Apple loses $30bn after the launch of Apple Maps on iOS 6

Apple loses $30bn after the launch of Apple Maps on iOS 6

On 19th September 2012, Apple released the first incarnation of its map service on iOS, thus replacing Google Maps as the default mapping service for Apple operating systems. Subsequent to the initial launch, the company received unprecedented amounts of criticism from users and media for incorrect directions, a lack of support for public transportation users…

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UBS rogue trader Kweku Adoboli loses over $2billion of his employer’s money

UBS rogue trader Kweku Adoboli loses over $2billion of his employer’s money

The Swiss investment bank UBS lost more than $2billion when one of its employees performed a series of unauthorised trades. Kweku Adoboli was a director of the bank’s Global Synthetic Equities Trading team at its London offices, and was sentenced to seven years imprisonment for fraud as a result of his crimes. The rogue trader…

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Collapse of Lehman brothers causes the largest bankruptcy in US history

Collapse of Lehman brothers causes the largest bankruptcy in US history

Lehman Brothers filed for Chapter 11 bankruptcy protection on September 15, 2008 and the bank’s collapse still remains the greatest bankruptcy in US history with a loss of more than $600 billion in assets.   The collapse occurred because the bank had allowed itself to become so deeply involved in the sub-prime mortgage market that…

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Penn Central transportation company merger ends in financial disaster

Penn Central transportation company merger ends in financial disaster

The Penn Central Transportation Company, commonly known as Penn Central, was headquartered in Philadelphia, Pennsylvania and operated from 1968 until 1976. It was created by the 1968 merger of the Pennsylvania and New York Central railroad companies. By 1970 however, the company had filed for what was at the time, the largest corporate bankruptcy in…

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ITV sells Friends Reunited for £25m after purchasing it for £175 million 4 years earlier

ITV sells Friends Reunited for £25m after purchasing it for £175 million 4 years earlier

Friends Reunited was the brainchild of Steve and Julie Pankhurst and their friend Jason Porter. The site was officially launched in June 2000 and became the first online social network to achieve a level of prominence in Britain.   The site worked using the principle of user-generated content and registered users were able to post…

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Yahoo passes on the chance to buy Google for $1 million

Yahoo passes on the chance to buy Google for $1 million

Yahoo was sold to Verizon for $4.83 billion in June 2016, but the former internet giant was once approached by Sergei Brin and Larry Page of Google to buy their fledgling search engine for a mere $1 million – an offer Yahoo walked away from.   These days Yahoo is a mere shadow of its…

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Friendster rejects a $30 million bid from Google before fading into oblivion

Friendster rejects a $30 million bid from Google before fading into oblivion

Way back before there was Snapchat, Instagram, Twitter, or even Facebook, Friendster was the hottest social network. The site is widely recognised today as being the grandfather of social media and is credited with laying the foundation for the all-conquering tech titans that dominate today’s online world. Google wanted to buy Friendster for $30 million…

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Verizon rejects Apple’s proposal to distribute the first ever iPhone

Verizon rejects Apple’s proposal to distribute the first ever iPhone

The iPhone began its life with a request from Steve Jobs to Apple’s engineers to investigate the development of touchscreen devices and tablet computers (which in turn, came into existence later on as the iPad). Mr. Jobs unveiled the iPhone at the Macworld convention on January 9th, 2007, to much media fanfare and the revolutionary…

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Mizuho Securities loses £200 million after an employee input error

Mizuho Securities loses £200 million after an employee input error

A fat-finger error is a keyboard input error that occurs in financial markets like the stock market or foreign currency exchange. It’s caused by stressed out traders pressing incorrect buttons on their keyboard which results in huge losses for their employer as a result.   An order to buy or sell may be placed that…

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Gerald Ratner destroys his multi-million pound family business in seconds

Gerald Ratner destroys his multi-million pound family business in seconds

  Gerald Ratner joined his family’s jewellery business in 1966 and built it up into an incredibly successful high street chain during the 1980s.   The shops disrupted the formerly sober jewellery industry with their fluorescent orange posters that advertised cut price bargains. The Ratners Group at the time consisted of Ratners, H. Samuel, Ernest…

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