🛥 Who’s Mike Lynch? The British Bill Gates Lost At Sea

📰 Industry News

• After receiving permission from the UK's Civil Aviation Authority, Amazon will test its Prime Air drone delivery service in the UK. Before this permit, drones in the UK couldn’t be flown out of the pilot’s sight. (Reuters)

• Dozens of Ted Baker stores will shut for the last time this week amid growing doubts over a deal with retail tycoon Mike Ashley. 500 jobs are at risk as a result (Sky News)

• Shein sues Temu for copyright infringement, accusing Temu of stealing its designs and trade secrets. Shein also alleged that Temu loses money on each sale, making up the losses in trademark infringements. (CNBC)

• Arts and crafts retailer Hobbycraft is on the brink of being sold to a specialist investor Modella Capital, a firm which has backed chains including Paperchase and Tie Rack. (Sky News)

• McDonald's plans to open over 200 restaurants across the UK and Ireland over the next four years, creating 24,000 jobs in a £1bn expansion drive. (BBC)

• Payments processor Mastercard is reducing its global headcount by 3% (around 1,000 jobs) as part of a reorganization it unveiled earlier this year to sharpen its focus on core businesses. (Reuters)

📦 Who’s Mike Lynch? British Bill Gates Lost At Sea

British tech entrepreneur Mike Lynch and his daughter Hannah are among six people who were killed after their luxury yacht, Bayesian, sank off the coast of Sicily during a violent storm.

Lynch, known for co-founding the software giant Autonomy and later selling it to Hewlett-Packard (HP) for £8.6bn ($11bn) before his involvement in cyber security multinational Darktrace from 2013, has long been a key figure in the UK tech industry. However, his recent life has been overshadowed by legal battles and, now, personal tragedy.

The Details:

• Autonomy and Legal Struggles: Mike Lynch co-founded Autonomy in 1996, a pioneering software firm that specialised in analysing unstructured data. In 2011, Lynch sold the company to HP. However, the deal led to a protracted legal battle when HP accused Lynch of inflating Autonomy’s value. After over a decade, Lynch was acquitted of all fraud charges in June this year, but the legal fight left its mark on his career and reputation.

• The Yacht Disaster: The 56m yacht, Bayesian, sank off the coast of Sicily after being caught in severe weather. It’s believed that there were 12 guests and 10 crew on board, with 15 people, including Lynch’s wife Angela Bacares, rescued. Bacares, who ranks 45th on the Standard Tech Rich List, was pulled from the wreckage, but Lynch and their 18-year-old daughter Hannah remain missing alongside four others.

• Double Tragedy: Just days before the yacht sank, last Saturday Stephen Chamberlain, Lynch's co-defendant in the Autonomy fraud trial, was killed after being struck by a car while jogging in Cambridgeshire. Chamberlain, 52, was the former Vice President of Finance at Autonomy and had also been acquitted alongside Lynch earlier this year.

Who’s Still Missing?

Alongside Lynch and his daughter Hannah, other guests are unaccounted for although bodies have now been discovered within the wreckage, which according to Reuters are believed to include:

Jonathan Bloomer and wife Judy Bloomer - Jonathon appeared as a character witness in Lynches legal case this year and has been a non-exec of Morgan Stanley since 2016 as well as chair of insurer Hiscox.

Christopher Morvillo and wife Neda Morvillo - Christopher Morvillo is a partner at New York law firm Clifford Chance and was part of Lynch’s defending team. Whole Neda Morvillo owns a luxury jewellery brand called Neda Nassiri, also based in New York.

Lynch’s career is a blend of technological brilliance and controversy. From advising Prime Minister David Cameron on AI to working early on with giant cybersecurity firm Darktrace, his impact on the UK tech sector is undeniable. Yet, recent events – the ongoing strategy for Lynch and his family continues to unfold, alongside the tragic death of his friend and co-defendant Stephen Chamberlain – have cast a long shadow over one of Britain's most influential tech figures.

🐝 King Charles III's £1 Coin Enters Circulation

This week, the first £1 coin featuring King Charles III officially entered circulation. Nearly three million coins are being distributed across UK post offices and banks, marking a significant moment in British currency history. Here are the details:

• The reverse of the £1 coin showcases two bees, a nod to the King's passion for nature. This is part of a new series of eight coins celebrating British wildlife, but for now, only the £1 coin is in circulation.

• While Queen Elizabeth II’s coins remain in use, the new designs aim to highlight conservation. Created with input from the Royal Horticultural Society and the RSPB, each coin honours UK flora and fauna. Here’s what you can expect to find on each coin:

  - 1p featuring a hazel dormouse,

  - 2p with a red squirrel

  - 5p with an oak tree leaf

  - 10p featuring the endangered capercaillie

  - 20p with a puffin

  - 50p with a salmon.

  - The £1 coin now in circulation depicts two bees

  - The £2 coin features a rose for England, a daffodil for Wales, a thistle for Scotland and a shamrock for Northern Ireland.

• This is the first time a new £1 coin has entered circulation since 2017, and this coin will no doubt become an instant hit with collectors and nature lovers alike. Keep an eye out for these stunning additions to the UK’s 29 billion-strong coinage!

🪫 The AI Power Drain: Is the National Grid Ready?

As generative AI expands, its energy demands are overtaxing global power grids, including the UK’s. One ChatGPT query uses nearly 10 times the energy of a Google search while training large AI models can produce CO2 emissions equal to five gas-powered cars.

With over 8,000 data centres worldwide, the growing AI industry is outpacing power supplies, leading to higher emissions and grid strain. Companies like Vantage are moving closer to power sources, investing in renewables, and improving energy efficiency to meet AI’s demands.

Key Issues:

• Soaring Energy Demands: Generative AI requires immense power, with AI data centres consuming increasing amounts of electricity. By 2030, data centres could account for 16% of total US power consumption, a rise from just 2.5% before ChatGPT's launch.

• Grid Strain & Emissions: Data centre energy consumption has caused greenhouse gas emissions to surge, with Google reporting a 50% rise from 2019 to 2023. The ageing power grid is struggling to keep up, prompting concerns about energy availability and reliability, especially in regions with inadequate infrastructure.

• Solutions in Development: To combat these issues, data centres are exploring new energy sources, including renewables like wind and solar. Vantage and others are building centres near power plants to reduce grid strain, while tech companies like Nvidia are innovating with more energy-efficient chips to address the power-hungry nature of AI.

• Water Usage Concerns: AI data centres also require massive water resources for cooling. By 2027, they could withdraw up to 6.6 billion cubic meters of water annually, surpassing half of the UK’s total water use.

Going Forward:

As AI technology continues to advance, so must our energy infrastructure. Without significant investments in grid resilience and renewable energy, the explosive growth of AI could strain the UK’s power resources and jeopardise environmental goals. The challenge now lies in balancing innovation with sustainability, ensuring that AI’s potential doesn’t come at the cost of the planet’s health.

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