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The latest news from Business Insider
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    Harry Kane

    Manchester United manager Jose Mourinho will have to more than double the football transfer record to sign Tottenham Hotspur striker Harry Kane.

    Paul Pogba is the most expensive player in the world after United paid Juventus £89 million ($113 million) for the midfielder in 2016.

    The Independent claims Tottenham could demand £200 million for Kane, who has been the top scorer in the Premier League for two seasons in a row.

    Club owner Daniel Levy reportedly "laughed off" suggestions United could buy the striker for £100 million.

    The Independent said there has been "inflation in the transfer market" since Tottenham sold Gareth Bale to Real Madrid for £86 million in 2013. At the time, Bale was the most expensive player in the world.

    It is unclear how large United's summer transfer budget is but if the club was to pursue Kane, it would have to satisfy the player's wage demands, as well as Levy's lofty valuation.

    In November, 2016, The Telegraph said Kane would want £120,000 per week for his next deal. Over a four-year period, this would cost United approximately £25 million.

    United has also been linked with Real Madrid forward Álvaro Morata and Inter Milan midfielder Ivan Perišić.

    Join the conversation about this story »

    NOW WATCH: We finally learned the purpose of that extra shoelace hole on your sneakers

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    pearl rearvision

    A startup built by ex-Apple engineers that raised $50 million (£39 million) to build automotive tech has shut down, according to a report from Axios' Dan Primack and Kia Kokalitcheva

    Pearl Automation's flagship product was Pearl RearVision, a digital rearview camera that the user attached to their licence plate and viewed via their smartphone. 

    But sales were reportedly poor, and costs were high, and the company has now apparently shut down.

    The firm did not immediately respond to Business Insider's request for comment. Its website remains online, but all its inventory (the Pearl RearVision and the Pearl Phone Mount) are currently listed as out of stock.

    The company is led by three ex-Apple engineers, and it came out of "stealth mode" (when a company deliberately avoids all publicity at the start of its life) in June 2016. As of January 2017, it had 70 employees — 50 of which used to work at Apple. 

    It had raised $50 million in a Series A funding round in June 2016, according to its profile on Crunchbase, with investors including Accel Partners, Shasta Ventures, Venrock, and Wellcome Trust.

    pearl rearvision

    The RearVision sold for $499 (£392) in the US — not cheap, but cheaper than the alternative, the company argued in marketing materials. It "sounds like a lot until you back into a Harley [Davidson motorcycle]," it said. "Until now, getting a quality backup camera installed would set you back thousands of dollars. And even that would be worth it compared to the repair bills that come with one teeny, tiny fender bender."

    Axios also reports the company was approached by (unnamed) outside companies about a potential "acqui-hire" offers — an acquisition focused on the team as much as the product itself — but chose not to.

    CEO Bryson Gardner told Business Insider in September that the RearView was only the first in a planned set of tech accessories intended to augment traditional cars — but it looks like they will now never come to fruition.

    Join the conversation about this story »

    NOW WATCH: Here are all the major changes coming to your iPhone

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    May DUP

    • Democratic Unionist Party seals £1 billion agreement with the Conservatives to support their minority government.
    • DUP leader Arlene Foster travelled to London in to conclude talks with Theresa May.
    • Deal expected to be a 'confidence and supply' arrangement, where the DUP would vote with government on votes of confidence and budget matters.
    • News comes ahead of vote on Queen's Speech, which the government needs to pass.

    LONDON — Theresa May has come to an agreement with the Democratic Unionist Party over a reported £1 billion deal in order to have a majority in the House of Commons.

    The deal is reportedly a 'confidence and supply' arrangement, where the DUP will support the Conservative minority government and vote with it on the Queen's speech this week.

    The leader of the DUP, Arlene Foster, had said that a deal between the DUP and the Conservatives is "close" as she returned to London to conclude talks on Monday.

    Foster told The Belfast Telegraph that "I believe we are close to concluding an appropriate agreement with the Conservative Party to support a minority Government on a confidence and supply basis."

    The Conservatives were hopeful of completing the deal between the two parties before the crucial vote on the Queen's speech this week, possibly on Wednesday or Thursday, which they will need to win.

    The BBC's Laura Kuenssberg tweeted on Monday morning that "DUP deal now expected by lunctime today."

    The DUP have 10 MPs, which when added to the Conservatives 318 gives the minority government a majority of two in the House of Commons.

