GFG says it is launching an investigation as group seeks new lender following Greensill collapseSanjeev Gupta’s metals group is to launch an independent investigation after web domains resembling those of commodities trading firms were reportedly registered to a Gupta company email address.The web domains were only slightly different to existing domains owned by commodities trading businesses. One of the companies affected has sent Gupta’s GFG Alliance a cease and desist letter and demanded an explanation for why the web domains existed, after the Financial Times reported their existence. Continue reading...

05 Apr 2021 15:28 ✍️ RSS THE GUARDIAN

Robot that can check on loved ones and pets is one of plethora of devices announced at big launch eventAmazon has launched its long-awaited home robot, named Astro, that can autonomously drive around your home packed with cameras and a screen. Astro can map your home’s layout, recognise objects and check on loved ones and pets remotely using a series of cameras and a display on its front, featuring a set of expressive animated eyes.The robot can handle video calls, recognising you and coming to find you when someone calls, and provides all the features of Alexa on wheels. But Dave Limp, head of Amazon’s devices and services, said “customers don’t just want Alexa on wheels so we’ve embodied it with a unique persona that’s all its own”. Continue reading...

28 Sep 2021 20:18 ✍️ RSS THE GUARDIAN

Semiconductor shortage means production volumes of PlayStation 5 fall short of demandCoronavirus – latest updatesSee all our coronavirus coverageProfits at Sony Corporation have climbed by more than a quarter as demand for the PlayStation 5 games console, which boomed during the Covid-19 pandemic, continues to outpace supplies.The Japanese entertainment and electronics conglomerate reported a 26% rise in operating profit in the three months to the end of June to 280.1bn yen (£1.85bn) from 221.7bn yen a year earlier. Continue reading...

04 Aug 2021 10:49 ✍️ RSS THE GUARDIAN

Controversial share structures, employment conditions and ambitious valuations made the delivery company’s listing a flop. But all may not be lost…Some City wags dubbed it Flopperoo, while others plumped for Deliver-oops. Markets platform Dealogic crunched the numbers and came to the conclusion that the 26% slump Deliveroo suffered on its first day as a public company meant London had just witnessed the least successful stock market float in its history.In an internal memo, chief financial officer Adam Miller moved to calm any jitters among staff. “We have a simple message today: Don’t underestimate Deliveroo,” he wrote, before listing a string of mitigating factors for the dismal debut. Continue reading...

03 Apr 2021 15:00 ✍️ RSS THE GUARDIAN

Even Facebook and Google had their troubles when they first went public, so Deliveroo’s bad experience is far from uniqueAmazon listed on the Nasdaq at $18 a share with a market value of $438m in 1997, when it was just an online bookseller, with 256 employees. The share price rose gradually over the years, but started to rocket in 2015 after the firm posted substantial profits. Three years later, it became the world’s second trillion-dollar company, just weeks after Apple reached that milestone, and Amazon boss Jeff Bezos became the world’s richest man. Amazon is now worth about $1.6tn, with its shares trading at $3,161 last week.Google’s IPO in August 2004, six years after it was founded by Sergey Brin and Larry Page, valued it at $23bn, well below the $39bn achieved by rival Yahoo. Google had been forced to cut its float price by almost 40% and halve the number of shares being sold when the process was mired in controversy by technical mishaps, an interview with the founders published in Playboy and other IPO rule breaches. Shares in Google, now Alphabet, started trading on Nasdaq at $85 and rose to more than $100 on their first day. They are now worth $2,129, valuing the company at $1.4tn. Continue reading...

03 Apr 2021 15:00 ✍️ RSS THE GUARDIAN

Analysis finds 77% of directors on boards of seven US banks have ties to ‘climate-conflicted’ groups, as banks continue to finance projects like the Line 3 oil pipelineUS banks are pledging to help fight the climate crisis alongside the Biden administration, but their boards are dominated by people with climate-related conflicts of interest, and they continue to invest deeply in fossil fuel projects.Three out of every four board members at seven major US banks (77%) have current or past ties to climate-conflicted companies or organizations – from oil and gas corporations to trade groups that lobby against reducing climate pollution, according to a first-of-its-kind review by climate influence analysts for DeSmog. Continue reading...

07 Apr 2021 04:01 ✍️ RSS THE GUARDIAN

After a tough couple of years, the firm has a new philanthropic focus and a new look for the summerEthical shoe brand Toms hit the big time by making shoppers feel good about buying shoes as it donated a pair of its canvas espadrilles every time it banked a sale. But then consumers stopped buying.Now the US brand is on the comeback trail with a different profit-sharing setup and a new image. A chunky soled version of its slip-ons, aimed at Gen Z-ers cool enough to wear them with their socks pulled up, will hit the shops this summer. Continue reading...

06 Apr 2021 13:00 ✍️ RSS THE GUARDIAN