Magic Leap Has a New CEO

Magic Leap has had it rough during the pandemic. In March, word got out that the struggling augmented reality company was looking for a buyer. A month later, it reportedly laid off roughly half its workforce. Another month passed and it somehow pulled an additional $350 million (£279 million) in funding out of nowhere. About a week after that, CEO Rony Abovitz stepped down. Now, the beleaguered startup has announced it’s found a new head honcho: Peggy Johnson. Read More >>

Apple’s Walled Garden Could Grow Higher

Apple has finally announced its long-rumoured transition away from Intel chips and will now make its own homegrown CPUs based on the ARM architecture for future Macs. The company’s goal is to shed its dependence on Intel so that it can control even more of its production and development pipeline. It’s an interesting move at an even more interesting time, given that Apple CEO Tim Cook has also finally agreed to testify on Capitol Hill in a Big Tech antitrust hearing. Just last month, the European Union opened its own antitrust probe into Apple and its App Store. The company is being investigated and criticised for its near-perfect execution of vertical integration more than ever before, just as it’s taking its biggest step toward its grand vision of vertical integration in nearly 15 years. Read More >>

Ikea to Repay Government Staff Furlough Payments

Ikea is going to hand back furlough payments made by nine governments around the world, seeing as we're all back firmly in the mindset of queuing for half a day for new shelving for our ironic vinyl collection to sit on. Read More >>

Poundstretcher Stretched to Breaking Point and May Close Half of UK Shops

Poundstretcher looks like it's about to radically reduce its footprint around the UK, as it's launched a company voluntary arrangement deal that's the first step towards binning off unprofitable branches, should landlords not agree to help it out a bit. Read More >>

Facebook’s GIPHY Acquisition Has Caught the Attention of the UK’s Competition Regulator

A few weeks ago Facebook announced it had purchased GIPHY, one of the best known GIF repositories on the web and a service that's been integrated into countless apps and messengers over the years. But the deal has come to the attention of the Competition and Markets Authority, who have opened a formal investigation into the deal. Read More >>

Land Registry Faces Shaming Over £4.8m Amazon Web Contract

The bosses of the UK's Land Registry are accused of doing something that looks perhaps a little dodgy, after revealing a £4.8m deal with Amazon Web Services to host its work. The problem being that Amazon UK's boss is also a non-executive director of the Land Registry, implying, to the casual observer, that some shady lunch meetings may have been had to cook up a cosy deal. As if we ever thought otherwise. Read More >>

MPs Demand New Laws to Stop State-Owned Companies Investing in UK Infrastructure

A group of Conservative MPs are asking the prime minister to bring forward legislation to limit the involvement of state-owned companies in our national infrastructure, in yet another thinly-veiled attempt to get Huawei out of our future mobile phone networks. Read More >>

Samsung Heir Makes History by Pledging to End Family’s Corporate Dynasty

There are a few things to know about Samsung’s heir apparent Lee Jae-yong and how his family runs the company – he does not make frequent media appearances, apologies are rare, and family succession is a given. But in a press conference today, Lee not only publicly apologised for his role in a bribery scandal involving succession plans, but he also announced that he has decided not to hand the company over to his children. Read More >>

JD Sports Told it Can’t Buy Footasylum

The Competition and Markets Authority has decided that JD Sports should not be allowed to buy rival chain Footasylum, lest they go mad and double the prices and only sell ancient Reeboks sourced from charity shops and there's nothing anyone can do to stop them. Read More >>

The UK’s Millionaire Landlords Have Created a Union for Themselves

The landlords of some of the UK's largest commercial property businesses have joined forces and created a union, seeing as no one else in the country has many nice things to say about them. Read More >>

Furloughed Staff Claim Sports Direct is Still Trying to Make Them Come to Work

Sports Direct has never come across as a very popular company, nor does its owner Mike Ashley come across as a well-liked human being, but it seems the pandemic is really doing a lot to tarnish that reputation even further. Because upper management apparently can't stop being a bunch of nobs to their staff amidst the worst health crisis for decades. The latest bit of bad news to come out is that claims are being made that Sports Direct is trying to make furloughed staff come into work, in defiance of the rules of the furlough scheme that say that's not allowed. Read More >>

Kickstarter Prepares to Shed ‘Up to 45 Per Cent’ Of Staff

Kickstarter has been transparent that, as a result of the pandemic, the number of fundraising projects on the platform is nowhere near normal. Today, the company confirmed to Gizmodo that shrinking revenues have forced it to drastically reduce staff. Read More >>

Some High Street Chains Won’t be Back, Says Timpson

Odd-job chain Timpson is preparing to phase itself back into operation, starting with a few outlets that exist within supermarkets as they're considered allowable and essential. But it warns that many businesses won't return to operation at all post-lockdown, as the coronavirus shutdown may push some struggling high street names over the brink. Read More >>

Rees-Mogg’s Banker Chums Told to Expect Mass Coronavirus Profits

A mere hour ago the coronavirus had us in the odd position of experiencing something akin to empathy for Boris Johnson, but that's all dried up now. Because his best chum Jacob Rees-Mogg stands accused of using his investment business to promote the huge amounts of money to be made, should financial markets ever bounce back from their current depression-level of crash. Read More >>

Mike Ashley Apologises and Attempts Nice Guy Reinvention

Mike Ashley would like it very much if we could remove his name from the Coronavirus Baddies list of people and businesses that have acted shabbily of late and we shall thus hate forevermore, as he's issued a letter of apology for the way his many operations reacted to government advice to shut up shop. Read More >>