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Fusion energy pioneer Tokamak hires JP Morgan for huge fundraising | Business News
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A British-based fusion energy pioneer has enlisted a leading Wall Street bank to raise a mammoth funding round amid growing hopes that its industry can help solve one of the world’s biggest energy challenges. Sky News has learnt that Tokamak Energy, which is based near Oxford, is working with JP Morgan on plans to secure…
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Apple boss Tim Cook asks for 40% pay cut after investor backlash | Business News
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Apple chief executive Tim Cook is to take a pay cut of more than 40% after shareholders turned on the size of his awards last year. The company said he requested the move after fewer than two-thirds of Apple investors supported his pay package at the tech firm’s annual meeting in 2022. Regulatory filings on…
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Virgin Orbit shares crash after failure of first UK space launch | Business News
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Shares in Virgin Orbit, the company behind the failed first UK space launch fell by more than a quarter at the market open in the US, greater than the 20% drop seen in pre-market trading. Stocks fell in value from $2.01 (£1.65) at the close of trading on Monday night, to $1.50 (£1.23) when US…
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Coinbase cuts 20% of global workforce amid crypto collapse | Business News
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Coinbase, the cryptocurrency exchange platform, is to cut 950 jobs, about 20% of its global workforce. The company has announced the third round of layoffs in a year as part of a restructuring plan. The move follows the sharp downfall in the value of cryptocurrency and has been blamed on that as well as the…
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Elon Musk emails staff as Tesla stocks reach two-year low | Business News
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Tesla stocks have slid to their lowest value in more than two years as the electric car maker plans to reduce its production cycle and investors worry how much time Elon Musk is dedicating to managing Twitter. Musk emailed Tesla staff telling them not to be “bothered by stock market craziness” and that Tesla will…
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Elon Musk says Twitter ‘not on the fast lane to bankruptcy anymore’ | Business News
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Elon Musk says Twitter is “not on the fast lane to bankruptcy anymore”, but admits there is “still much work to do”. Since he took control of the social networking platform in October, having paid $44bn (£38bn) for it, Musk has not had an easy ride. He made a number of controversial policy decisions and…
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FTX collapse shows crypto is ‘too dangerous’ not to regulate, Bank of England deputy governor says | Business News
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Cryptocurrency trading is “too dangerous” to remain outside mainstream financial regulation and could pose “a systemic problem” without action, the deputy governor of the Bank of England has warned. Speaking for the first time since the founder of the crypto trading platform FTX was arrested and charged with massive fraud, Sir Jon Cunliffe told Sky…
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Virgin Orbit awarded licences for UK’s first space launch | Business News
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Space launches are set to take place in the UK after Sir Richard Branson’s Virgin Orbit was granted licences to operate them. The decision was described as a “milestone” by the space regulator, the Civil Aviation Authority (CAA). Virgin Orbit is planning a launch from Spaceport Cornwall at Cornwall Airport Newquay in the coming weeks.…
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Amazon workers vote to strike at a UK depot for the first time | Business News
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Amazon workers at a UK depot have voted to strike for the first time. Employees at the warehouse in Coventry will walk out in the new year over what the GMB union said was a pay offer increase of 50p an hour. It comes after more than 98% of workers voted to strike on a…
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Microsoft $69bn takeover of Call of Duty maker Activision Blizzard challenged by US watchdog | Business News
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A US competition watchdog has moved to block Microsoft’s $69bn (£56bn) bid to buy Call of Duty maker Activision Blizzard. The action by the Federal Trade Commission (FTC) threatens the tech giant’s plans to rapidly expand its portfolio of games and catch up with rivals. Microsoft, which owns the Xbox console and game network platform,…