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Author: Sean Farrell

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Smartphone-only bank Monzo eyes billion-pound valuation

London-based bank set to become fintech ‘unicorn’ after lining up $150m of funding

Monzo, a digital bank popular with millennials, is set to become one of the UK’s technology “unicorns” after lining up new finance that would value the three-year-old company at more than $1bn (£787m).

The London-based bank has organised $150m of funding from investors, including Silicon Valley’s Accel Partners, which was an early investor in Wonga. Monzo’s fundraising will value it at up to $1.5bn – about four times the £280m value placed on the bank when it last raised money in November 2017, the Financial Times reported.

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From Virgin to Tesla: why companies go cool on public ownership

There are many reasons why entrepreneurs get frustrated by the demands of the markets

Elon Musk’s announcement that he was considering taking Tesla off the stock market should not have been a total surprise.

Related: Tesla shares soar after Elon Musk floats plan to take company private

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Samsung share price dives after Galaxy Note 7 phone recall

Recall of 2.5m units wipes £11bn off South Korean firm’s worth amid warning that battery issue could set new phone alight

Samsung has had £11bn wiped off its shares after the world’s biggest mobile phone maker warned customers not to use its Note 7 model because of the risk of it catching fire.

The South Korean company suspended sales of the phone, which it launched in late August to rave reviews, on 2 September. It said there were 35 cases of it catching alight or exploding out of 2.5m units sold, and blamed a battery cell problem.

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Apple ordered to pay up to €13bn after EU rules Ireland broke state aid laws

European commission says Apple got illegal help with tax breaks but CEO Tim Cook says ruling threatens investment in Europe

Apple has been ordered to pay a record figure of up to €13bn (£11bn) in back taxes to Ireland after the European commission ruled that deals between Apple and the Irish tax authorities amounted to illegal state aid.

Related: Apple faces large Irish tax bill in EU ruling – business live

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Apple facing back taxes running into billions over European commission ruling

Irish officials expect European commission to declare the arrangement with Apple unlawful under state aid rulesApple could face back taxes running into billions with the European commission expected to rule against the company on Tuesday over its arran…

Google and GSK form venture to develop bioelectronic medicines

Britain’s biggest drug company and Verily Life Sciences, a division of Alphabet, have teamed up to tackle chronic conditions

GlaxoSmithKline has teamed up with Google’s parent company Alphabet to develop miniature electronic implants for the treatment of asthma, diabetes and other chronic conditions.

GSK, Britain’s biggest drug company, said it would form a joint venture with Verily Life Sciences, a division of Alphabet, to work on research into bioelectronic medicines. GSK will own 55% of Galvani Bioelectronics, and Verily will hold 45%.

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Facebook’s solar-powered internet plane takes flight

Aquila drone, which at cruising speed uses same wattage as three hairdyrers, uses lasers to beam internet to remote regions

Facebook has announced the first successful test flight of a high-altitude solar plane to bring internet access to remote parts of the world.

The Aquila drone has the wingspan of an airliner but weighs less than a car. When cruising it consumes just 5,000 watts – the same as three hairdryers or a powerful microwave.

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BT not investing enough in Openreach, MPs say

Culture, media and sport committee says BT’s broadband infrastructure division offers poor service

BT is failing to invest properly in broadband infrastructure and should be broken up unless it spends more money to improve the service, according to a committee of MPs.

In a report published on Tuesday, the culture, media and sport select committee said BT’s underinvestment in its Openreach broadband infrastructure division could amount to hundreds of millions of pounds a year.

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Nintendo shares up 53% as investors try to catch ‘em all

Investment surge adds £7bn to firm’s worth as Pokémon Go transforms Japanese company from reluctant mobile gamer to virtual reality trailblazer

Investors are still trying to catch some of the runaway success of Pokémon Go, extending the gain for Nintendo shares to more than 50% in three trading days since the game was launched.

Nintendo’s shares rose 12.8% to ¥22,860 in Tokyo on Tuesday, taking total gains in the past three days to 53%. The rise has added £7bn to the company’s market value since the latest version of its 21-year-old game was made available on 7 July.

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