Tech tracker round-up: Musk and Zuckerberg both back in the dock

Mark Shapland

Here the Evening Standard business team highlights all the major tech news today.

Top story sees Elon Musk in trouble again.

This time the Tesla chief executive has admitted there is a braking issue in the firm’s Model 3 cars.

The issue comes at a time when Tesla is dealing with reports of crashes involving its vehicles and growing scepticism over its finances.

“With further refinement, we can improve braking distance beyond initial specs. Tesla won’t stop until Model 3 has better braking than any remotely comparable car,” Musk wrote in exchanges with other twitter users.

Production of Tesla Model 3s began in July of last year and the first regular customers only received their cars in December after some Tesla employees.

Facebook boss Mark Zuckerberg is also back in the doghouse.

Zuck will meet the leaders of the European Parliament this evening for a meeting in Brussels to answer questions about the improper use of millions of users' data by a political consultancy, as pressure on the company's protection of data continues.

Meanwhile Kabbage, a US online lender for small businesses, plans to launch payment processing services by year-end, said President Kathryn Petralia.

The Atlanta-based startup will offer tools to enable clients, mostly brick-and-mortar businesses, to accept card payments in-store and online.

“The monoline businesses have a hard time succeeding long term,” Petralia said, adding that Kabbage hopes the move would deepen its relationship with customers.

“We have seen a huge pain point around cash flow management,” she added, citing high monthly fees and lengthy contracts of payment services by other providers.

Launched in 2009, Kabbage is among a group of startups that use digital technologies to lower lending costs and offer credit faster than large banks.

Kabbage can help companies avoid lengthy credit card reader application processes because it already has information on their business, Petralia said.

Finally the brilliant ES weekly Bitcoin Guy column is out.

The new column sees Jay Smith talk through the technicolour range of different crypto currencies and - most importantly - predicts which will thrive and which will die.

Read it here.