bn bond at lowest-ever price August 4, 2020 Alphabet borrowed $10bn (£7.66bn) in the investment-grade corporate debt market yesterday, marking its largest ever bond issue at its lowest price to date. Within the $10bn on offer, a $1bn five-year tranche was issued at a discount of 0.45 per cent — the lowest discount seen at that maturity since Apple issued a $1.5bn five-year [...]
Twitter faces $250m fine after US data probe August 4, 2020 Twitter said it is being investigated by the US Federal Trade Commission (FTC) for alleged violations of a law that prevents it from using personal data to target ads. In a regulatory filing, Twitter said it received a draft FTC complaint alleging data violations, which is provided by users for security purposes, between 2013 and [...]
Trump demands US Treasury cut of Tiktok sale August 4, 2020 US President Donald Trump has said the US Treasury should be brought in on Microsoft’s potential acquisition of Tiktok’s American arm, arguing the deal wouldn’t happen without its approval. Trump said he told Microsoft the government should receive a “substantial portion” of the deal if an American firm buys the operation. Tiktok’s Chinese owner Bytedance [...]
Mushrooms could be a magic cure for depression, if our draconian drug regulations weren’t stuck in the past August 4, 2020 It should come as no surprise that months of lockdown and social isolation has impacted our mental health. Medical professionals are predicting a “tsunami” of mental illnesses relating Covid-19, while earlier this month, The Lancet published a study showing that young people and women’s mental health has been hit particularly hard during the pandemic. What’s [...]
Fintech review flags sector’s status as one to watch August 3, 2020 | City Talk Six figures from the business world have set sail on a six-month voyage to investigate and recommend priorities for the financial technology sector. Ron Kalifa is helmsman of the ‘Fintech Strategic Review’, announced in March’s Budget but – until now – stuck in the harbour as the coronavirus pandemic took hold. Sherry Coutu, Anne Glover, [...]
Chinese AI firm slaps Apple with $1.4bn patent lawsuit August 3, 2020 Chinese artificial intelligence firm Shanghai Zhizhen Network Technology has filed a $1.4bn lawsuit against Apple, claiming the iPhone giant has infringed on a patent for its voice assistant technology. Shanghai Zhizhen, also known as Xiao-i, is calling for 10bn yuan ($1.4bn) in damages and demands that Apple cease “manufacturing, using, promising to sell, selling, and [...]
Zoom suspends China sales in partial market retraction August 3, 2020 Zoom is to stop selling new or upgraded products directly to customers in China, as it transitions towards a partner-only model in the region. Local Zoom customers were told today that a selection of third-party suppliers will now handle Zoom sales and some operations in China, listing a number of authorised partners that will now [...]