Technology News: Facebook Doubles Space in London
Facebook Inc. will expand its space in London with the technology firm’s continuous development in the UK.
Facebook’s new office building is in the King’s Cross district. This will allocate more space for its 6,000 workers. Moreover, the 6,000 number of workers today outpaced the 2,300 workers target before this year ends. On Monday, Facebook did not state the number of job creation as part of the expansion.
The Workplace is the enterprise collaboration of Facebook. The UK capital is also the home of the engineering team who are responsible for the security of the community of Facebook. Further, the social network’s London team works on products about virtual reality.
“The UK is one of the best places in the world to be a technology company and we’re investing here for the long term,” said Steve Hatch, Facebook’s managing director for Northern Europe.
In November, Bloomberg News reported that the technology firm had discussions to the new office at King’s Cross. This was near to the planned Google’s headquarters. Moreover, Facebook will also lease office space on Oxford Street. This location is at almost 600,000 square feet or equivalent to more than nice soccer fields.
Similar to Facebook, the expansion of Apple, Amazon.com, and Alphabet in London was due to the country’s highly skilled workers. This demand maintained the UK capital of office rents and values to near record highs. This is despite the impact of Brexit vote and the financial services industry’s cost cutting
Meanwhile, Knight Frank reported there was a 25% high on the amount of technology, media and telecom firm’s office space lease in London. This was higher the long-term average.
Technology News: Alibaba’s Ele.me makes 3 billion yuan expense to compete against rivals
TECHNOLOGY NEWS – Alibaba’s Ele.me, which is an online food delivery company, plans to spend three billion yuan this summer on marketing and subsidies.
The company will have this spending primarily to lift its effort market share to more than 50%. This was according to Chief Executive Lei Wang.
Alibaba bought Ele.me’s remaining stake. In April, Alibaba did not fully own Ele.me after the $9.5 billion dollar yuan deal.
“We expect Alibaba to continue to invest billions of yuan in Ele.me’s development. Funds are not our core issue right now,” said Wang.
Alibaba is strengthening the war chest of Ele.me as the expanding cost of food delivery market in China increases. Meanwhile, Meituan Dianping is fixing a preparation for a $4 billion Hong Kong listing.
Furthermore, Wang said that the company expects to remain a steady growth for the revenue. This is lieu with the industry rate between 60 to 70% up until 2020. Moreover, he said that Ele.me is not seeking an external funding.
Get the latest economy news, trading news, and Forex news on Finance Brokerage. Check out our comprehensive trading education and list of best Forex brokers list here. If you are interested in following the latest news on the topic, please follow Finance Brokerage on Google News.