    Talks had been ongoing since the shock general election result which deprived the Tories of their majority, and have been lengthy and troubled as the DUP pushed the government hard for concessions. 

    Foster admitted that it had been "slow at times," but both parties "continue to work through the issues." The DUP leader also said that her party was "at the heart of UK politics and in an incredibly influential position." 

    The 'confidence and supply' deal which is expected to be announced will mean the DUP will vote with the government on votes of confidence, the budget and the Queen's speech, with negotiations needed over getting other legislation passed.

    The vote on the Queen's Speech is expected to be very close, as Labour attempt to defeat the minority government at the first opportunity. The debate over ammendments to the speech is expected to be heated.

    Former Northern Ireland secretary Theresa Villiers told the BBC's Today programme that the deal "is likely to involve a package of support for the Northern Ireland economy. There is definitely a credible case for supporting the Northern Ireland case with a financial package."

    Foster also told Sky News: "I think that this agreement will bring the prospects of doing a deal at Stormont closer because this will have a positive impact in relation to Northern Ireland."

    The Northern Ireland Assembly has been without an executive since January, and negotiations between the DUP and Sinn Fein to re-establish Stormont have their deadline this Thursday, after which direct rule might be imposed from Westminster. Foster said "I very much hope that this week we will be able to conclude on two agreements."

    Leading political figures had warned that a Tory-DUP deal is dangerous for Northern Ireland and the Conservative Party. Former prime minister John Major warned that it could cause a return of violence to the region, and that the government would not be seen as "impartial" in Stormont negotiations.

    Labour MP Stephen Kinnock told the BBC's Victoria Derbyshire show that by "going into this formal agreement with the DUP you are in serious danger of wrecking the Northern Ireland peace process."

    Join the conversation about this story »

    NOW WATCH: Listen to the leaked audio of Australia's prime minister mocking Trump

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    LONDON — Lord Lamont of LerwickThe Serious Fraud Office (SFO) is investigating a company with links to the former Chancellor, Lord Lamont of Lerwick. Arrests have been made as part of the inquiry into Balli Group, which was announced in May this year. 

    It is not believed that anyone has yet been officially charged, and no names of those being investigated have been released. Norman Lamont has not been named as a suspect or person of interest.

    In 2010 Balli Aviation Ltd pleaded guilty to charges of illegally exporting Boeing aircraft from the United States to Iran, in breach of sanctions. Balli Aviation agreed to pay a $2 million (£1.57 million) fine alongside the group's larger $15 million (£11.78 million) civil settlement. The group went into bankruptcy administration in 2013, with debts of more than £834 million.

    Lamont is a previous director of Balli Group, but there is no suggestion that he is among those being personally investigated.

    He resigned from Balli in 2012, having held the post since 1995, and is currently the UK's trade envoy to Iran and on the government's Economic Affairs Committee. He served as Chancellor of the Exchequer between 1990 and 1993.

    Lamont told The Times that the SFO had not contacted him regarding the investigation.

    After Balli Group filed for bankruptcy, Deloitte took over the administration of the group. Deloitte's initial report stated the company and its subsidiaries had "loaned significant sums to related parties between 2007 and 2012 to finance investments in non-core activities, specifically property and aviation, which were unsuccessful."

    Its report from January noted that the duration of the administration is "likely to be dependent on progress of the SFO's investigation."

    Since January 2016, when sanctions on Iran were lifted, the UK government has made efforts to improve links with the Gulf region: in December, Prime Minister Theresa May said at the Gulf Cooperation Summit in Bahrain that the UK's new Gulf strategy would deepen the UK's relationship with Gulf states, and that Britain would invest over £3 billion in defence in the region over the next ten years.

    "We are now presented with an opportunity to put Anglo-Iranian relations on a new footing," said Trade Secretary Liam Fox in November.

    "This developing relationship has the potential to be a mutually beneficial and prosperous one," he said, "as Britain recasts its own place in the world, we will continue to work with Iran on the future expansion of our trading relationship." 

    Join the conversation about this story »

    NOW WATCH: Harvard Business School professor explains the most important problem we have in finance today and how to fix it

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    Wendy Tan White, the cofounder of DIY website builder Moonfruit, is leaving company builder Entrepreneur First in September and joining venture capital firm BGF Ventures, where she will be the firm's first female partner.

    Tan White, a 46-year-old entrepreneur that was awarded an MBE in 2016 for services to technology businesses, will work alongside existing BGF Ventures partners Rory Stirling, Simon Calver, and Harry Briggs.

