Revolut snaps up another $80m from Brewdog backers July 24, 2020 Revolut has raised a further $80m to close out its series D funding round from TSG, a Silicon Valley private equity firm that has backed the likes of Brewdog, water brand Voss and Smashbox Cosmetics. The $80m is in addition to the $500m in funding that Revolut announced earlier this year, taking its total amount [...]
Intel’s next-generation chip delay sparks shares sell-off July 24, 2020 Intel’s share price sank more than 16 per cent as markets opened this afternoon, after it said it would be postponing the launch of its next-generation chip. Intel said it would be pushing back the launch of the 7 nanometre (7nm) chips by six months until 2022, after it identified a “defect” in its manufacturing [...]
Big tech antitrust hearing delayed as probe gets underway July 24, 2020 A US hearing at which the chief executives of Apple, Alphabet, Amazon and Facebook were meant to testify has been postponed, as politicians press on with a probe into allegations of anti-competitive behaviour. The hearing in front of the US House of Representatives Judiciary Committee’s antitrust panel was meant to take place next Monday, but [...]
Garmin shuts down as ransomware attack causes outage July 24, 2020 Garmin has been forced to shut down some of its operations after a ransomware attack caused an outage that left its fitness devices disconnected for almost a day. The wearable sports technology maker shut down services including its official website and customer services, including all phone lines, online chat tools and email. It also shut [...]
Revealed: The top 10 cities to be an Airbnb landlord July 24, 2020 Cardiff has been ranked the most profitable city in the UK to be an Airbnb landlord, as the rental market gets back on track. Data crunched by Vanquis showed Cardiff is the most profitable city for Airbnb hosts, with homeowners earning 86 per cent more by listing a room on Airbnb rather than through traditional [...]
Face masks in England: The new rules on where and when to wear them July 24, 2020 Face masks are now mandatory in enclosed public spaces in England, after new government rules came into effect on Friday, 24 July. So when do you need to wear them, and in what settings? In shops and supermarkets Face masks are now compulsory if you are entering a shop or supermarket in England, at any [...]
French Connection secures injection from Hilco to help with pandemic fallout July 24, 2020 Fashion retailer French Connection has agreed a £15m liquidity deal with buyout group Hilco Capital to help keep the business going for another two years. French Connection said a deal had to be found as it was ineligible for the government’s coronavirus support schemes. Hilco will provide the retailer with a £15m working capital facility, [...]
Apple shares sink on US deceptive practices probe report July 23, 2020 Shares in Apple fell more than four per cent this evening following a report that the tech firm is facing a probe in multiple US states, which allege it engages in deceptive practices. A March document obtained by a tech watchdog group showed the Texas attorney general may sue Apple for violating the state’s deceptive trade practices [...]
Musk’s SpaceX in talks to raise funds at $44bn valuation July 23, 2020 Rocket company SpaceX is said to be in talks to raise a new round of funding at a $44bn valuation, following a successful few months for the tech firm. SpaceX is seeking to raise approximately $1bn priced at $270 per share, people familiar with the matter told Bloomberg. Helmed by tech billionaire Elon Musk, SpaceX [...]
Tesla sues Amazon-backed rival Rivian over technology secrets July 23, 2020 Tesla has filed a lawsuit against electric truck-making startup Rivian, accusing it of stealing trade secrets and poaching its employees. “Rivian is knowingly encouraging the misappropriation of Tesla’s trade secret, confidential, and proprietary information by Tesla employees that Rivian hires,” the company said in a lawsuit. The filing pointed to four former Tesla employees for [...]