Not everything was awesome at Instagram, co-founder says in first public remarks since stepping down October 16, 2018 Instagram’s Kevin Systrom said people do not leave their jobs “because everything is awesome”, three weeks after stepping down amid rumours of a fallout with Mark Zuckerberg. In his first public remarks since leaving the company, Systrom said there were reasons for his departure, but gave no details. Read more: Facebook loses $11bn after Instagram [...]
Tesla shares rise as SEC settlement gets nod of approval from US judge October 16, 2018 A settlement deal between Tesla, its chief executive Elon Musk and the US Securities and Exchange Commission (SEC) was today given the all-clear by a US judge. Musk had agreed to pay a fine of $20m (£15.1m) and step down from his role as Tesla chairman for three years, while Tesla also paid out a similar fine. The [...]
Uber set to be valued at $120bn when it goes public next year October 16, 2018 Ride-hailing giant Uber could be valued at $120bn (£90.8bn) as part of its upcoming public listing in 2019, skyrocketing from its last valuation in August. Several US banks have raised Uber's valuation ahead of its intended initial public offering (IPO), sources told the Wall Street Journal, which has been suggested for an early 2019 slot. Should [...]
Digital bank Oaknorth hires ex-Bank of England director October 16, 2018 Challenger bank Oaknorth has hired former Bank of England director Martin Stewart to join its advisory board. Working with the fintech as an independent adviser, Stewart was previously the director of banks, building societies and credit unions at the Bank of England. Oaknorth said it hopes that by bringing Stewart on board, it can better serve [...]
London business benefits scaleup Perkbox travels across the channel October 16, 2018 Employee engagement scaleup Perkbox, which taps companies such as Ikea, Odeon and Deliveroo to provide benefits and discounts to small business employees, has today made its first foray outside of the UK to launch in France. The London company, which has approximately 250 employees under its own wing, is set to open up a new [...]
Google joins the list of firms deserting Saudi conference over missing journalist October 16, 2018 Google became the latest name in a long list of high-profile companies to drop out of an investment conference in Saudi Arabia late last night, amid building criticism of the state's handling of a missing journalist. A well-known critic of Saudi Arabia's policies, US resident and Washington Post journalist Jamal Khashoggi was last seen entering [...]
Menswear styling tech startup Thread raises $22m October 16, 2018 Fast fashion startup Thread will today announce the close of its series B funding round at $22m (£16.7m), which includes backing from Balderton Capital, Beringea and H&M’s investment arm H&M Co:Lab. The round will also be complemented by a crowdfunding raise on Crowdcube later this year, providing everyday investors access to shares in Thread on [...]
Coinbase plans for Brexit with Irish expansion October 16, 2018 Cryptocurrency exchange Coinbase will today unveil the first stage of its Brexit contingency plans, opening up a secondary office in Dublin while preserving the heart of its operations in London. The new office, which will primarily house mostly support staff, is intended to act as the company’s European base as the UK prepares to exit [...]
Companies sign up to government’s 13-point plan to keep internet devices safe October 15, 2018 Centrica Hive and HP have become the first companies to sign up to new government guidelines designed to keep internet-enabled devices safe from hackers. The 13-point list asks manufacturers to ensure that personal data is protected and software kept up to date. Read more: Munich Re buys internet of things company Relayr in $300m dea [...]
With Amazon’s ‘sexist’ algorithm under fire, will AI ever be able to be an unbiased decision-maker? October 15, 2018 With Amazon’s ‘sexist’ algorithm under fire, will AI ever be able to be an unbiased decision-maker? Daniel Gilbert, founder and chief executive of Brainlabs, says YES. Some artificial intelligence (AI) will continue to use biased data; there’s a lot of it out there. But both the innovators in this space and regulation in AI ethics [...]