    BGF Ventures is the VC arm of the Business Growth Fund (BGF) — a £2.5 billion investment company that backs businesses across the UK. It is funded by five of the UK’s main banking groups — Barclays, HSBC, Lloyds, RBS and Standard Chartered. 

    Launched in 2015, BGF Ventures has £200 million at its disposal. It has invested almost £50 million in 18 UK companies so far including the likes of meal kit delivery service Gousto and edtech startup Firefly. Each investment is between £1 million and £6 million. 

    Explaining her logic for moving, Tan White told Business Insider: "I want to help UK early stage tech companies really scale right through their lifecycle from seed to growth and eventually exit/IPO. I'd like to work with fewer teams more deeply through each stage of growth and use the full range of experience I have as I took my own business from start to exit and to global scale after we were acquired over a 15 year journey.

    "EF has become a scaled 'company builder' producing a high volume of incredibly, talented deep tech companies from formation to seed. I'll look forward to investing in them when I'm at BGF Ventures at their next stage."

    Moonfruit founder Joe WhiteAt BGF Ventures, Tan White will be responsible for spotting the next generation of high-potential young startups across the UK to invest in.

    Tan White studied computer science at Imperial College London before founding Moonfruit with her now husband Joe White. The Moonfruit platform was launched in 2010 and sold to Yell in 2012 for a reported $29 million (£23 million).

    Tan White — who has been an active angel investor for several years, backing the likes of Magic Pony Technology, which was acquired by Twitter last year for $150 million (£118 million) — said it "it was a big decision" for her and her husband to go their separate ways in their careers. 

    "Joe is staying at EF and taking on a bigger role as CFO," said Tan White. "Joe and I are excited at the opportunity of being able to supporting the UK ecosystem more broadly at different stages.

    "I'm still fully behind EF, I will remain an LP and shareholder. I have personally mentored 20+ EF companies through formation and got them seed funded. Having worked successfully at this pre-seed/seed stage, I'm now ready to work with a smaller group of companies more deeply all the way through to exit/IPO. I'm keen to invest in and scale EF companies but also other ambitious startups in the UK ecosystem. I can do this at BGF Ventures as part of BGF."

    Join the conversation about this story »

    NOW WATCH: Here are all the major changes coming to your iPhone

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    ubs swiss bank

    A dispute over hiring in Asia between UBS and Deutsche Bank resulted in UBS being left out of a rights issue from Deutsche Bank earlier in 2017,  according to a story from the Financial Times.

    Tensions developed after UBS hired Deutsche Bank's most senior wealth management executive in Asia, Ravi Raju, in October 2016.

    UBS had also reportedly tried to hire more Deutsche staff after poaching Raju, with the FT reporting that some UBS staff members had told Deutsche employees that the German lender "might not be there in a few years' time," alluding to persistent concerns from some in the industry about the health the bank. 

    UBS was subsequently excluded from the list of eight banks underwriting this year's rights issue, with people with inside knowledge told the FT that Deutsche executives had "sin-binned" UBS as a result.

    An insider also told the paper that the two banks were now working to improve relations. 

    Earlier this month Deutsche Bank announced it was planning to hire 50 new staff members in its Asian wealth management team, in response to having lost senior executives. Meanwhile, UBS promised to double its China team between 2016 and 2021.

    Neither Deutsche Bank nor UBS has commented on the Financial Times' story.

    Join the conversation about this story »

    NOW WATCH: HENRY BLODGET: This chart explains everything that's wrong with the economy today

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    Muddy Angel Run

    Here is what you need to know.

    Theresa May secures a majority. UK Prime Minister Theresa May's Conservative Party has secured a 1.5 billion pound agreement with the Democratic Unionist Party, giving it a two-seat majority in the House of Commons.

    Italy is spending 17 billion euros to wind down 2 failing banks. The regional lenders Popolare di Vicenza and Veneto Banca are being wound down, and their good assets will be transferred to the nation's biggest retail bank, Intesa Sanpaolo.

    German business confidence is booming. The Ifo Business Climate survey hit a record 115.1 in June.

    The US dollar is falling out of favor. Data released Friday by the US Commodity Futures Trading Commission showed that net long speculative positioning in the greenback fell for a fifth consecutive week, leaving it at its lowest levels since September.

    Gold flash-crashes. The precious metal tumbled from $1,254 an ounce to $1,236 in seconds on Monday morning. It now trades down by 1.1%, or $14, at $1,242.

