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Eurobites: Saudis Join SoftBank's Unicorn Hunt

Also in today's EMEA regional roundup: Vodafone and Huawei in urban 5G field test; Spotify's Ek takes control; UK banks right to feel insecure about cybersecurity.

  • Saudi Arabia's sovereign wealth fund has joined forces with SoftBank Corp. to launch a new $100 billion technology investment fund, the Financial Times reports (subscription required). Called the SoftBank Vision Fund, the money pot will be based in London and be seeded with $25 billion from SoftBank and up to $45 billion from the Saudis.

  • In the latest 5G partnership announcement, Vodafone Group plc (NYSE: VOD) and Huawei Technologies Co. Ltd. claim to have carried out the world's first large-scale 5G field test in a densely populated urban environment. Using both low- and high-band spectrum, the companies were able to demonstrate cell coverage of 1.5km and peak speeds of 5 Gbit/s. (See Vodafone Tests 5G Connectivity, Reach With Huawei.)

  • The European Union has given Google (Nasdaq: GOOG) another deadline extension on its response to allegations that it abuses its market dominance in shopping-related search results. As Reuters reports, Google now has until November 7 to come up with its response to the EU's charges. Still, what's another three weeks in a case that has been going on for six years?

  • As Amazon.com Inc. (Nasdaq: AMZN) makes a new bid for a bigger slice of the music streaming market, more established rival Spotify is making a change at the top. As Bloomberg reports, co-founder and CEO Daniel Ek is also taking over the role of chairman at the Swedish company, relegating the incumbent, Martin Lorentzon, to vice chairman.

  • If you think telcos have got it tough when it comes to cybersecurity, spare a thought for banks. Reuters reports that British banks are deliberately keeping quiet about the number of cyber attacks they are being subjected to, for fear of the bad publicity that they could generate. According to Israeli cybersecurity firm Illusive Networks, one (unnamed) UK financial institution experiences more than 2 billion security-related "events" every month.

    — Paul Rainford, Assistant Editor, Europe, Light Reading

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