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Technology

Bitcoin flaws call for replacement, not repair

11 Apr 2022

Greenpeace and others want to change the cryptocurrency's mechanics to make it less wasteful of energy and computing power. It's a nice idea, but they are up against vested interests and engineering challenges. Rival digital coins, or a new alternative, are better solutions.

Coinbase’s first anniversary will be sober affair

5 Apr 2022

A year after the cryptocurrency exchange went public, its shares have fallen 40%. Relying on fees from retail investors has made for volatile cash flows. A planned NFT marketplace and launching derivatives trading could help, but in those areas Coinbase is already behind the pack.

Hackers turn crypto’s strength into Achilles heel

30 Mar 2022

Attackers stole $540 mln from a blockchain linked to an online game. Theft is growing as developers roll out untested new blockchain products with shaky security. So-called decentralised finance makes it easy to create new crypto services, but criminals are mopping up the spoils.

Ericsson’s governance mess stretches beyond Iraq

30 Mar 2022

Investors rebuked CEO Börje Ekholm for not disclosing possible payments to Islamic State by stripping him of legal protections. The telecoms-kit maker kept voting details quiet, and its dual-class share structure means Ekholm looks safe. Investors have more reason to steer clear.

Kuaishou’s comeback gets unwanted Beijing cameo

30 Mar 2022

The $43 bln video-streaming outfit reckons its China business can break even this year. That would please investors, who have seen the stock crater 70%. But reports of regulators readying new rules spell more shareholder pain. Kuaishou’s turnaround may need some rewrites.

Capital Calls: Gas stimulus

25 Mar 2022

Concise views on global finance: Direct payments to drivers are better than fuel tax cuts, but neither is ideal.

Uber NYC cab deal turns lemons into lemonade

24 Mar 2022

The ride-hailing app is partnering with New York City taxis to make them available on the platform as a surge in gas prices threatens Uber’s ability to recruit drivers. Demand for rides is stepping up too. Joining forces with a once-bitter rival may help smooth the road.

Alphabet fiddles as app-store antitrust fire burns

24 Mar 2022

The $1.8 trln Google parent will let Spotify use its own payment service, skirting a 15% fee. The move piles pressure on rival Apple to do the same. But it’s just a pilot project and probably still includes a hefty charge. U.S. and EU regulators may force the duo to go further.

GIF inventor made few rich, but billions happy

24 Mar 2022

Steve Wilhite, who died aged 74, created a way for images to be easily shared and used in websites. The patents lapsed, and his employer CompuServe slipped into obscurity, yet GIFs remain ubiquitous – marking their inventor as one of tech’s great accidental philanthropists.

Capital Calls: Renault out of Russia

24 Mar 2022

Concise views on global finance: Dire prospects for the sanctioned economy make the French carmaker’s decision to leave rational, but costly.

EU’s faster, harder stick will whack U.S. big tech

22 Mar 2022

Existing antitrust law is too slow to prevent digital monopolies and too weak to create competition. New European rules, with a focus on prevention, will remedy that. The market is big enough and potential penalties so damaging that Apple and others need to take notice.

How Mad Men are waking up to the metaverse

22 Mar 2022

The pandemic sped up the shift to online advertising and e-commerce. In this episode of The Exchange Mark Read, CEO of WPP, tells how his clients coped with Covid-19, why virtual reality is the next big thing for consumer giants, and why corporate purpose is more than a buzzword.

Capital Calls: Tencent, Ted Baker

18 Mar 2022

Concise views on global finance: The Chinese web giant may have to separate its mobile payments business from its popular social media arm; U.S. buyout fund Sycamore can afford to be generous towards the hard-pressed UK fashion group’s shareholders.

Toshiba board rebel mainly helps governance cause

17 Mar 2022

Director and ex-hedgie Raymond Zage will vote for a proposal urging the company to consider buyout bids and share info with investors. He already backed a breakup, opposed by many funds. Even if offers underwhelm, listening to shareholders and opening up would be a good step.

Capital Calls: Electric vehicles

17 Mar 2022

Concise views on global finance: Tesla and BYD price hikes show that EV makers need to push harder to slim down designs and jettison expensive materials.

China’s finance technocrats grab back the mic

16 Mar 2022

Vice Premier Liu He wants government agencies to coordinate any new policies that might impact markets with financial watchdogs first. That’s music to the ears of investors tired of endless, roving crackdowns. Tech companies in particular will pray Liu wins this turf war.

U.S. services have better China lockdown defenses

15 Mar 2022

Chinese lockdowns spell new supply disruptions for firms like Apple and higher prices. Surging inflation is already hurting consumers. But services, like restaurants and travel, will be more resilient than during the pandemic, thanks to $2.6 trln of excess household savings.

India’s food super-app hits new gluttonous heights

14 Mar 2022

Food delivery group Swiggy’s ramp up of its rapid grocery service is locking in higher-spending users, giving the Prosus-backed firm an edge over Zomato. But the tech rout and ugly economics of speedy deliveries suggest a $10 bln valuation is better served up in private markets.