    Ethereum flash-crash victims are getting their money back. People who lost money as a result of Ethereum's flash crash on the GDAX exchange will be made whole, according to a blog post from the company. Last Wednesday, Ethereum crashed to $0.10 from $296 in minutes before recouping its losses.

    Facebook is in talks to produce original TV-quality shows. The social-media giant is hoping to launch original programming by the end of the summer, according to Joe Flint and Deepa Seetharaman of The Wall Street Journal.

    Under Armour's CEO explains his comments on Trump. "It was unfortunate that my words got characterized in a way that were meant to be divisive in some way, shape, or form," Under Armour CEO Kevin Plank told Willie Geist on NBC's "Sunday Today" show. Plank's comments were a follow-up to a statement he made in February in which he said a pro-business president was a "real asset for the country."

    Stock markets around the world are higher. China's Shanghai Composite (+0.87%) led in Asia, and France's CAC (+0.97%) is out front in Europe. The S&P 500 is set to open up 0.11% near 2,441.

    US economic data flows. Durable-goods orders will be released at 8:30 a.m. ET, and Dallas Fed manufacturing will cross the wires at 10:30 a.m. ET. The US 10-year yield is up by 1 basis point at 2.15%.

    Join the conversation about this story »

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    Mark Carney

    LONDON — Yet another bedrock belief about economics has turned out to be false: Printing money — in the form of 0% interest rates — does not always cause runaway inflation.

    In any economics class, one of the first lessons students hear is about the Weimar Republic, before World War 2. The German government printed money to pay off its debts, creating spiralling inflation. People ended up pushing wheelbarrows full of cash through the streets in order to pay for a loaf of bread. Money was so worthless that some even burned it to stay warm.

    To this day, the German government regards debt and money-creation with deep suspicion.

    But central banks in the US and Europe have held rates near zero for years, effectively printing money into the banking system. It turns out you can print money and not see crazy inflation. The most extreme example is Sweden, which has held some interest rates below zero for years. Sweden, in theory, should be well into Zimbabwe territory by now — with people paying for sandwiches with bricks of worthless cash. But inflation there is only 1.7% or 1.9%.

    So Bank of England Governor Mark Carney now faces a difficult new dilemma: Should the Monetary Policy Committee raise interest rates to stave off inflation at its next meeting on August 3?

    With UK inflation creeping up toward 3%, the "normal" answer would be that the BoE should obviously raise interest in order to stamp out inflation. UK interest rates have been at or near zero for years since the 2008 crash. Central banks have been printing money furiously. The BoE's target inflation rate is about 2%, and the best way to bring down prices is to reduce the supply of money.

    inflationAnd yet ... there is only a 20% chance that the BoE will raise rates in August, according to Pantheon Macroeconomics analyst Samuel Tombs. That's because the BoE's money-printing hasn't actually caused runaway inflation. Sure. it's going up — but that is mostly an effect of the devaluation of the pound following Brexit.

    Here is what's really going on. This is a chart of wage growth from Pantheon:


    In a high-inflation period, you ought to see high wage growth as the economy balloons and workers demand better wages, either through their personal or collective bargaining power, or by flitting from job to job for ever-higher salaries. But wages in Britain are depressed. The jobs/wages situation is so bad it was probably a big factor in the swing toward the Labour Party at the last election. We have close to full employment but no one feels rich. Full employment and growing price inflation have not given British workers extra leverage to demand higher wages.

    In that context, increasing interest rates might only damage the economy — by making consumer debt more expensive, and reducing the ability of companies to invest borrowed money into more work. Both those factors might hurt employees and the economy as a whole, pushing the UK into "stagflation"— a stagnant economic period characterised by rising inflation due to the softening pound.

    There have been some types of inflation during Britain's 0% years: House prices have become ridiculous and the stock market is buoyant. The inflation has been funnelled into investment assets, not consumer product prices.

    But there is something else at work, too.

    The powerful deflationary force of technology, the internet, and the gig economy. Consumer price inflation used to hurt workers really quickly. But now, when anyone can search the internet for the cheapest product they need, you can basically import your own price deflation from the cheapest company available. This seems to be what's happening in Sweden.

    Business Insider has previously referred to this as the Spotify effect— the notion that in the past you may have spent £30 a month on CDs but now you spend £12.99 a month on Spotify, and receive vastly more music for the bargain. If your wages remained the same you are now technically £17.01 richer every month. That effect occurs for almost any product that can be bought on the web, and it has created a powerful macro tide.

