Tencent profit falls as Alibaba threat and economic woes weigh November 13, 2019 Chinese tech giant Tencent has posted a sharp drop in profit for the third quarter as rival Alibaba gears up for its Hong Kong listing. The gaming and social media firm reported net profit of 20.4bn yuan (£2.3bn), down 13 per cent on the same period last year. Read more: Blockchain startup Everledger raises $20m [...]
Google to offer current accounts from next year November 13, 2019 Google will offer personal current accounts from some time next year in partnership with banks and credit unions, as the tech titan tries to take a bite out of the personal banking market. Citigroup and the Stanford Federal Credit Union will run the accounts for the project, which has been named Cache, the Wall Street [...]
UK businesses are increasingly adopting automation November 13, 2019 Eighty seven per cent of businesses have automated a key process during the last year, a survey of chief financial officers showed today. One-in-five financial officers view automation as their most most important investment priority during the next five years, the survey by accountancy firm BDO said. A third of businesses (31 per cent) have [...]
Huawei rewards staff with $286m in bonuses as it fights US sanctions November 12, 2019 Huawei is set to pay its employees ¥2bn ($286m) in bonuses and double almost all October salaries as a reward for helping to fight US sanctions. The Chinese telecoms giant has been banned from doing business with American companies amid concerns its technology could be used for spying – accusations it has denied. Read more: [...]
Killer robots? It’s only a matter of time November 12, 2019 Artificial intelligence (AI) is everywhere in the news at the moment, but there is little discussion of an area where huge sums are being spent by all the major powers: automated intelligent weapons — or killer robots, as they are usually called. Some strategists now envision military operations conducted entirely by automata. Such fully automated [...]
London startup Zego gains first ever licence for UK insurtech November 12, 2019 An insurance startup aimed at the gig economy today said it is the first insurtech firm in the UK to secure an insurance licence. Zego, which offers flexible insurance to freelance workers such as drivers for Uber or riders for Deliveroo, said it was awarded the licence by the Gibraltarian regulator. Chief executive Sten Saar [...]
Revolut investor Balderton Capital unveils $400m seventh fund November 12, 2019 One of London’s biggest venture capital players has today debuted its seventh early-stage fund for European startups at $400m (£311.1m), after a mooted lack of investor interest as the UK prepared for Brexit failed to materialise. Balderton Capital, an early backer in the likes of Revolut, Citymapper and Lovefilm, said the new fund will continue [...]
Wework in talks with T-Mobile boss over chief executive role November 11, 2019 Wework has started a search for a new chief executive following the departure of co-founder Adam Neumann, people familiar with the matter said on Monday, as the US office-sharing start-up seeks to reverse its widening losses. Wework’s current co-chief executives, Artie Minson and Sebastian Gunningham, have only been in place since September, but talks indicated [...]
Uber co-founder Travis Kalanick offloads $550m in shares November 11, 2019 Uber’s ousted co-founder and chief executive Travis Kalanick has sold nearly 21 per cent of his stake in the ride-hailing app since restrictions on trading expired last week. Read more: Uber shares hit record low after IPO lock-up expiry In a series of transactions, Kalanick sold more than 20m shares worth roughly $547m (£425m), according [...]
Mobile shopping platform Rezolve bags tie-up with Korean retail giant Lotte November 11, 2019 Mobile shopping tech firm Rezolve has signed a multi-million-pound deal with South Korean conglomerate Lotte Corporation as it expands its presence in Asia. Lotte will use the London startup’s technology in its supermarket app, allowing customers to make purchases by scanning promotional print leaflets with their smartphone. Read more: Mobile shopping platform Rezolve secures bumper [...]