Snap reduces overseas losses as revenue doubles October 10, 2019 Snapchat parent firm Snap has narrowed its international losses, as sales from advertising and its Spectacles gadget doubled. Its UK-based entity, which manages all territories outside the US, reported a loss of $312.8m in 2018, down from $447m a year earlier. Meanwhile revenue, which Snap said is “substantially” created by sales of its advertising products, [...]
Dialling down: A quarter of mobile phone users make fewer than five calls a month October 10, 2019 A quarter of mobile phone users in the UK make fewer than five calls per month, while six per cent made no calls at all, new figures have revealed. Moreover, around 60 per cent of those people who did pick up the phone ended the call in under 90 seconds. Read more: Mobile shopping platform [...]
DCMS chair Damian Collins calls for crackdown on fake news spread by ‘wealthy people’ October 10, 2019 A top MP has called for a crackdown on campaign groups funded by “wealthy people” that spread disinformation on social media. Damian Collins, chair of the Digital, Culture, Media and Sport (DCMS) select committee, warned that much of the discourse on social media was not spread organically but rather promoted by shady backers. Read more: [...]
EU warns of cyber risks from state-backed 5G suppliers October 9, 2019 The EU has warned of increased cybersecurity attacks from state-backed 5G suppliers in an apparent toughening of rhetoric against Chinese tech firm Huawei. In a report published today, member states said it was crucial to assess the risks posed by firms with a large market share in the bloc. Read more: US looks to fund [...]
Checkout.com expands to new London headquarters as revenue surges October 9, 2019 Online payments startup Checkout.com is set to hire 100 members of staff and relocate to new Old Street offices as it unveiled a sharp rise in revenue for the year. The British fintech unicorn will triple its office space with a new 63,000 square feet location near the capital’s Silicon Valley roundabout, having outgrown its [...]
OECD targets tech giants as it shakes up global tax rules October 9, 2019 Multinational tech giants will face a crackdown on their corporate tax bills under new rules outlined by the Organisation for Economic Cooperation and Development (OECD). Tech titans such as Google, Facebook and Amazon have been accused of dodging taxes by booking their profit in low-tax countries such as Ireland, despite serving customers across the world. [...]
Bank of England sets out strict regulatory conditions for Facebook Libra October 9, 2019 The Bank of England (BoE) has set out the rules of engagement that Facebook’s Libra cryptocurrency and other similar digital payment providers would have to satisfy before they can launch in Britain. “Libra has the potential to become a systemically important payment system,” the BoE’s Financial Policy Committee (FPC) said in a policy statement released [...]
Softbank executive suggests Wework should stay private until it can ‘demonstrate cash flow’ October 8, 2019 The tech world has been rocked by a string of disappointing or cancelled IPOs this year, as companies failed to convert huge private valuations into success on public exchanges. One Softbank executive has suggested a novel solution: firms should wait until they can demonstrate suitable levels of cash flow before listing publicly. Asked about the [...]
US looks to fund Huawei’s rivals amid concerns over Chinese dominance October 8, 2019 The US government is said to be looking for ways to pump money into Huawei’s European rivals amid concerns about the Chinese firm’s dominance in the race to roll out 5G. Officials have explored ways of issuing credit to Nokia and Ericsson to enable them to match the generous financing terms that Huawei offers its [...]
Elon Musk offered investigator $10,000 bonus for dirt on diver he had labelled a ‘pedo guy’ October 8, 2019 Tesla chief executive Elon Musk offered a $10,000 (£8,154) bonus for dirt on a British diver he labelled a “pedo guy” after a spat about whether a submarine he offered to rescue a Thai football team stuck in a cave was a publicity stunt. According to a document filed by diver Vern Unsworth’s legal team [...]