    It's had a relatively disastrous effect on wages, however.

    The rise of software-driven "gig economy" businesses like Uber and Deliveroo have allowed companies to turn their demand for labour on and off like a light switch. Companies can change the number of workers they need by the minute rather than by the week. That has allowed those companies to keep wages down. Because the workers are officially self-employed, it has prevented them from pushing their wages higher.

    A fundamental law that was thought to govern the supply and demand for labour is now broken — you can keep wages down in a full-employment economy, it turns out, if your software is nimble enough.

    That's why Carney and the BoE's next meeting will be so tough. The UK has a small amount of inflation. It's probably not caused by a runaway economy or a tight labour market. We have weak GDP growth. And raising interest rates may make things worse, rather than better.

    Join the conversation about this story »

    NOW WATCH: Harvard Business School professor explains the most important problem we have in finance today and how to fix it

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    grand theft auto GTAV

    The publisher of the "Grand Theft Auto" series of games has dropped a plan to take legal action against independent developers of third party projects like mods for "Grand Theft Auto IV" and "Grand Theft Auto V," Engadget reports.

    Earlier this month, game publisher Take Two sent a letter to the developers of the OpenIV modding tool, in which it asked for the tool to be taken down.

    The tool was used to make modifications to both GTA IV's and GTA V's single player modes, and could "allow third parties to defeat security features of its software and modify that software in violation Take-Two's rights," according to Take Two's letter.

    On June 14, facing the threat of legal action, the developers announced that they would cease distribution of the OpenIV tool.

    A campaign of bad ratings from gamers all over the world immediately followed, culminating in a petition with over 77,000 signatures in which fans asked Take Two and "Grand Theft Auto" developer Rockstar Games to change their mind.

    The plan worked, as Rockstar announced on its support forum this past weekend:

    After discussions with Take-Two, Take-Two has agreed that it generally will not take legal action against third-party projects involving Rockstar’s PC games that are single-player, non-commercial, and respect the intellectual property (IP) rights of third parties. This does not apply to (i) multiplayer or online services; (ii) tools, files, libraries, or functions that could be used to impact multiplayer or online services, or (iii) use or importation of other IP (including other Rockstar IP) in the project.

    The developers of the OpenIV tool haven't directly responded as of yet, but the tool did get an update over the weekend.

    Join the conversation about this story »

    NOW WATCH: Every map of Louisiana is a lie — what it really looks like should scare you

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    Gold traders were greeted with a jolt Monday morning. The precious metal fell by nearly $20 an ounce in seconds at about 4 a.m. ET. The price sank from about $1,254 an ounce to a low of $1,236. Gold has recovered a portion of those losses, but it still trades down by 1% near $1,244.

    The precious metal has had a solid start to 2017, gaining 7.36% year-to-date. But the yellow metal has struggled to break through its preelection level of about $1,300.

    Gold prices fell after Donald Trump's election win as traders speculated Trump's pro-business agenda would spark robust economic growth in the US. That put a charge in the US dollar and weighed on gold.


    SEE ALSO: John McAfee's latest gambit is mining Ethereum — the cryptocurrency that's up nearly 4,000% this year

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    NOW WATCH: An economist explains what could happen if Trump pulls the US out of NAFTA

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    Theresa May and the DUP

    LONDON — Theresa May today agreed a £1.5 billion deal with the Democratic Unionist Party in order to prop up her minority Conservative government.

    Here's the full text of the deal announced by Downing Street today:

    Agreement between the Conservative and Unionist Party and the Democratic Unionist Party on support for the party in government.

    DUP Deal 1

    DUP Deal 2

    DUP deal 3

    The two parties have also signed a £1.5 billion deal for extra spending in Northern Ireland. Here's the details:

    DUP deal 4DUP deal 5

    DUP deal 6

    Join the conversation about this story »

    NOW WATCH: 'I'll ask it one more time': Kellyanne Conway won't say whether Trump thinks climate change is a hoax

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    Rich Greenfield, BTIG media and tech analyst, presents an interesting thesis on how voice technology could be the final nail in the coffin for traditional networks. Below is a transcript of the video.

    Sara Silverstein: And … I talked to Scott, Professor Galloway, a month ago. And he said that voice control was going to take away the necessity of brands. And you feel similar about voice?  

    Richard Greenfield: I’m enamored with voice. Totally enamored. I don’t know completely how it plays out.

    Silverstein: But it’s in everyone’s house? Some people’s house?

