The Manchester Prize has returned for its second year as the British government hopes to incentivise AI innovation in the clean tech sector with ÂŁ2m of prizes. First announced by former chancellor Jeremy Hunt during the 2023 Spring Budget speech, the Manchester Prize is an annual competition for AI developers in the UK managed by ... Read more âș
15
Staff numbers at the London-based rapid grocery delivery startup Zapp were slashed dramatically in 2023 as part of a slew of cost-cutting measures. The average monthly number of staff for the year dropped from 2,417 in 2022 to 260, with layoffs affecting both the head office and across its stores and distribution centres, company filings ... Read more âș
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Sheinâs revenues surged in the UK in 2023 as the Chinese e-commerce giant prepares for a London IPO. The firm posted revenues of ÂŁ1.6bn for the year, a jump of around 40% compared to the previous 16-month reporting period of September 2021 to December 2022, or a near doubling when adjusting for the length reporting ... Read more âș
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The UK governmentâs tech department has set its sights on cutting red tape with the launch of a new regulatory office that it hopes will fast track the approval of new technologies. Announced last year as a key manifesto pledge from Labour, the Regulatory Innovation Office (RIO) will work with existing regulators to update rules ... Read more âș
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Vodafone has struck a billion-pound deal with Google as it looks to deepen its AI and cloud offering to customers. The British telco today unveiled the 10-year tie-up, which will include using Google Cloudâs gen AI across its TV set top boxes and Google Cloudâs Vertex platform to build machine learning models and AI applications ... Read more âș
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This weekâs podcast guest is Gene Burros, global policy council for the Coalition for App Fairness (CAF). Burros discusses how Apple and Google use their dominant position in the app store market to unfairly treat app developers and the legal battle taking place over this. Burros joined CAF â a group of app developers advocating for ... Read more âș
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SumUp revenues jumped in 2023 as the payments firm prepares for a share sale that could value it at as much as $9bn. The London-based business, known for its distinctive card readers, posted revenues of âŹ188m (ÂŁ156m) for the period, a rise of 26% compared to the previous year â though its growth rate slowed ... Read more âș
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A former executive at the London-listed research company Oxford Instruments has joined the board of directors at the motion capture firm behind the holographic tour of the pop group ABBA.  Ian Wilcock, who spent more than eight years at Oxford Instruments across numerous roles â including managing director of resonance and member of the executive ... Read more âș
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The boss of a leading UK cloud provider to the financial services sector has said he finds it âbizarreâ that many British banks and fintechs partner with big US cloud companies as he announced another successful year of growth. Gordon McArthur, CEO of AIM-listed cloud firm Beeks, suggested that it was not in the best ... Read more âș
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Confidence in the London markets has been tested again as a small-cap tech investor announced its decision to cease trading shares in October. London-based Quantum Exponential Group said in a company update that at a general meeting, the resolution to cancel the admission of shares on the AQSE Growth Market passed. Trading in Quantum Exponential ... Read more âș
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The CMAâs cloud investigation drags slowly on. Itâs such a big and complex topic that the regulator has given itself up to four more months to get it finished. The submissions made in response to the cloud enquiry are equally wide ranging and complex, including those from the chief protagonists of the investigation, AWS and Microsoft. As ... Read more âș
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This weekâs UK tech funding deals include warehouse robotics company Dexory, novel cancer therapeutics developer Enara Bio, AI supply chain analytics startup Ameba and more. UKTN tracked 108.6m worth of UK tech investment this week (30 September to 4 October), a 26% week-on-week decrease across 10 funding rounds. Hereâs your weekly roundup of UK tech ... Read more âș
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As many as a third of all payments fraud cases will not be covered under new reimbursement regulations due to be implemented next week, raising concerns over how the rules will incentivise behavioural changes of fraudsters and fraud detection specialists. Under the new Authorised Push Payment (APP) scams introduced by the Payment Services Regulator (PSR) ... Read more âș
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Billionaire Mike Ashleyâs Frasers Group has joined backers of a ÂŁ40m investment fund targeting early-stage startups in the AI and data space. London and Belfast-based VC firm Iona Star has raised ÂŁ22m in the first close of its new fund. The Iona Star fund will target AI and data startups with investments between ÂŁ1m and ... Read more âș
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Charlotte Lucy Hall is the co-founder of Zinc, a startup providing background screening and reference checking technology for hiring managers. In this weekâs Founder in Five Q&A, Lucy Hall discusses motivating a team by being vulnerable, running a startup with her significant other and why femtech is an industry to watch. What advice would you give ... Read more âș
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HSBC Innovation Banking has appointed Simon Bumfrey as its new interim CEO as it continues its search for a permanent replacement to outgoing chief Erin Platts. Banking industry veteran Bumfrey, 60, has served as head of relationship banking at HSBC Innovation Banking for the past year and had worked at its previous incarnation, Silicon Valley ... Read more âș
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Revolut has blasted recent measures from Meta to tackle digital fraud as âbaby stepsâ as the fintech demands social media firms be made liable to reimburse victims. Responding to the expanded partnership between Meta and UK banks, announced this week, Revolut has argued that financial institutions are unfairly being given the responsibility to refund fraud ... Read more âș
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British retailers are mounting a fresh lawsuit against Amazon after accusing it of âunlawfulâ freezing of sales proceeds. The legal action claims the ecommerce giant has been wrongfully freezing the cashflow of sales made on its platform, with some retailers claiming as much as ÂŁ300,000 in sales have been unfairly blocked. The legal action is ... Read more âș
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Monese has borrowed money from card company Pockit as it scrambles for fresh sources of funding after shareholder HSBC wrote off the value of its investment. The London fintech entered into a debt agreement in September, fresh company filings show, with Pockit acting as the lender. The size and terms of the deal were not ... Read more âș
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An Oxford-based biotech company developing âcutting-edgeâ cancer treatments has been backed by US pharmaceutical giant Pfizer and research group the Francis Crick Institute. Enara Bio on Thursday announced a $32.5m (ÂŁ24.7m) Series B funding round. With more than three million estimated cancer patients in the UK and around 167,000 deaths annually, according to Macmillan Cancer ... Read more âș
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Ameba, a London-based AI startup developing supply chain insights software, has raised $7.1m (ÂŁ5.3m) in a seed funding round. Founded in 2023, the West London startup has developed an AI platform to automate the extraction of data from across supply chains to generate insights into the source and status of products. âBrands today face intense ... Read more âș
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Most popular sources
Business Insider
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20% 12 |
The Verge
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11% 5 |
Tech Wire Asia
|
8% 2 |
Gizmodo
|
8% 3 |
Tom's Hardware
|
8% 5 |
| View sources » | |
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27.11.2024 08:07
Last update: 08:00 EDT.
News rating updated: 15:04.
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