Zoom shares drop despite lockdown revenue surge November 30, 2020 Zoom saw its shares slip in after-hours trading this evening despite beating expectations for the third quarter. The video conferencing app has enjoyed unrivalled growth this year as the outbreak of Covid-19 forced millions of people to work and socialise from home. This continued in the third quarter, with Zoom posting revenue of $777.2m (£583), [...]
Unilever to trial four-day working week in New Zealand November 30, 2020 Supporters of a four-day working week were given a major boost today as Unilever said it will trial the system in its New Zealand operations. The consumer goods giant said its 81 employees in New Zealand will retain their full pay while working just 80 per cent of normal hours. The trial will run until [...]
Biden urged to take on Big Tech amid lobbying fears November 30, 2020 US president-elect Joe Biden has been urged to confront Big Tech amid concerns about the number of tech executives linked to the incoming administration. Thirty-two advocacy groups today penned a letter to Biden urging him to hold companies such as Google, Facebook and Amazon to account, arguing that their business practices harmed American consumers and [...]
Facebook snaps up chatbot startup Kustomer for ecommerce push November 30, 2020 Facebook has agreed terms to buy customer service startup Kustomer as the social media platform prepares to expand further into ecommerce. Financial details were not disclosed but the Wall Street Journal, which first reported the deal, said the terms valued Kustomer at $1bn (£750m). Kustomer, which was founded in 2015, allows businesses to combine customer [...]
Investors in collapsed Woodford fund set for £100m payout November 30, 2020 Investors trapped in Neil Woodford’s collapsed flagship fund are set to share a payout of just under £100m by the end of the year. In a letter today fund administrator Link said it has raised a further £98m after selling off more parts of the portfolio’s assets. It said investors will be paid on or [...]
Moderna seeks green light from US and EU for Covid-19 vaccine November 30, 2020 Moderna will today apply for emergency authorisation to roll out its Covid-19 vaccine in the US and the EU after its latest trial showed a 94 per cent success rate. The US biotech firm will submit data to regulators in both regions, paving the way for a potential rollout in December. Moderna today published full [...]
Door Dash eyes $27bn valuation as it rides tech IPO wave November 30, 2020 US food delivery startup Door Dash is aiming to raise as much as $2.8bn (£2bn) in an initial public offering that could value it at $27bn. The Softbank-backed app plans to sell 33m shares priced between $75 and $85 each, according to a regulatory filing today. The bumper listing will come amid a flurry of [...]
Economists lambast BBC over ‘misleading’ UK debt coverage November 30, 2020 A group of the country’s leading economists have written to the director-general of the BBC to complain about the broadcaster’s “misleading” financial coverage. Two-dozen finance wonks told Tim Davie that the BBC’s reporting on UK borrowing “misrepresented” the constraints facing the government and the economy due to the Covid-19 crisis. The complaint related to the [...]
High-profile tech founders back $111m London startup fund November 30, 2020 A string of big-name tech founders including former Google boss Eric Schmidt are backing a new fund to invest in startups in the US and across Europe. London-based Firstminute Capital today unveiled a $111m (£83m) venture capital fund after securing support from some of the world’s top tech executives. More than 70 founders of billion-dollar [...]
Stocking filler: London Stock Exchange backs virtual charity carol concert November 27, 2020 London Stock Exchange has teamed up with music royalties firm Hipgnosis to support a star-studded virtual carol concert that will raise funds for charity. Chic legend Nile Rodgers, who acts as an adviser to Hipgnosis, will host the festive gig on Tuesday 15 December. The programme will feature appearances from a string of music icons, [...]
