UK sustainable fuel firm urges governments to push businesses to make the switch August 15, 2022 UK sustainable fuel technology firm Velocys has hailed the around US’ $370bn package to reduce fuel emissions currently making its way through Congress – and has urged other governments to follow. Under the Inflation Reduction Act, which is still subject to ratification, the US has set aside billions to support the production and use of [...]
Covid test maker’s shares sink as CEO warns of losses over spat with Government August 15, 2022 Covid-19 test provider Abingdon Health’s shares have plunged today as bosses warn losses related to “resolving the lack of payment” by the Government’s Department of Health and Social Care (DHSC). Boss of London-listed rapid test manufacturer Chris Yates said today that the full-year results were “disappointing in many respects, particularly the distraction of the [...]
D-Orbit bails on US SPAC merger as investors’ risk appetite shrinks August 15, 2022 Satellite firm D-Orbit has bailed on its merger with a US special purpose acquisition company (SPAC) Breeze Holdings Acquisition Corp. as rocky markets spell investor concerns. The pair came to the conclusion mutually, D-Orbit’s primary investor Seraphim Space Investment Trust said today. Despite tech stocks recovering from a sell-off earlier this year, which saw millions [...]
Peloton sends staff back to the office in far-reaching turnaround plan August 13, 2022 Exercise bike maker Peloton has set out plans to hike its prices, cut costs, and force its staff back into the office, as it seeks to turnaround after demand for its home gym equipment dipped following the lifting of Covid-19 restrictions. In an internal memo published by Bloomberg, the New York headquartered running machine seller [...]
UK sends its good ideas overseas to be made – only to buy them back again, says Rockley boss August 12, 2022 The UK has been unable to break free from off-loading its innovations overseas to be manufactured during the past decade and the upcoming semiconductor strategy is unlikely to change the tides, the boss of Rockley Photonics has said. Rockley Photonics, which specialises in sensing technology, was once a key customer to the UK’s largest computer chip manufacturer Newport Wafer [...]
Arm co-founder steps down from board of China’s largest chipmaker August 11, 2022 A former president of British tech giant Arm has given up his role on the board of China’s largest chipmaker today, as semiconductor supply scales government agendas from East to West. In a LinkedIn post today, Arm co-founder Tudor Brown wrote: “A bittersweet day today. After nine years I resigned from SMIC board. Sad to [...]
The over-hyped madness of the metaverse and the forgotten value of video August 11, 2022 The metaverse and Virtual Reality have had the weight of a number of large big technology companies behind it in the last year, spearheaded by the likes of Apple, Facebook, and Microsoft. Not only did the industry see its proliferation increase substantially over the pandemic, but the hype has yet to deter, particularly with speculation [...]
Half of UK tech firms need greater support to scale, says report August 10, 2022 Half of the UK’s technology companies are lacking in the support necessary to scale the business, according to a new report today. The UK has a thriving technology space, securing 54 IPOs which have collectively raised £3.2bn – with 37 of these taking place last year, the report by Tech Nation, a body for UK [...]
Apple supplier Foxconn ‘cautious’ about demand as inflations spreads August 10, 2022 Taiwanese Apple supplier Foxconn is “cautious” about upcoming demand, supply chains and operating performance, it’s chairman said today, as inflation spreads and tensions with China rise. Foxconn, also known as Hon Hai Technology Group, is one of the world’s biggest suppliers of semiconductors or computer chips. The Taiwanese tech giant hit a record half-year revenue [...]
Musk sells $7bn worth of Tesla shares as Twitter battle heads to trial August 10, 2022 Elon Musk has sold nearly $7bn (£5.7bn) worth of Tesla shares as his battle with Twitter over his botched takeover heads to court. Musk, tech entrepreneur and the world’s richest man, will head to trial on 17 October. Musk had sold $8.5bn (£7bn) worth of Tesla shares in April, assuring shareholders that he was not [...]