California-based Alphabet, parent company of Google, reported strong profit growth on Thursday, 26 January, for the final three months of 2016. The company saw its profits rise on growth in mobile search and its video-sharing service YouTube. Google remains as Alphabet’s majority operating unit and advertising is still the company’s main source of profit. According to Alphabet its net income increased eight percent to $5.3 billion, which wasn’t as high as industry predictions on Wall Street, despite better-than-expected revenue. For…
British telecom and TV group BT saw its shares drop on Tuesday, 24 January, after accounting regularities were reported in Italy. BT shares sank 20.06 percent to 305.90 pence in late afternoon on London’s rising stock market. The accounting errors were first revealed in October, estimating BT would take a hit of £145 million. That figure was raised to £530 million on Tuesday. An independent review of BT’s Italian business found accounting irregularities and a “complex set of improper sales,…
Chinese e-commerce platform Alibaba reported strong revenue growth on Tuesday, 24 January, as demand for online shopping in China grows. The company said its revenues leapt 54 percent year-on-year for the quarter ended in December last year. Alibaba’s revenue reached 53.25 billion yuan ($7.7 billion) in the quarter, the company said in a statement. Alibaba’s revenue is seen as a benchmark for China’s increasingly important consumer sector. The company’s net income attributable to ordinary shareholders was 17.9 billion yuan ($2.57…
The Chan Zuckerberg Initiative, run by Facebook founder Mark Zuckerberg and his wife Priscilla Chan, has purchased Canadian artificial intelligence start-up Meta, which uses A.I. to read and comprehend scientific papers and then provide insights to researchers, as part of its mission to eradicate disease around the world. Meta capabilities will be unified in a tool made available for free to scientists. Meta co-founder and chief executive Sam Molyneux said in a statement, “We are very excited about what lies…
American rap superstar Jay-Z has failed to translate his star-power into market dominance for his music streaming platform Tidal. In a bid to breathe new life into the platform, Sprint, which is owned by Japan’s SoftBank, said it will purchase one-third of it. Sprint, which is the fourth-largest mobile operator in the U.S., plans to distribute Tidal content exclusives for its customers. Sprint hasn’t disclosed how much it is paying for its stake in Tidal, but music industry magazine Billboard…
US ridesharing platform Uber has been hit with a whopping fine of $20m dollars - after it was discovered that the tech firm was guilty of making exaggerated claims about how much drivers could potentially earn working with the company. Uber agreed the settlement figure with the US Federal Trade Commission (FTC) who also took umbrage with Uber’s misleading message on how affordable its vehicle financing plans were. The FTC said that the global ridesharing platform’s declaration that uberX drivers…
Hewlett-Packard Enterprise (HPE), the multinational information technology company, announced on January 17 a deal to purchase – in cash – business data management firm SimpliVity for $650 million. Massachusetts-based SimpliVity, founded in 2009, sells “hyperconverged” systems that combine computing, storage and networking. The market for hyperconverged systems, according to HPE, was estimated at $2.4 billion last year and is expected to grow to almost $6 billion by the end of the year 2020. “Hyperconvergence” refers to a type of “infrastructure…
Multinational technology giants Microsoft have acquired Canadian based Artificial Intelligence start-up Maluuba. The move is seen as the latest development in the race between tech companies such as Apple, Samsung, Google and Microsoft to design and develop sophisticated connected assistants. The financial terms of the acquisition were not disclosed by Microsoft who made the announcement publicly on Friday. Maluuba are a Montreal based AI organization that are focused on making machines that are able to think the way people do.…

China’s Central Bank caused Bitcoin’s prices to plummet

Written on Thursday, 12 January 2017 08:50
Bitcoin, the decentralized cryptocurrency and a payment system, saw its prices drop recently after China’s Central Bank announced it was investigating exchange platforms trading in the online currency. Confidence in Bitcoin dropped because of fears that Beijing could be leading a crackdown on the digital currency as part of its increasing battle against money flowing overseas. The Chinese investigation into Bitcoin was announced on Wednesday, January 11. Inspection teams dispatched by the People’s Bank of China (PBoC) were sent to…
In early January 2017, Apple announced plans to invest $1 billion in Japanese telecoms giant SoftBank’s $100 billion technology venture capital fund. Apple will reportedly join a list of other expected investors which include Foxconn Technology Group and Oracle Chairman Larry Ellison. Other companies like Qualcomm have already committed to the fund. The purpose of SoftBank’s $100 billion Vision Fund is to invest in strategic areas including the Internet of Things (IoT) and artificial intelligence (AI) as part of efforts…
India’s Reliance Communications, the Internet access and telecommunications company headquartered in Mumbai, India, is selling its mobile phone tower business to Brookfield, a Canadian asset management giant, for $1.6 billion, it was reported on December 21, 2016. The deal represents the largest investment by a foreign company in Indian infrastructure, according to Reliance. Brookfield reportedly seeks to capitalize on liquidity constraints at major Indian firms. According to a report by Bloomberg, Indian companies are struggling to acquire capital as the…
The Irish Government have presented its argument that Apple does not owe 13 billion in back-taxes to Dublin, and claimed that the EU breached state sovereignty in relation to its interference in this issue. In August, the EU ruled that tech giants Apple should pay billions in back-taxes to Dublin because Ireland had granted Apple undue tax benefits. Ireland’s Department of Finance, presented a three-page submission in which it outlined its arguments. The submission read, “The Commission has exceeded its…
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