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Tag: slows

UK economy slows as car sales fall

UK economy slows as car sales fall

Business
Growth in the UK's economy has slowed as car sales fell and the manufacturing sector stalled, the Office for National Statistics (ONS) has said.The economy grew by 0.4% in the three months to October, slower than the 0.6% in the three months to September."GDP growth slowed going into the autumn after a strong summer, with a softening in services sector growth mainly due to a fall in car sales," said the ONS's Rob Kent-Smith.GDP grew by 0.1% in October.Mr Kent Smith, who is head of national accounts at the ONS, said there had been strong growth in IT and accountancy which had offset the fall in car sales.However, he added: "Manufacturing saw no growth at all in the latest three months, mainly due to a decline in the often-erratic pharmaceutical industry."C...
Uber loses $1bn in three months as growth slows

Uber loses $1bn in three months as growth slows

Technology
Uber has reported a quarterly loss of $ 1.07bn (£820m) as it pumped money into bikes, scooters and food deliveries. July to September's losses were $ 177m (£136m) higher than the quarter from April to June - and come as the ride-hailing giant prepares for a keenly anticipated flotation next year.Revenue rose 5.4% over the third quarter and gross bookings increased by 6% to reach $ 12.7bn (£9.78bn), but these figures represent a slowdown in growth when compared with the same period a year ago.It was the third quarter in a row that Uber's quarter-on-quarter bookings growth has remained in single digits after double-digit growth through the whole of 2017. The company, based in San Francisco and valued at $ 76bn (£58.5bn), is seeking to expand in the ha...
Facebook shares slump as user growth slows

Facebook shares slump as user growth slows

Technology
Facebook shares slumped 7% in after-hours trading, as the social media giant revealed that its user base and second-quarter revenue grew slower than expected. The shares, which have risen as much as 23% this year, fell to $ 201.40 in trading after the bell.It was the company's first full quarter following the Cambridge Analytica privacy scandal.The firm said it had 2.23 billion monthly active users at the end of June, up 11% on June 2017, the slowest growth in more than two years.Analysts attributed the user growth shortfall largely to European privacy rules that went into effect in May.The Cambridge Analytica scandal prompted several apologies from chief executive Mark Zuckerberg and generated calls for users to desert Facebook, which has grown strongly since launching as...
CryptoKitties craze slows down transactions on Ethereum

CryptoKitties craze slows down transactions on Ethereum

Technology
A new craze for virtual kittens is slowing down trade in one of the largest crypto-currencies. CryptoKitties lets players buy and breed "crypto-pets" on Ethereum's underlying blockchain network. The game's developers told the Bloomberg news agency that CryptoKitties was a "key step" to making blockchains more accessible. But its popularity has underscored one of the technology's biggest downsides: its lack of scalability. Etherscan has reported a sixfold increase in pending transactions on Ethereum since the game's release, by the Axiom Zen innovation studio, on 28 November. "CryptoKitties has become so popular that it's taking up a significant amount of available space for transactions on the Ethereum platform," said Garrick Hileman, from the Cambridge Centre for Alternative Finance."So...