    Greenfield: Well it’s starting to be. I think it's moving very very fast. I think there was a Mary Meeker’s deck a few weeks ago, which was sent around. I think she had 10 million Alexa Echo and Echo dots have already been pushed out. And that's not even counting all the Fire TV sticks that also have Alexa technology. Google's coming on very fast. Google assistant is being integrated. Google Lens with assistance coming soon. So  imagine a world where you show up to your television and you say you want to watch the Mets. You're not going to care whether it tunes to SNY, Fox, Fox Sports 1, ESPN, your DVR. You don't care.  

    Silverstein: And right now when you search on like Amazon Fire it says, “Do you want to watch this on Netflix?” or whatever. And it’s going to stop doing that.

    Greenfield: I’m just saying,if you say with your voice say, “Tune to the Cubs game right now,” or “Tune to the Mets game right now,” or “Tune to the Giants game right now.”

    Silverstein: You don’t care where it’s coming from.  

    Greenfield: I think you’re just not going to care. So I think brand gets buried and the content rises to the top. You're going to say Game of Thrones, will you say HBO? Like are you going to stay “tune to HBO” or going to say just “I want Game of Thrones right now.” And you won't care where it comes from. So I think, look there's so much content available, that you know ,I don't think most of the — Food Network may have a brand, Nickelodeon may have a brand, but most networks don't have a very strong brand identity. I don't think you just turn on a lot of channels and just leave them on all day.

    Silverstein: Just for the children. Just Disney Jr.  

    Greenfield: Yeah, there’s just not a lot of channels that have that type of brand equity. So if you’re tuning in, you’re usually going to watch a show. Voice does that really well, faster than can manipulate those — I mean, think about it you let your phone — think about 10 years ago, you would’ve probably had a Razr. Probably pink.

    Silverstein: I did. A pink one.  

    Greenfield: See, I knew you had a pink one.

    Silverstein: I don’t even like pink but I did have a pink Razr because it was cool.  

    Greenfield: So 10 or 11 years ago, you had a pink Razr. Now you have an iPhone or an Android phone that looks like a supercomputer in your pocket. You go home at night and you look at that cable remote and it is the most antiquated piece of hardware in your house. It literally hasn’t changed in a decade. It’s embarrassing how bad that technology is. So search and discovery and navigation is terrible. And I think voice, it’s right for disruption with voice and its search. All of that data with your voice and say, “I just want this” is going to be incredibly powerful and you’re starting to see the first TVs — Dish Network is embedding Alexa so you’re going to say to Dish [to] tune to whatever you want. Pick Modern Family. That's going to find Modern Family either live or on demand.

    Join the conversation about this story »

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    tesco warehouse distribution centre supermarket

    LONDON — Tesco is launching a one-hour delivery service, a service that will directly compete with American online retail behemoth Amazon.

    On Monday, Tesco announced "Tesco Now," an app-based delivery service that will let customers order from a range of 1,000 products and have them delivered immediately, including fruit, meat, dairy, health, and beauty products.

    The "last-mile" logistics and deliveries for the service are being handled by Quiqup, a London-based delivery startup.

    It's a clear rival to Amazon Prime Now, Amazon's one-hour delivery option — even the names are similar — as Tesco attempts to fight back against Amazon's steady invasion of the UK market.

    Tesco Now is (for now) only available in central London, and deliveries cost £7.99 a pop (or £5.99 for a two-hour delivery).

    Tesco dominates the UK grocery market, with a market share of around 28%. But Amazon's apparently endless ambitions loom in the background, making investors uneasy. Amazon recently acquired US grocery chain Whole Foods in a huge $13.7 billion (£10.8 billion) deal, a move that gives Amazon its first commercial retail stores. The acquisition sent the stocks of UK supermarkets— including Tesco — tumbling. (Whole Foods has a minor presence with just nine stores in the UK.)

    In 2016, Amazon brought its AmazonFresh grocery delivery service to London, its first major step into the UK grocery market.

    It has also trademarked the slogan "No Lines. No Checkout. (No, Seriously.)" in the UK— suggesting it is thinking about bringing its experimental checkout-less Amazon Go supermarket to Britain. Doing so would open a massive new front in the battle with Tesco and the other traditional UK grocery chains.

    There previously have been hints that Tesco Now was coming: Earlier this year, Tesco trialled one-hour deliveries in Zones one and two in London.

    In a statement, Tesco's online managing director Adrian Letts said: "From forgotten essentials to that crucial final ingredient, Tesco Now can get them to our customers' door within the hour.

