Tesco’s Profit Falls on Increased Costs 📉
Scott D. Clary | Daily Business, Tech & Finance Newsletter
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Here’s whats happening:
- Tesco’s profit falls on increased costs
- Twitter rolls out an edit button for US subscribers
- BNB halts network amid $100 million exploit
- This digital banking startup just raised $40 million
- United Airlines to Buy Electric Aircrafts
Tesco’s Profit Falls on Increased Costs 📉
UK’s leading supermarket chain Tesco’s profit fell in the first half of the year on increased costs. The company also issued a more conservative forecast range for the full year.
Here’s how the company did:
- Tesco’s market share made a pre-tax profit of 413 million pounds (approximately $473.9 million) in the six months that ended on August 27, down from GBP1.14 billion a year earlier, on increased costs.
- Revenue increased to GBP 32.46 billion from GBP 30.42 billion a year before.
The bigger picture:
Even with tumbling profits and higher costs, the retail giant increased pay for store staff to £10.30 per hour, a rise of 20%, with effect from November.
Statement from Tesco:
“We know our customers are facing a tough time and watching every penny to make ends meet,” Tesco chief executive Ken Murphy said in the statement.
“As we look to the second half, cost inflation remains significant, and it is too early to predict how customers will adapt to ongoing changes in the market,” he added.
Twitter Rolls Out an Edit Button For US Subscribers 🇺🇸
Days after launching the edit button feature in Canada, Australia, and New Zealand, microblogging platform Twitter is making the widely requested feature available for its paid subscribers in the United States.
- Twitter’s edit button allows users to edit the content of their tweets for up to 30 minutes after posting — something that could help users correct a mistake in their tweet and add hashtags, among other things.
- Edited tweets will have an icon and timestamp to see when the tweet was last edited.
- Users can view the edit history and old versions of the post by clicking on the label.
- Twitter users can only edit their tweets five times within the 30-minute period, which is also meant to cut down the feature’s abuse.
Who is eligible?
Currently, Twitter subscribers who pay $4.99 per month for Twitter Blue will have the power to edit their tweets within 30 minutes of publication.
BNB Halts Network Amid $100 Million Exploit 🚨
BNB Smart Chain had temporarily paused its blockchain network after noticing a potential exploit on the network.
- Blockchain security and data analytics company Peckshield said that the BNB network had suffered an exploit with hackers making off with nearly one million BNB, the native token of the chain, worth $586 million.
- The issue reportedly took place on a cross-chain bridge, BSC Token Hub, which resulted in an extra BNB token being created.
- BNB Chain estimated $100 to $110 million in assets were moved off-chain, but it also said that $7 million was already frozen.
The good thing:
Binance founder and chief executive officer Changpeng Zhao said in a tweet that all funds are safe and that the issue is now contained.
Zhao also apologized for the issue and said that he would provide more updates about the issue accordingly.
This Digital banking Startup Just Raised $40 Million 💰
Jiko, a U.S.-based digital banking startup, has raised $40 million in its Series B funding round.
Along with the funding announcement, the company also announced the launch of the Jiko Money Storage solution that enables companies (multinational companies to startups) — to store money in spendable T-bills.
Red River West led Jiko’s Series B funding. The round also saw participation from La Maison Partners, BPI France, Airbus Ventures, Trousdale Ventures, Owen Van Natta, Temaris & Associates, Anthem Ventures, Upfront Ventures, and Radicle Impact.
What will Jiko do with the funding?
Jiko will use the funding to continue working to transform how money can be moved and stored, just like its new product Jiko Money Storage.
Founded in 2016, Jiko is a revolutionary new financial network that enables companies to both store and move money.
The startup combines the stability of an established national bank with the modernity of an integrated technology stack.
It owns and operates an OCC-chartered Member FDIC national bank and registered broker-dealer.
United Airlines to Buy Electric Aircrafts ✈
United Airlines is all set to purchase up to a hundred 19-seat electric planes from Swedish startup Heart Aerospace in a bid to have electric aircraft on its regional routes by the end of the decade.
The company also invested an undisclosed amount in Heart Aerospace through its venture funding arm at the time of the deal.
Over the years, United has pushed heavily into a variety of lower-emission forms of aviation, and its goal is to fully reduce its carbon footprint to net zero by 2050.
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