Tencent backs top AI startup in $24m injection May 20, 2019 A host of major businesses and venture capital firms have joined in a $24m (£18.9m) funding round for a Prowler.io, valuing the Cambridge artificial intelligence (AI) startup at $100m. Chinese media giant Tencent led the round, with publishing house Pearson and Monzo-backer Passion Capital also joining. Other investors included Amadeus Capital Partners, Atlantic Bridge, Cambridge [...]
Former Apple retail head Angela Ahrendts appointed to Airbnb’s board May 16, 2019 Airbnb has beefed up its board of directors with the appointment of Angela Ahrendts, former head of retail at Apple. Ahrendts, who is also a former chief executive of luxury fashion house Burberry, will become an independent board member alongside ex-American Express boss Ken Chenault and former Pixar finance chief Ann Mather. She resigned from Apple [...]
Capital markets software firm OpenFin backed by Wells Fargo and Barclays in $17m funding round May 16, 2019 Capital markets software provider OpenFin has raised $17m (£13.2m) after being backed by Wells Fargo, Barclays and JP Morgan. OpenFin, the operating system (OS) for finance, provides banks, asset managers and hedge funds with financial desktop systems and access to their own app store. Read more: The financial services sector needs a shot of confidence [...]
Burberry shares fall as transformation plan takes toll on growth May 16, 2019 Shares in Burberry fell 4.5 per cent this morning after the firm posted broadly flat revenue and profit in the first year of its major transformation plan. Read more: Burberry keeps momentum from China despite trade war fears The figures Revenue remained broadly flat at £2.72bn for the year to the end of March. Pre-tax profit [...]
Foxconn posts fall in first-quarter revenues as demand for smartphones falters May 14, 2019 Apple supplier Foxconn has posted a sharp fall in profits and revenues for the first quarter amid declining demand for smartphones. Read more: Huawei to build 400-person chip plant near Cambridge The Taiwanese firm, which is the world’s largest contract manufacturer, reported revenues of T$1.05tn (£26bn) for the three months to the end of March, [...]
Music royalties firm PPL collects record revenues of £247m for artists May 14, 2019 Music licensing company PPL has reported its highest-ever annual revenues as it paid out to a record number of musicians and rights holders. PPL, which is one of the UK’s two main royalties agencies, collected revenues for its members of £246.8m in 2018, up 13 per cent on the previous year. Read more: Hipgnosis snaps [...]
US Supreme Court rules against Apple in App Store antitrust dispute May 13, 2019 The US Supreme Court today gave the green light to a lawsuit on behalf of consumers, which accuses Apple of creating a monopoly on iPhone apps and forcing users to overpay with high commission fees. In a 5-4 ruling, the Supreme Court upheld a decision to allow the class action to proceed. The customers argued Apple's [...]
US markets follow Europe downwards as China announces retaliation tariffs May 13, 2019 US markets have followed their European counterparts sharply downwards after the bell, following China's announcement of retaliatory tariffs on $60bn worth of US goods in the latest development in the two countries' trade war. Read more: Global markets in tailspin after Trump threatens huge China tariff rise The US’s S&P 500 opened down 1.8 per cent [...]
Why did Lush, Apple and Wetherspoons quit Twitter? May 13, 2019 Tapping into a dissatisfaction with social media, cosmetics firm Lush recently announced that it would move away from it, justifying its decision by drawing attention to the financial and ethical cost of using social media. The move marks Lush as the latest brand to take a new approach online. It’s a global brand, whose environmentally-conscious [...]
Hipgnosis snaps up rights to music catalogue of Eurythmics co-founder Dave Stewart May 10, 2019 Music royalties investment firm Hipgnosis has bought the rights to more than 1,000 songs written by Eurythmics co-founder Dave Stewart. Read more: One Media IP shares jump as streaming boosts profits The songwriter and record producer is best known as one half of pop group Eurythmics, which he formed in 1980 with eight-time Brit Award [...]