coronavirus

Fintechs face pressure to grow up as coronavirus casts a chill

LONDON/NEW YORK (Reuters) – Aritra Chakravarty, founder of London-based online accounts and investments provider Dozens, admits it’s a tough time to be seeking up to 15 million pounds ($19 million) for a start-up.

Aritra Chakravarty, founder of financial technology firm Project Imagine, is seen in London, Britain, in this Handout picture dated in June 2019. Project Imagine/Handout via REUTERS

“It’s definitely a bearish market” said Chakravarty, who is seeking funding for Project Imagine, the company behind his fintech ventures. He is looking to crowd funding and government-backed COVID 19-support schemes for technology firms to make up for any reticence from venture capital investors.

Data suggest his caution is warranted. Fintechs, which have been one of the hottest draws for venture capitalists in recent years, raised $6.3 billion in the second quarter, down 41% on the year, according to data from analysts at Forrester shared with Reuters.

Investors and entrepreneurs say

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Tesla says it took government payroll benefits to offset coronavirus shutdowns

(Reuters) – Tesla Inc (TSLA.O) received payroll related benefits from the government in the first half of the year to help reduce the impact of the coronavirus pandemic on its business, the electric carmaker said in a filing on Tuesday.

FILE PHOTO: The Tesla logo is seen on a car in Los Angeles, California, U.S., July 9, 2020. REUTERS/Lucy Nicholson/File Photo

The company, whose Chief Executive Officer Elon Musk has spoken against further government aid as Congress debates another round of stimulus, said that along with cost cuts, the benefits had offset almost all of its costs due to the idling of factories in this year’s lockdowns. (bit.ly/2P4QdsC)

Tesla’s only U.S. vehicle factory — in California, where most of its cars are produced — was shut down for some six weeks in the second quarter ended June after an initial standoff with local authorities.

Reuters could

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Tesla says took government payroll benefits to offset coronavirus shutdowns

FILE PHOTO: The Tesla logo is seen on a car in Los Angeles, California, U.S., July 9, 2020. REUTERS/Lucy Nicholson/File Photo

(Reuters) – Tesla Inc received payroll related benefits from the government in the first half of the year to help reduce the impact of the coronavirus pandemic on its business, the electric carmaker said in a filing on Tuesday.

The company, whose Chief Executive Officer Elon Musk has spoken against further government aid as Congress debates another round of stimulus, said that along with cost cuts, the benefits had offset almost all of its costs due to the idling of factories in this year’s lockdowns. (bit.ly/2P4QdsC)

Tesla’s only U.S. vehicle factory — in California, where most of its cars are produced — was shut down for some six weeks in the second quarter ended June after an initial standoff with local authorities.

Reuters could not immediately verify

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AT&T loses monthly subscribers as media unit hit by coronavirus pandemic

(Reuters) – AT&T Inc said on Thursday it lost monthly phone subscribers and suffered a $2.8 billion revenue decline due to delayed movie releases and advertising shortfalls in the second quarter as the novel coronavirus pandemic ravaged its business.

FILE PHOTO: The company logo for AT&T is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., September 18, 2019. REUTERS/Brendan McDermid

Shares of the company were down almost 2% in morning trading.

AT&T, which has invested heavily to transform itself into a media and telecommunications conglomerate, reported 36 million subscribers for both its premium TV channel HBO and the new streaming service HBO Max, which launched in May. In the first quarter, HBO had about 33 million customers.

As the health crisis led to widespread stay-at-home orders to curb the spread of the virus and upended the economy, it has particularly

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