Planet Business: A cautionary tale from Silicon Valley

Game over for China’s young video players, as the Premiership’s transfer window closes

Image of the week: Blood business

Her unfinished story has already been the subject of a feature documentary, a podcast and a best-selling book Bad Blood, which is being dramatised in a Hollywood movie with Jennifer Lawrence in the starring role, but the trial of Theranos founder Elizabeth Holmes is just beginning. The former chief executive of the now defunct health technology company, which claimed it could revolutionise blood testing with a single finger-prick test, was surrounded by cameras, as she arrived for the first day of jury selection in her fraud trial, outside a federal court in San Jose, California, on Tuesday. The case is seen as a cautionary tale of what happens when Silicon Valley, the world of big promises and even bigger investments, runs up against the reality of a properly regulated (for a reason) industry such as healthcare. Lawyers for Holmes, meanwhile, have argued that years of "inflammatory" publicity will make it hard to find jurors who are not biased against her.

In numbers: Game over

Percentage of under-18s in China who often play video games, with 13.2 per cent playing games for more than two hours a day, according to Chinese state media.

Maximum hours per week that under-18s will now be permitted to play under new rules introduced by the Chinese government as it seeks to strengthen its control over society and technology. The only time permitted is 8pm-9pm on Fridays, Saturdays and Sundays, said the Xinhua state news agency.

At least this many likes were amassed by one gamer describing the stringent new rules as "so fierce that I'm utterly speechless" on China's social media platform Weibo.


Getting to know: Picsart

The kids are into Picsart, or at least enough of them to make video- and photo-editing app the latest tech unicorn dashing about with a valuation of $1 billion-plus. Picsart, founded by Armenian entrepreneur Hovhannes Avoyan, says it has all the easy-to-use tools and templates you need "to make your content scroll-stoppingly good" and "move at the speed of culture". The idea is great for people who want everybody else to stop scrolling and pay attention to their content, and not so relevant for people far too exhausted to even try moving at the speed of culture. A $130 million funding round led by tech investor SoftBank is the trigger for its new valuation, but some glowing reviews won't be doing it any harm either. Technology site TechCrunch called the app "quite cool", adding this is "something we can't say about most unicorns that we write about here at TechCrunch", while Forbes said the "meme-friendly" app was "fast becoming the Photoshop for the TikTok and Instagram generation".

The list: Transfer spending decline

Premier League clubs spent £1.1 billion (€1.28 billion) on transfers before the summer window closed on Tuesday – the lowest collective total since 2015, according to Deloitte. But which clubs spent the most?

1 Arsenal. It shelled out almost £157 million on players, its biggest acquisition being Ben White from Brighton, the fourth most expensive individual signing.

2 Manchester United. Jadon Sancho, Raphael Varane and the much-sculpted Cristiano Ronaldo were the star hat-trick of signings for the club.

3 Manchester City. The most expensive signing in the window was Jack Grealish to City from Aston Villa for £100 million.

4 Chelsea. The resigning of Romelu Lukaku (from Inter Milan) was enough to put the London club fourth in the list.

5 Aston Villa. No point pocketing that Grealish cash when it can be used to bring in new recruits. The club was one of just five, however, to spend less than it brought in during the window.