The Question of Whether or Not WeWork Is a Tech Company Has Been Answered

Is WeWork, the sprawling chain of coworking spaces expanding across America and elsewhere, a tech company? WeWork is sure scrambling to find reasons to claim so, because “tech” is apparently some kind of magic word that it thinks will justify its $47 billion (£38.5 billion) valuation. Its critics have instead characterised WeWork as a traditional real estate company in the risky business of signing cheap long-term leases and flipping them to customers as more expensive short-term leases, which would leave it scrambling to pay off its $47.2 billion (£38.6 billion) in liabilities in the event of a downturn, and which has masked this fact with cult-like branding and just saying the word “tech” over and over. Read More >>

Sports Direct Buys Another Bankrupt High Street Brand

High street fashion chain Jack Wills is about to be ordered to start selling sparkly Puma trainers and t-shirts that say KARRIMOR on them, as it's the latest UK chain to be assimilated by unstoppable retail borg Mike Ashley and his Sports Direct force. Read More >>

Baked Potatoes Face Eradication From Lunch Menus

The Spudulike chain didn't go out of business in 2001, you may be amazed to hear, although it is about to go out of business today, as the potato franchise joins the long list of high street businesses to throw in the baked beans-stained tea towel and call in the administrators. Read More >>

eBay Is Suing Amazon Over Claims It Engaged in Illegal ‘Conspiracy’ to Poach Sellers

Online marketplace eBay is again taking legal action against Amazon, claiming that managers at the e-commerce behemoth directed employees to actively and illegally pursue sellers on eBay’s platform to lure them to Amazon’s own. Read More >>

Ryanair Accidentally Accumulated Too Many Staff

Budget airline Ryanair is preparing for a wave of job cuts, with up to 900 staff potentially facing redundancy. Pilots and cabin crew make up the numbers, with the boss preparing two waves of job losses in late 2019 and 2020. Read More >>

Tesla Posts Record Deliveries in Q2 2019, But Still Lost £327 Million

Electric car giant Tesla had its stock plunge over 10 per cent in after-hours trading after posting a $408 million (£327 million) loss in Q2 2019—despite shipping record numbers of cars, CNBC reported on Wednesday. Read More >>

At Least One (1) Car Company Agrees to Keep Manufacturing in the UK For a While

Jaguar Land Rover has a little bit of good news for the UK's besieged car manufacturing industry: it isn't abandoning the country. It will, to coin a phrase, remain. JLR is to build at least one of its future all-electric vehicles at its Castle Bromwich facility, safeguarding thousands of skilled jobs in the area. Read More >>

A New Report Says Toys R Us Could Be Coming Back This Year

Don’t count Geoffrey the Giraffe out just yet. Read More >>

The Money Shop Shuts Because Everyone Hates it

427 staff serving in more than 100 branches of The Money Shop – which recently pivoted from payday loan provider to a more traditional classic pawnbroker operation – are facing redundancy, as the chain literally surrenders under the weight of negative public opinion. Read More >>

Facing Antitrust Pressure, Google Starts Spinning Its Own Too Big to Fail Argument

While billboards go up in Silicon Valley calling for the break-up of big tech, executives at Google and Facebook continue to argue that the massive scale of their companies is a key asset in the emerging tech cold war between the United States and China. Read More >>

G20 Countries Agree on Approach to Shut Down Big Tech’s Tax Loopholes

The group of 20 finance ministers meeting in Fukuoka, Japan reached a tentative agreement on Saturday to “compile common rules to close loopholes used by global tech giants” such as Amazon, Apple, Facebook, and Google, Reuters reported—with a particular focus on reducing the practice by some companies of routing profits through countries that offer rock-bottom corporate tax rates, like Ireland and Luxembourg. Read More >>

Mike Ashley Pops Out to Buy a Game

Not just any old game, not just the new shooting one or the new driving one, but the entire chain of shops operated by Game Digital. He'll then be able to waltz in and order staff to hand over any game he likes. Read More >>

Uber Lit £791 Million on Fire Last Quarter Because That’s What Uber Does

In its first earnings as a public company, Uber posted losses of $1 billion (£791 million) over the previous quarter, more or less matching investor expectations, because sending the GDP of Vanuatu off a cliff every three months is Uber’s current business model, more or less. Read More >>

Jamie Oliver’s Restaurants Plunged into Fryer of Administration

Celebrity chef Jamie Oliver's celebrity businessman credentials are about to be called into question, as the company that operates all of his high street restaurant brands has called in the administrators. It's the global finance equivalent of doing a runner without paying. Read More >>

Poo-Testing Startup Founder Allegedly Lied About Her Age, Just About Everything Else

The founder of uBiome, an embattled startup claiming to employ “machine learning, artificial intelligence, and advanced statistical techniques” and probably a few other buzzwords to assess gut health, repeatedly misrepresented her actual age, Business Insider reports, landing her on several minimally-prestigious lists of influential young people. Read More >>