U.K. Prime Minister Theresa May will plow 170 million pounds into setting up new technology institutes, placing scientific education at the heart of her drive to boost Britain’s productivity through a new industrial strategy unparalleled since the 1980s, according to Bloomberg.
Increasingly popular smartphone, further implementation of „Internet +“ program and continuous technological innovation have fueled the rapid growth of the Chinese mobile payment market with transaction volume for 2015 surging by 322.2% to RMB130.18 trillion and expected to maintain an AAGR of 142% over the next couple years to hit RMB13,776.5 trillion in 2020.
In a presentation and news conference that lasted more than two hours, Samsung detailed the results of its investigation into Note 7 smartphones that overheated and burst into flames last year, according to Bloomberg. There were few surprises. While the company cited flaws in battery manufacturing and design for the fiasco, it took full legal responsibility and vowed never to let it happen again.
Apple is willing to start making iPhones in India, but it wants a big helping hand from Narendra Modi’s government first, according to Bloomberg. The company is scheduled to meet with officials in New Delhi this week to discuss the prospects for setting up manufacturing facilities in the country this year.
China’s government has conveyed its concern over Foxconn billionaire Terry Gou’s plan to expand the Apple assembler’s operations in the U.S. after President-elect Donald Trump takes office, according to Bloomberg. A high-ranking Chinese official recently expressed Beijing’s concerns directly to Gou, the people said, asking not to be identified because the conversation was private.
U.S. companies and government agencies suffered a record 1,093 data breaches last year, a 40 percent increase from 2015, according to the Identity Theft Resource Center, Bloomberg reports. Headline-grabbing hacks, with victims ranging from Wendy’s to the Democratic National Committee, are increasing despite regulatory scrutiny and more aggressive cyber-security spending.
IBM fourth-quarter sales declined and margins narrowed, indicating that revenue in cloud computing and artificial intelligence hasn’t yet offset acquisition costs and other expenses to move the company into new businesses, according to Bloomberg.
Facebook defended itself against criticism in Germany that it’s not doing enough to combat hate speech and fake news, telling Chancellor Angela Merkel’s party lawmakers that ridding its platform of such content is highly complex, according to Bloomberg.
The young entrepreneur credited as the brains behind Facebook’s virtual reality headset was accused in court of betraying a company that had worked with him to display the technology at a trade show, Bloomberg reports.
Alibaba Chairman Jack Ma said that a trade war between the U.S. and China would spell disaster for the world, and that he’d do anything in his power to prevent it from happening, according to Bloomberg. "I think that China and the U.S. should never have a trade war, will never have a trade war, and I think we should give President-elect Donald Trump some time, he’s open-minded, he’s listening," Ma said at the World Economic Forum in Davos, Switzerland.
Google is buying one of Twitter’s remaining parts, according to Bloomberg. Alphabet’s online search division agreed to purchase Fabric, a Twitter business that provides a software toolkit for mobile apps. The companies didn’t disclose financial terms.
An hour after Comcast said its Esquire cable network will shut down, a sign of flagging interest in traditional pay TV, Netflix reported its biggest quarter ever, beating analysts’ estimates on new subscribers and validating its vision of a world where everyone watches TV online and on-demand, according to Bloomberg.
A court in South Korea turned down prosecutors’ request to arrest Samsung Group’s Jay Y. Lee on alleged bribery, perjury and embezzlement, letting him stay in place atop the country’s most powerful company while they continue their investigation, according to Bloomberg.
Qualcomm forced Apple to use its chips exclusively in return for lower licensing fees, unfairly cutting out competitors, the U.S. said in a lawsuit against the biggest maker of mobile phone chips, according to Bloomberg. Exclusive deal was detailed in a Federal Trade Commission lawsuit accusing the chipmaker of illegally maintaining a monopoly for semiconductors used in mobile phones and pocketing elevated royalties from customers.