    Quiqee photo courier delivery"Shoppers' needs are changing and we want to offer a range of services that allow them to shop with us in a way that suits their needs. We look forward to hearing what they think of the new service."

    Meanwhile, Quiqup's head of product Tim Linssen said: "As consumer expectations change, retailers of all sizes and across verticals will be expected to offer flexible, efficient and affordable delivery to their customers ... We are proud to be partnering with Tesco to provide last-mile logistics and delivery services for Tesco Now. Time is precious for today’s consumer, and Tesco Now will help give Londoners more time for what they enjoy most."

    In May 2017, Quiqup announced it raised £20 million in venture capital funding. At the time, CEO Bassel El Koussa told Business Insider the cash injection will go towards growing the startup's technical team, and towards expanding throughout the country beyond London.

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    NOW WATCH: Here are all the major changes coming to your iPhone

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    This is the moment a teenager fell around 25 feet from a gondola ride in upstate New York.

    The 14-year-old girl managed to slip under the safety bars of the ride, where she was left hanging for more than 3 minutes before being caught by a crowd who gathered below her. 

    She was taken to hospital in a stable condition and had no serious injuries, but did hit tree branches on the fall down.

    Officials at the Six Flags Amusement Park - where the incident happened - said that there did not appear to be "any malfunction of the ride". It was shut as a precaution.

    It is currently unclear how she managed to slip under the safety bars.

    Produced by David Ibekwe

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  • 06/26/17--04:41: Bitcoin is tumbling
  • Bitcoin

    It's a rough start to the week for bitcoin. The cryptocurrency trades down 4.38% at $2,483 a coin, a one-week low.

    Monday's action seems to be a continuation of the selling that developed last Wednesday, the day rival Ethereum flash-crashed from $296 to $0.10 before recovering its losses.

    Bitcoin is down about 9.5% since Wednesday's opening print. 

    The recent weakness in bitcoin comes following a run up of more than 200% to start the year. Bitcoin's 2017 gains have been propelled by heavy buying from China and Japan. 

    Recent strength has come on the heels of China's three biggest exchanges resuming withdrawals for the first time since February and Japan naming bitcoin a legal payment method back in early April. Additionally, Russia's largest online retailer began accepting bitcoin even though has Russia said it wouldn't consider the use of the cryptocurrency until 2018.  

    But, the big gains have created some skepticism as of late. Billionaire Mark Cuban called bitcoin a "bubble" as the cryptocurrency hit its then all time high on June 6. "I think it's in a bubble. I just don't know when or how much it corrects. When everyone is bragging about how easy they are making $=bubble," Cuban tweeted. 

    About a week later, Goldman Sachs head of technical strategy Sheba Jafari wrote bitcoin was looking "heavy" and due for a drop to as low as $1,915 before seeing a rally. It put in a low of $2,076 before rallying to almost $2,800.

    There still remains one big unknown. Back in March, the US Securities and Exchange Commission rejected two bitcoin exchange-traded funds. It has since taken public comment on its decision regarding an ETF started by the Winklevoss twins, but it has not made an additional ruling.

    SEE ALSO: Ethereum's flash-crash victims are getting their money back

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    NOW WATCH: An economist explains what could happen if Trump pulls the US out of NAFTA

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    We take another look at the high market valuations while also considering the extremely low levels of fear in the market as measured by the VIX. In the past David Bianco of Deutsche Bank has said if you look at the ratio of the S&P P/E to the VIX it can help identify complacency in the market. This makes sense intuitively because at times when valuations seem high it would reason that people would protect their portfolios if they were expecting a correction. As people buy protection, the implied volatility in the market rises along with the cost of that protection. But we aren't seeing increased implied volatility. Instead the VIX is hanging out around 10, calm as can be. 

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    IoT Platforms Market Size

    This is a preview of a research report from BI Intelligence, Business Insider's premium research service. To learn more about BI Intelligence, click here.

    The Internet of Things (IoT) is growing rapidly as companies around the world connect thousands of devices every day. But behind those devices, there’s a sector worth hundreds of billions of dollars supporting the IoT. 

    Platforms are the glue that holds the IoT together, allowing users to take full advantage of the disruptive potential of connected devices. These platforms allow the IoT to achieve its transformational potential, letting businesses manage devices, analyze data, and automate the workflow.

    In a new report, BI Intelligence examines the evolving IoT platform ecosystem. We size the market and identify the primary growth drivers that will power the IoT platform space in the next five years. And we profile many of the top IoT platforms, discussing key trends in the platform industry like platform consolidation. 

