TSB IT meltdown blamed on data centre test failure November 18, 2019 The IT meltdown that left nearly 2m TSB customers without access to online banking is set to be partly blamed on the company’s failure to test one of its new data centres. A long-awaited inquiry by City law firm Slaughter and May has concluded that the decision to test only one of the new data [...]
Microsoft overhauls cloud contracts amid EU data privacy crackdown November 18, 2019 Microsoft has unveiled changes to its commercial cloud contracts after EU regulators warned the company may be breaching data privacy laws. The European Data Protection Supervisor (EDPS) last month said it had “serious concerns” about Microsoft’s compliance with data protection rules and the use of its services by EU institutions. Read more: Amazon to appeal [...]
Airbnb secures deal to provide Olympic accommodation November 18, 2019 Holiday home rental company Airbnb has agreed a deal to become an Olympic partner, in a bid to reduce the cost of the games. Airbnb hosts will provide accommodation for athletes and Olympic officials as well as visiting fans at the Tokyo games next year, followed by Beijing, Paris, Milan and Los Angeles. Read more: [...]
UK tech firm IQE’s shares plunge after second revenue warning November 18, 2019 Shares in UK technology company IQE have plunged over 20 per cent after the firm issued its second revenue warning in five months. Read more: Shares in chipmaker IQE plummet as it warns Huawei ban will hit profits IQE, which makes parts for chips used in products made by Apple and various Asian manufacturers, said [...]
DEBATE: Is there a case for Labour’s ‘free broadband’ proposals? November 18, 2019 Is there a case for Labour’s ‘free broadband’ proposals? Miranda Hall, a researcher at the New Economics Foundation and co-author of forthcoming report on digital infrastructure for Common Wealth, says YES. Without internet you can’t look for a job, receive childcare and housing benefits, or keep in touch with friends. But across the UK, digital [...]
Gousto investor MMC Ventures reveals £100m scaleup fund November 18, 2019 MMC Ventures has today revealed the close of its first fund for re-investing in its own portfolio of mature companies at £100m. The Scaleup Fund will provide capital to current firms in MMC’s roster that have outgrown the firm’s other funds, such as Interactive Investor and Safeguard Global. MMC, which was an early investor in [...]
London’s fintech boom helps drive record year for US investment November 18, 2019 US venture capital firms have pumped record amounts of money into London and UK companies this year as flourishing fintech firms continue to charm investors, new data has revealed. American investors have been involved in $4.4bn (£3.4bn) worth of deals into UK firms so far in 2019, with London businesses accounting for more than three-quarters [...]
Spotify backer Northzone secures $500m November 18, 2019 Early Spotify investor Northzone has today announced its ninth fund at $500m (£387.5m), which it said was raised at “record speed”. The oversubscribed pot attracted both new and existing investors, as a result of increasing interest in European early-stage startups. It takes the total amount raised by the Swedish venture capital giant to €1.5bn (£1.3bn). [...]
HP rejects Xerox’s $33.5bn takeover bid but keeps door open for potential merger November 17, 2019 Tech giant HP today said it had rejected a $33.5bn (£26bn) takeover offer by printer manufacturer Xerox. Read more: HP plans to cut up to 9,000 jobs HP said the bid “significantly undervalues” the company, but added that it remained open to a potential merger and hoped for further engagement with Xerox management. “[The board] [...]
TSB’s IT boss ‘kept board in dark’ ahead of tech meltdown November 17, 2019 TSB Bank’s head of IT reportedly failed to warn board members about “shortcomings” with the testing of a new technology system days before it suffered a huge meltdown. TSB is facing a lengthy investigation by City law firm Slaughter and May into the botched rollout of a new IT system that caused nearly 2m customers [...]