Apple’s bill for unpaid taxes in Ireland is creeping upwards, as authorities try to figure out exactly how much the world’s richest company owes, according to Bloomberg. European Union competition watchdogs ordered Ireland to claw back a record 13 billion euros plus interest in unpaid taxes from the iPhone maker last August, covering the years 2003 to 2014.
2016 was excellent year for Veeam. The company made $607,4M in total revenue bookings with 28 percent YoY growth. The growth was fueled by accelerated enterprise and cloud revenues which were driven by the critical need for enterprises of all sizes. In Croatia, Veeam had 28 percent YoY growth.
Xiaomi, one of China’s most valuable technology startups, is shooting for more than $14.5 billion of revenue in 2017, even as it pledged to slow its pace of business expansion and overhaul an online-focused retail strategy, according to Bloomberg.
Apple is taking additional steps to expand its music subscription service beyond just offering songs, according to Bloomberg. In a bid to differentiate itself from Spotify, which has about twice as many subscribers, Apple has been speaking with makers of original programming about buying rights to scripted shows and potentially movies, according to a person familiar with the subject.
Prosecutors are seeking a warrant to arrest Samsung’s Jay Y. Lee for allegations including bribery and embezzlement, a stunning turn for the scion of South Korea’s richest family groomed for decades to take over the company from his father, according to Bloomberg.
TSMC posted better-than-projected quarterly earnings, fueled by increasing demand for high-end microchips from biggest customer Apple as well as up-and-coming Chinese smartphone makers, according to Bloomberg. The world’s largest contract chipmaker also forecast revenue slightly below analysts’ estimates for the current quarter.
Fitbit isn’t starting off 2017 on a high note, according to Bloomberg. The maker of wearable fitness trackers halted production in mid-December because the devices were piling up at retailers and suppliers amid disappointing sales, according to a report by the firm. Demand so far this year is “characterized as weak,” Cleveland Research said, suggesting analysts’ estimates for 2016 fourth-quarter earnings may be too high.
Alibaba is leading a bid to take department store chain Intime Retail for as much as $2.6 billion, as China’s largest online retailer deepens its integration with brick-and-mortar stores, according to Bloomberg. The deal to buy out Intime adds to Alibaba’s burgeoning foothold in physical retail as it pursues growth beyond a slowing online business.
Prosecutors questioned Samsung’s vice chairman and heir apparent for about 22 hours in an influence-peddling probe that has reached the highest levels of government and business in South Korea, according to Bloomberg.
Apple must face consumer claims that it tried to monopolize the market for iPhone apps from 2007 to 2013 in a class-action lawsuit seeking hundreds of millions of dollars in damages, according to Bloomberg. A federal appeals court in San Francisco revived the proposed class-action lawsuit after a lower-court judge dismissed it.
President-elect Donald Trump said his administration would produce a full report on hacking within the first 90 days of his presidency and accused “political opponents and a failed spy” of making “phony allegations” against him, according to Bloomberg. “Totally made up facts by sleazebag political operatives, both Democrats and Republicans,” Trump said in a Twitter post, adding in a later tweet, “My people will have a full report on hacking within 90 days!’’
Nintendo’s new Switch gaming console is off to an underwhelming start, according to Bloomberg. The new machine, a tablet-sized device with wireless controllers that can be used anywhere but also connects to TVs, will go on sale March 3 at a price of $300, with a brand-new Zelda game as its launch title. None of that, however, was enough to convince investors that it will be a big moneymaker for the company, whose shares fell 5.8 percent after Nintendo executives held a presentation in Tokyo.
Three European broadcasting giants are joining forces to accelerate a push into online video, seeking scale as global internet services such as YouTube pull audiences and advertisers to the web, according to Bloomberg news report.
Bitcoin tumbled to a one-month low on worries that Chinese authorities are going to tighten their oversight of the digital currency. The price of bitcoin dropped to $752.5 , the lowest since Dec. 7, after a decline of as much as 16 percent in the previous session. It was trading down 2.6 percent in Hong Kong, according to data compiled by Bloomberg. The cryptocurrency hit an all-time high of $1,161.89 on Jan. 5.