    Here are some of the key takeaways:

    • The IoT platforms market is set to expand rapidly in the years to come, with current leading platforms expanding and others entering the space.
    • We define the key categories into which IoT platforms fall: building block open platforms, closed high-end platforms, and product management platforms.
    • We highlight the ways platforms can help companies reach the full five stage potential of the IoT.

    In full, the report:

    • Explains the coming growth of the IoT platforms.
    • Profiles a number of leading platforms.
    • Highlights the central role platforms play in the IoT.
    • Looks to the future of the IoT platforms market.

    Interested in getting the full report? Here are two ways to access it:

    1. Subscribe to an All-Access pass to BI Intelligence and gain immediate access to this report and over 100 other expertly researched reports. As an added bonus, you'll also gain access to all future reports and daily newsletters to ensure you stay ahead of the curve and benefit personally and professionally. >> Learn More Now
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    This portable turbine can harvest energy from wind or water to charge your devices when you're off-grid.

    The turbine has a max output of 25W and needs to be in water travelling at 5mph or in wind travelling at 7mph to achieve that.

    It is perfect for tech savvy campers who want to harvest renewable energy for their devices while travelling off-grid.

    Produced by Leon Siciliano

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    BI Graphics_Maximum amount of caffeine_4x3

    And you thought Red Bull was bad.

    It turns out that while a can of the energy drink has 80 milligrams of caffeine, a small cup of Starbucks drip coffee has more than three times that amount.

    Since many beverages don't show their caffeine content, it can be tough to make sure you're not overdoing it — and the Mayo Clinic advises adults to limit their caffeine intake to 400 mg per day. More than that and you run the risk of unpleasant side effects ranging from migraine headaches to irritability, upset stomach, and even muscle tremors.

    With that in mind, here's what the maximum amount of caffeine you should be drinking in a day looks like in the context of your favorite beverages, from McDonald's coffee to soda, tea, and energy shots:

    SEE ALSO: 11 things people think are terrible for your diet that actually aren't

    DON'T MISS: 13 diet 'truths' you should ignore

    Starbucks coffee

    The Mayo Clinic maintains that most healthy adults can safely consume up to 400 mg of caffeine each day. Starbucks ultra-strong coffee would put you over that limit with just two cups. In contrast, most other coffee only contains about 90-120 mg of caffeine per cup. A single small cup of Starbucks' Blonde Roast coffee, on the other hand, has 270 mg of caffeine.

    5-Hour Energy

    Energy shots might look tiny, but they can pack a surprisingly powerful caffeine punch. One 5-Hour-Energy contains 200 mg of caffeine — nearly the same amount as a cup of Starbucks.

    McDonald's coffee

    Unlike Starbucks coffee, McDonald's drip offers roughly the same amount of caffeine as a "standard" cup of joe, according to the folks over at The chain does not currently report the amount of caffeine in its coffee, but Caffeine Informer says each 12-ounce cup has 109 mg of caffeine.

    See the rest of the story at Business Insider

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    Air traffic controller airport control

    Don't have the time or money to get a bachelor's degree?

    Don't fret. There are plenty of high-paying jobs that require only a two-year associate degree, postsecondary nondegree certificate, or even just a high-school diploma.

    According to the latest data from the US Bureau of Labor Statistics, these are the 25 highest-paying jobs that you don't need a four-year degree to pursue.

    Each has a median annual salary of at least $68,000.

    SEE ALSO: The 25 highest-paying jobs in America

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    25. Aerospace engineering and operations technicians

    They operate and maintain equipment used in developing, testing, and producing new aircraft and spacecraft.

    Median annual wage (2016): $68,020

    Education required: Associate's degree

    Projected job openings (through 2024): 3,200

    Work experience: None

    On-the-job training: None

    24. Magnetic-resonance-imaging technologists

    They monitor patient safety and comfort and view images of areas being scanned to ensure quality of pictures.

    Median annual wage (2016): $68,420

    Education required: Associate's degree

    Projected job openings (through 2024): 9,800

    Work experience: Less than five years

    On-the-job training: None

    23. Gaming managers

    They plan, direct, or coordinate gaming operations in a casino.

    Median annual wage (2016): $69,180

    Education required: High-school diploma or equivalent

    Projected job openings (through 2024): 800

    Work experience: Less than five years

    On-the-job training: None

    See the rest of the story at Business Insider