Fitbit shares halted on reports of Google takeover bid October 28, 2019 Trading of shares in wearable device maker Fitbit was suspended today following a report that Google owner Alphabet has tabled a takeover bid. The Silicon Valley tech giant has held discussions with Fitbit, although there is no guarantee a deal will be secured, Reuters reported, citing people familiar with the matter. It is unclear how [...]
Virgin Galactic shares blast off as Sir Richard Branson’s firm makes New York Stock Exchange debut October 28, 2019 Sir Richard Branson’s space tourism venture, Virgin Galactic, has taken off on the New York Stock Exchange this afternoon, with shares soaring more than eight per cent in early trading. The company completed a merger with a US investment vehicle late on Friday, making it the first commercial space venture to go public. Branson, who [...]
Volkswagen throws down the gauntlet to Silicon Valley on self-driving cars October 28, 2019 Europe’s biggest car manufacturer has shifted its fight against Silicon Valley’s nascent self-driving car industry up a gear. Volkswagen has announced the foundation of Volkswagen Autonomy, or VWAT, its own self-driving tech subsidiary, to take on the likes of rivals such as Google’s Waymo. Read more: Car alarm: Half of UK consumers fear driverless vehicles [...]
Emerging markets need more say on digital currencies like Libra, says Chinese official October 28, 2019 Governments in emerging markets should be given a greater say in the regulation of digital currencies such as Facebook Libra that could facilitate illegal capital flows and disrupt foreign exchange management, said a senior Chinese official. China has been moving to embrace financial technologies such as blockchain, and is preparing to launch its own digital [...]
Travel startup Duffel picks up $30m to revitalise outdated airline technology October 28, 2019 Duffel, a London-based startup seeking to provide airlines with a fresh software update, has today closed a $30m (£27.1m) funding round led by Dropbox and Slack investor Index Ventures. Existing investors Benchmark Capital, which has backed the likes of Snap and Uber, and Blossom Capital also participated. Duffel helps travel agencies to connect to airline [...]
Beware the chilling consequences of facial recognition technology on society October 28, 2019 Since the 1950s, researchers have been working towards the holy grail of artificial intelligence (AI). Now, as last week’s City PM feature outlined, recent advances are moving out of the lab and into our daily lives – with disturbing implications. Facial recognition systems, powered by these developments in AI, are spreading into society. This is [...]
The UK has a vital role to play in leading the global fourth industrial revolution October 28, 2019 For nearly a year, my mayoral programme – Shaping Tomorrow’s City Today – has promoted UK innovation and technology, addressed social and digital exclusion, and championed digital skills. And during my recent business delegation visit to Kenya, I saw the great potential that technological innovation offers to individuals and communities seeking financial empowerment. Over the [...]
Zamna raises $5m as it secures deal with IAG for airport security tech October 28, 2019 UK startup Zamna, which develops software to automate airport security checks, has bagged $5m (£3.9m) in funding and confirmed International Airlines Group (IAG) as its first client. The seed funding round was led by venture capital firms Localglobe and Oxford Capital, alongside Seedcamp, the London Co-Investment Fund and O2 parent company Telefonica. Read more: Tory [...]
Virgin Galactic brings space tourism to public markets as New York float beckons October 27, 2019 Investors will get their first chance to buy into a space tourism firm tomorrow, when shares in Sir Richard Branson’s Virgin Galactic start trading in New York. The company tied the knot on a merger with a US investment vehicle late on Friday, meaning it will go public when markets open tomorrow, in what its [...]
Microsoft beats Amazon to Pentagon’s $10bn cloud computing contract October 26, 2019 Microsoft has won a cloud-computing contract from the Pentagon worth $10bn (£8bn). The contract is for the Joint Enterprise Defence Infrastructure, dubbed Jedi, is for a 10-year period. Read more: Cloud computing drives Microsoft revenue up The project is aimed at making the US defence department more technologically agile. Amazon had been favourites for the [...]
