Uber rival Lyft says Alphabet leads latest $1 bln round of funding

Thursday, 19 October 2017

Uber rival Lyft said on Thursday Capital G, the growth investment fund of Google parent company Alphabet Inc, led a $1 billion round of financing, boosting the valuation of the ride-hailing service to $11 billion.The company already received an investment from GM but it looks like Lyft is shifting more to Alphabet, which has its own autonomous car development platform Waymo. Lyft also said that CapitalG partner David Lawee will be joining the company’s board. 

UAE retailer MAF trawls Silicon Valley for data specialists

Thursday, 19 October 2017

Dubai’s Majid Al Futtaim, the Middle East operator of French retailer Carrefour SA, is hiring 200 people as it rolls out an ambitious strategy to expand its digital and e-commerce operations, its chief executive told Reuters. Majid Al Futtaim, which in June acquired the franchise owner of Geant supermarkets in the Gulf, is bringing data scientists and engineers from Silicon Valley to make best use of its data, CEO Alain Bejjani said in a telephone interview. The business has started ...

Tesla fired hundreds of employees in past week

Saturday, 14 October 2017

Luxury electric vehicle maker Tesla Inc fired about 400 employees this week, including associates, team leaders and supervisors, a former employee told Reuters on Friday. The dismissals were a result of a company-wide annual review, Tesla said in an emailed statement, without confirming the number of employees leaving the company. “It’s about 400 people ranging from associates to team leaders to supervisors. We don’t know how high up it went,” said the former employee, ...

SWIFT says hackers still targeting bank messaging system

Friday, 13 October 2017

Hackers continue to target the SWIFT bank messaging system, though security controls instituted after last year’s $81 million heist at Bangladesh’s central bank have helped thwart many of those attempts, a senior SWIFT official told Reuters. “Attempts continue,” said Stephen Gilderdale, head of SWIFT’s Customer Security Programme, in a phone interview. “That is what we expected. We didn’t expect the adversaries to suddenly disappear.” The ...

Uber appeals against loss of London license

Friday, 13 October 2017

Uber submitted a court appeal on Friday to overturn a decision by London’s transport regulator that stripped the taxi app of its operating license in one of its most important markets. Transport for London (TfL) shocked the Silicon Valley firm last month by deeming it unfit to run a taxi service and refusing to renew its license, citing its approach to reporting serious criminal offences and background checks on drivers. Friday’s filing is a short ...

Hyperloop One gets Richard Branson on board

Thursday, 12 October 2017

Los-Angeles-based company, Hyperloop One said billionaire Richard Branson’s Virgin Group has invested in the company to form a strategic partnership. Branson joined the board of Hyperloop One and the company would rebrand itself as Virgin Hyperloop One in the coming months, Hyperloop said in a statement on Thursday. The size of the investment was not disclosed. Hyperloop One, the concept of which originated in a paper by Tesla Inc’s Elon Musk, is developing a futuristic high-speed ...

Vision 2030 to transform businesses with $2.2 bln in tech investments

Wednesday, 11 October 2017

Delegates at the HR Tech Saudi Summit taking place on November 20 – 21, in Riyadh, Saudi Arabia, will enjoy a unique opportunity to discuss how government investments worth $2.2 bln (8.3 billion Saudi riyal) will pose new opportunities for businesses to transform HR practices. The government of Saudi Arabia pledged the multi-billion riyal investment under Saudi Vision 2030, supporting a number of advancements in people and workplace development across key growth sectors. Sessions ...

Uber says committed to Egypt, announces $20 mln investment

Tuesday, 10 October 2017

Uber is committed to Egypt despite challenges presented by sweeping economic reforms and record inflation, the company said on Tuesday as it announced $20 million of investment in its new support center in Cairo.The Egyptian pound has lost half its value and fuel prices have jumped by up to 50 percent since the North African country floated the currency in November as part of reforms demanded by the International Monetary Fund in exchange for a $12 billion loan aimed at reviving the ...

Ikea on Amazon? Furniture giant to use online retailers

Tuesday, 10 October 2017

Ikea will start selling furniture through third-party websites next year as it tries to find new ways to reach customers in the digital age.Kaisa Lyckdal, spokeswoman for the Swedish home furnishing giant, says the aim is to start a trial in 2018 but that “no decisions are made regarding what platforms/markets will be in the pilot.”Lyckdal said Tuesday in an email to The Associated Press that Ikea would further develop its online sales strategy “over the coming ...

Balloons to help restore Puerto Rico’s cell networks

Sunday, 8 October 2017

Google’s parent company is set to launch balloons into the Caribbean skies in an attempt to restore telephone networks in hurricane-ravaged Puerto Rico. Alphabet Inc., which controls Google, obtained authorization from the US Federal Communications Commission (FCC) to deploy the devices -- developed from 2013 as part of a project known as “Loon.” It aims to temporarily re-establish Puerto Rico’s cellular network -- where 83 per cent of cell sites were still out of service ...

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