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40,000 BT and Openreach workers in first national telecoms strike since 1987 | Business News
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Around 40,000 BT and Openreach workers have walked off the job in the first national telecoms strike since 1987. Hundreds of picket lines have been set up across the UK, according to the Communication Workers Union (CWU). It is the first of two strikes, with another being held on Monday, after members of the union…
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Apple and Amazon beat expectations but still see profits slip as inflation bites | Business News
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Tech giants Apple and Amazon saw dips in profits but still defied expectations as the US economy teeters on the edge of a recession. Apple, the world’s largest technology company, is dealing with manufacturing headaches and inflation pressures and saw its profit in the last quarter fall by 10%, while revenue was up 2%. The…
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Part-nationalised OneWeb docks with French satellite rival Eutelsat | Business News
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OneWeb, the British satellite firm rescued by the UK taxpayer, has agreed a merger with French rival Eutelsat to create a “global player” in space-based internet connectivity. It was announced that the all-share combination would value OneWeb at $3.4bn (£2.8bn) – structured as an exchange of OneWeb shares by its shareholders, including the UK government,…
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advertising, Business, competition, drop, Facebook, Meta, News, owner, reports, revenue, sales, TikTok
Facebook owner Meta reports first ever revenue drop amid lower advertising sales and competition from TikTok | Business News
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Facebook owner Meta has reported its first ever revenue drop amid lower advertising sales and growing competition from TikTok. The social media giant reported revenue of $28.8bn in the three months to June, down almost 1% from $29.08bn the previous year. The figure was lower than the $28.9bn expected by Wall Street, sending Meta shares…
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Microsoft blames turbulent economy as it misses profit targets | Business News
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Microsoft missed its profit targets on Tuesday, blaming the turbulent economy. The tech giant reported a fourth-quarter profit of $16.7bn (£13.8bn) – or $2.23 per share. Revenue came in at $51.9bn (£43.1bn), which was up 12% from last year. Analysts had been forecasting $2.29 per share and revenue of $52.94bn (£44bn), according to FactSet. Microsoft…
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Fibre broadband player Gigaclear digs deep in hunt for new funding | Business News
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Gigaclear, the fibre broadband network provider, is plotting to raise hundreds of millions of pounds of further funding amid an industry-wide race to modernise Britain’s communications infrastructure. Sky News has learnt that Gigaclear is working with bankers at Rothschild to raise between £200m and £300m of additional capital for its rollout. The capital-raise, which could…
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Without these chips, we are in big trouble – and Britain has no strategy | Business News
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There are many factories around the world, but few look anything like semiconductor fabs. These places – fabrication plants, to give them their full name – are otherworldly in all sorts of respects. Bathed in yellow light and populated by workers wearing head-to-toe white suits, visiting one of them feels like entering the world depicted…
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Bitcoin suffers briefly after Tesla sells majority of its holdings | Business News
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Bitcoin lost half-a-percent overnight after Tesla said it had sold about 75% of its holdings of the virtual token. The world’s largest cryptocurrency slid to $23,268.92 (£19,489) after the news, although it rebounded later and was last up 1.41% at $23,578.75. Tesla bought $1.5bn (£1.2bn) of bitcoin more than a year ago, but on Wednesday…
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Nasstar-owner prepares £500m sale of cloud services provider | Business News
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The owner of one of Britain’s biggest providers of managed cloud services is to begin exploring a £500m-plus sale of the business. Sky News understands that Mayfair Equity Partners has hired investment bankers to prepare a review of strategic options for Nasstar. City sources said on Sunday that Raymond James had been appointed to oversee…