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World’s most valuable chipmaker Taiwan Semiconductor to set up third facility in Arizona using funding from Biden policyBusiness live – latest updatesTaiwan Semiconductor Manufacturing Company is to build its most advanced chips in Arizona after receiving a pledge of as much as $11.6bn in US government subsidy as part of Joe Biden’s efforts to attract computer chip production.TSMC, the world’s most valuable chipmaker, says...

Revenue at Chinese telecom rose 10% as net profit more than doublesChinese telecoms firm Huawei grew faster in 2023 than it has for four years, as it shrugged off the impact of US sanctions.Revenues rose by nearly 10% to 704.2bn yuan (£77bn) as the Shenzhen-based company enjoyed a rebound within its consumer segment, which includes smartphone handsets. Continue reading...

Technology groups face hefty fines if they are found guilty of breaching Digital Markets ActBusiness live – latest updatesApple, Google’s parent company and Meta are being investigated by the EU for potential breaches of the bloc’s new laws designed to police anti-competitive behaviour by big technology companies.The trio face significant fines if they are found guilty of breaching the Digital Markets Act (DMA), a...

Former FTX CEO faces up to 100 years in prison should the judge hand out the harshest penaltySam Bankman-Fried, once the CEO of FTX and a billionaire wunderkind of the cryptocurrency world, will be sentenced to prison time on Thursday in New York City.Should the judge in his case impose the harshest penalty allowed, the 32-year-old would face more than 100 years and die...

European Commission investigates Spotify complaint that tech giant blocked users from cheaper subscriptions outside app storeApple is reportedly facing a €500m fine from the EU over restrictions on access to music streaming services, in what would be a landmark blow to the US tech company.The European Commission is investigating whether the US company blocked music streamers from telling users about cheaper ways to subscribe...

Rides to stadiums for music tours and sports events grew more than 35% in 2023 as company underwent an aggressive restructureLyft beat estimates for fourth-quarter profits on Tuesday and said it would generate positive free cashflow for the first time in 2024, as the ride-share platform reaps the benefits of heavy cost-cutting.Company shares surged nearly 60% in extended trading but erased a third of...

The Guardian and Mission Local unravel ‘grey money’ network flooding progressive city with conservative cashIn a way, it’s a story as old as time: ultra-wealthy figures pouring a flood of money into city politics in an effort to shape the way it is run.Still, the political-influence machine that tech billionaires and venture capitalists have recently built in San Francisco stands out for its size...

Facebook’s parent company to pay out to shareholders as it reports $40bn revenues for final quarterMeta revenue soars as it pivots to AIMark Zuckerberg, the chief executive of Meta, the parent company of Facebook, Instagram and WhatsApp, is expected to receive $700m (£549m) a year in dividends.On Thursday, Meta announced it would pay its first-ever quarterly dividend to investors since Facebook floated on the...

Tech tycoon awaiting fraud trial in US brings case against Serious Fraud Office in LondonMike Lynch, the technology tycoon once lauded as the UK’s answer to Bill Gates and now facing criminal fraud charges in the US, is suing the Serious Fraud Office.Lynch, who was extradited to the US last year to face trial over allegations he duped Hewlett-Packard into overpaying when it struck...

Tech firm says it will wait for inquiry into Horizon fallout to near end before deciding on compensationBusiness live – latest updatesBosses at Fujitsu have apologised to the wrongfully convicted Post Office workers and their families involved in the Horizon IT scandal and said it would work out the amount of compensation when the direction of the public inquiry became clear.Earlier this month, executives...

Even as more job cuts await, some analysts see the beginnings of a bull market in the coming season of earnings reportsWill 2024 be a boom or a bust for big tech? By one estimate, there have been more than 7,500 layoffs in the sector since the start of the year – a dispersal of pink slips that many hoped would have ceased after...

Former chief operating officer was lead architect of Facebook’s digital advertising-driven business modelSheryl Sandberg is to step down from the board of Facebook’s parent company, Meta, nearly two years after quitting her executive role at the business.Sandberg was the lead architect of Facebook’s digital advertising-driven business model as Meta’s chief operating officer. Continue reading...

iPhone maker ends South Korean rival’s 12-year lead, as Xiaomi, Honor and Google divide Android marketApple has overtaken Samsung as the world’s top smartphone seller.The US technology company’s iPhone for the first time became the world’s biggest selling smartphone after its South Korean rival’s 12-year run as leader, data showed. Continue reading...

Justice secretary says if firm behind Horizon IT software is found culpable, ministers would seek ‘proper recompense’UK politics live – latest updatesFujitsu should repay the “fortune” spent on the Post Office scandal if it is found culpable, the justice secretary has suggested, as pressure increases on the firm behind the faulty Horizon software.If the statutory inquiry into the saga, which resumes on Thursday, finds...

Electronics firm taken private in £11bn deal by consortium led by Japan Industrial PartnersToshiba, the Japanese company synonymous with the country’s 20th century dominance of electronics, has delisted from the Tokyo stock exchange after 74 years.The manufacturer, associated in the UK with its 1980s “Ello Tosh, got a Toshiba” advertising campaign, was taken private on Wednesday in an £11bn deal by a consortium of...