Weekly Tech Round-Up | #14
Here is all the tech news from the past week, sign up for our newsletter to receive this in your inbox every week. We also do a South West tech news update.
Govt policy shows UK tech is ‘guiding light’ in pandemic recovery, says Beacon CEO
While the pandemic has caused upheaval for many individuals over the past 12 months, the tech sector has been resilient over the past 12 months. The tech industry’s continued strong performance is reflected by recent data compiled by Tech Nation and the government’s Digital Economy Council, which shows that 10 per cent of all current job vacancies are for tech jobs. “Figures such as this represent the increasing importance of tech to the financial health of the UK and highlight its potential for leading the nation on its road to economic recovery following the pandemic,” according to Nigel Bridges, founding CEO at Covent Garden-based analytics firm Beacon.
EU plan threatens British participation in hi-tech research
Britain will be joining China in being locked out of research with the EU on cutting-edge quantum technology, such as new breeds of supercomputers, due to security concerns under a European commission proposal opposed by academic and 19 member states. Under the UK’s trade and security deal with its former partners, the government retained the right to pay into and participate in the EU’s Horizon Europe research programme, a €95.5bn (£82bn) funding scheme. But the commission has now decided to curtail the type of projects in which the UK will be able to take part under a draft proposal discussed with the member states on Friday
Facebook and Google are funding two new undersea internet cables
Facebook and Google are pouring more money into internet cables that could span the pacific Ocean. On Monday, the tech giants announced that they are funding two new cables called Bifrost and Echo. These cables will link America’s west coast with Indonesia and Singapore, with a stop-over in Guam, the US island territory in the western Pacific. While Facebook is investing in both cables, Google is only funding Echo.
ByteDance, the owner of TikTok, may be worth more than Twitter and Coca-Cola.
ByteDance are the Chinese owner of video app TikTok, and they may be worth $250 billion- this valuation beats Coca-Cola and outranks Twitter, Bloomberg report. Coca-Cola is valued at $228 billion, and Twitter is $48.8 billion, according to Markets Insider data. Last month, ByteDance was trading at a valuation of $200 billion on the secondary market, according to Bloomberg, citing people familiar with the matter.