-
Virgin Orbit delays bid deadline in scramble to find rescuer | Business News
admin
Virgin Orbit has pushed back the deadline for rescue bids as the commercial satellite venture founded by Sir Richard Branson scrambles to avert bankruptcy. Sky News has learnt that the company and its advisers have told would-be buyers of the company that they must now submit final offers by May 19, several days later than…
-
Elon Musk appoints new Twitter chief executive – but is yet to name her | Business News
admin
Elon Musk has announced he has found a new Twitter chief executive – but is yet to name her. “Excited to announce that I’ve hired a new CEO for X/Twitter. She will be starting in ~6 weeks!” Musk said in a tweet on Thursday. He added that his role within the company will transition to…
-
Apple boss Tim Cook thanks three countries for record iPhone sales | Business News
admin
Apple has beat Wall Street expectations and market trends in reporting increased iPhone sales in its second quarter results. Both revenues and profits were above investor predictions as a record number of iPhones were sold for the second three month period in its financial year. Sales for the year ending 1 April dropped overall –…
-
AI market faces investigation by UK competition regulator | Business News
admin
A review of the artificial intelligence (AI) market has been launched by the UK competition watchdog. Competition and Markets Authority (CMA) chief executive Sarah Cardell said the regulator’s goal was “to help this new, rapidly scaling technology develop in ways that ensure open, competitive markets and effective consumer protection.” The probe would include the models behind…
-
Elizabeth Holmes: Disgraced Theranos founder delays going to jail after winning appeal | Business News
admin
Elizabeth Holmes, the disgraced tech billionaire convicted of fraud, has avoided starting her 11-year jail term on Thursday after a judge backed her appeal to delay it. Holmes, 39, who founded Theranos, was sentenced to 11 years and three months after being found guilty of three counts of investor fraud and one count of conspiracy…
-
Activision, bid, Blizzard, blocked, Business, buy, game, maker, Microsoft, News, respond, video, vows
Microsoft blocked in bid to buy video game maker Activision Blizzard – but vows to respond | Business News
admin
The British competition watchdog has blocked Microsoft’s bid to buy video game maker Activision Blizzard. The Competition and Markets Authority (CMA) stopped the $68.7bn (£55bn) deal due to concerns that it would stifle competition in the cloud gaming market. It would have been the record highest price ever paid by a US tech company in…
-
FTX’s Sam Bankman-Fried charged with bribing Chinese officials | Business News
admin
Disgraced FTX founder Sam Bankman-Fried has been charged with bribing Chinese officials with payments of at least $40m (£32.4m). Prosecutors have accused him of directing the payment to unfreeze accounts belonging to his hedge fund linked to FTX. The accounts of his trading firm Alameda Research, which Chinese authorities had frozen, are said to have…
-
56bn, Activision, Blizzard, Business, closer, concerns, drops, Microsofts, moves, News, takeover, watchdog
Microsoft’s £56bn Activision Blizzard takeover moves closer as UK watchdog drops concerns | Business News
admin
Britain’s competition watchdog has provisionally dropped concerns that Microsoft’s proposed takeover of Activision Blizzard would damage the UK console gaming market. The Competition and Markets Authority (CMA) last month warned the £56.7bn deal could result in higher prices, fewer choices or less innovation for UK gamers. However, it said its latest findings have now indicated…
-
Virgin Orbit plans for insolvency amid rescue talks with investors | Business News
admin
Virgin Orbit has begun drawing up detailed contingency plans for its insolvency days after halting its operations and furloughing its workforce. Sky News has learnt that the commercial space satellite venture founded by Sir Richard Branson‘s Virgin Group is working with Alvarez & Marsal (A&M) and Ducera, two restructuring firms, on fallback plans in the…
-
Virgin Orbit halts operations with almost all staff set to be furloughed | Business News
admin
Virgin Orbit will pause all operations – with almost all staff at the satellite launch company expected to be furloughed. The company made the announcement after the first satellite mission from UK soil failed to reach orbit earlier this year. Chief executive Dan Hart told staff in a meeting on Wednesday that the furlough was…