Skip to content

Author: Rupert Neate

Want to advertise here? Email nathan@basitweb.co.uk to rent this space!

Amazon threatens to move jobs out of Seattle over new tax



Warning issued after council votes for corporate wealth tax to help tackle city’s housing crisis

Amazon has threatened to move jobs out of its hometown of Seattle after the city council introduced a new tax to try and address the homelessness crisis.

Related: ‘Tax Amazon’: Seattle passes plan for corporate wealth tax to fund housing

Continue reading…

Jeff Bezos: the boy who wanted to colonise space



From a young age, the Amazon founder had dreamed up unlikely-sounding schemes. And then one took off

In 1994, Jeff Bezos held 60 meetings with family members, friends and potential investors in an attempt to persuade them to invest $50,000 (£35,000) in his revolutionary idea to create an online bookshop. He failed to convince 38 of them, and 24 years later some of them still cannot bring themselves to talk about what life might have been like if they had taken a punt on Bezos and this “Amazon thing” that the then 30-year-old hedge fund manager wouldn’t shut up about.

“I’m in touch with a few of them now,” Bezos revealed in an on-stage interview at a charity dinner in Washington DC last year. “It’s kind of a study in human nature … Some of them take it in their stride, and they recognise that they actually have ridiculously happy lives. [But] others of them just cannot talk about it – it’s too painful.”

Continue reading…

Gambling tycoon builds $100m bitcoin-funded Antiguan resort



‘His excellency’ Calvin Ayre says project will be entirely funded from digital currency profits

Calvin Ayre, a gambling and bitcoin multi-millionaire who was once on the run from the US authorities, is building a $100m five-star resort on Antigua funded by profits from digital currencies.

Canadian-born Ayre, who has been appointed Antigua and Barbuda’s special economic envoy, said he had begun work on the upmarket tourist resort on Antigua’s Valley Church beach.

Continue reading…

Gambling tycoon builds $100m bitcoin-funded Antiguan resort



‘His excellency’ Calvin Ayre says project will be entirely funded from digital currency profits

Calvin Ayre, a gambling and bitcoin multi-millionaire who was once on the run from the US authorities, is building a $100m five-star resort on Antigua funded by profits from digital currencies.

Canadian-born Ayre, who has been appointed Antigua and Barbuda’s special economic envoy, said he had begun work on the upmarket tourist resort on Antigua’s Valley Church beach.

Continue reading…

Arsenal seals cryptocurrency sponsorship deal



First such deal by a major sporting team will see club promoting CashBet at the Emirates

Arsenal has signed a sponsorship deal with the US cryptocurrency CashBet, which will see the Premier League club promote the firm’s initial coin offering (ICO) at the 60,000-seat Emirates stadium.

The deal, the value of which was undisclosed, is the first time a major global sporting team has officially partnered with a cryptocurrency firm. It comes as an increasing number of regulators and business leaders express concern about the dangers of consumers risking their savings in unregulated virtual currencies.

Continue reading…

Tiny US soft drinks firm changes name to cash in on bitcoin mania



Long Island Iced Tea Corp’s shares jump 432% after new name includes word ‘blockchain’, the currency’s ledger technology

Shares in a tiny US soft drinks firm, Long Island Iced Tea Corp, have quadrupled in value in just one day after it changed its name to Long Blockchain Corporation, the latest move by a string of obscure companies rebranding themselves in an attempt to ride the bitcoin bubble.

The small business, which produces a range of soft drinks on Long Island, said it was still going to continue making the iced tea-based drinks but was “shifting its primary corporate focus towards the exploration of and investment in opportunities that leverage the benefits of blockchain technology”.

Continue reading…

Game that tune: Apple snaps up Shazam for reported $400m



Price tag would be less than half the $1bn music identifying app was last valued at when it tapped investors in 2015

Apple has bought Shazam, a London-based app that allows smartphone users to identify music, for a reported $400m (£300m).

The US company, which revolutionised music with the introduction of the the iPod and iPhone, said Shazam was a natural fit for its Apple Music streaming service.

Continue reading…

Bitcoin value plummets after China orders trading in currency to cease



Beijing orders exchanges to stop trading in bitcoin amid fears increasing number of consumers in market could spark wider financial problems

The value of bitcoin has collapsed below $3,000 (£2,200) after Chinese authorities announced a crackdown on the digital currency.

The virtual currency, which emerged in the aftermath of the 2008 financial crisis, fell as low as $2,972 on Friday – a drop of 40% from a high of $5,000 earlier this month. The drop came after Beijing ordered cryptocurrency exchanges to stop trading and block new registrations, due to fears that increasing number of consumers piling into the market could spark wider financial problems.

Continue reading…

Facebook village? Social media giant to build ‘social housing’



The tech giant aims to build 1,500 apartments at Menlo Park after being criticised for helping to deepen the Silicon Valley housing crisis

Facebook is to build its own “village” of 1,500 homes for workers struggling to pay soaring rents as the housing crisis in Silicon Valley deepens.

Related: ‘We will be torn apart’: the battle to save Silicon Valley’s oldest trailer park

Continue reading…

Twitter revenues decline for first time as advertising falls away



Company reports 8% fall in revenue in first quarter to $548m, but shares rebound as analysts had expected worse drop

Twitter’s revenue has fallen for the first time, as advertisers have pulled back from the social media service favoured by Donald Trump, celebrities and journalists.

However, the Silicon Valley company, which has never turned a profit, cheered investors by significantly growing its monthly users to 328 million.

Continue reading…