In a significant development U.S.-headquartered digital currency exchange CrossTower has set up a local unit in India and has launched a trading platform to increase its traction in the burgeoning domestic crypto market. The development comes at a time when the fate of cryptocurrency is still unclear in India. CrossTower India has hired 35 people…
On Monday, Oliver Blume, the CEO of luxury sports car maker Porsche AG said, the carmaker is attracting huge demand for its all-electric coupe Taycan model, causing wait times to stretch to up to six months. “Our original production capacity for the Taycan was 20,000 units this year – we’ve sold that many in the…
On Friday, China’s Semiconductor Manufacturing International Corp said, it will invest $8.87 billion to build a chip plant in Shanghai. The development underscores Beijing’s efforts to boost its independence in the chip manufacturing sector. The development comes at a time when global chipmakers are struggling to fulfill orders from the electronics and automotive industries triggering new…
In a statement the CEO of global cryptocurrency exchange Binance said, its U.S. arm could potentially see an initial public offering in the next three years. “Binance.US is just going to do what Coinbase did,” said Zhao. He went on to add, Binance.US is set to close on a large private funding round in the…
On Wednesday, in a statement Royal Dutch Shell announced its plans to significantly expand its network of electric vehicle charging points in Britain. Shell plans on installing 50,000 on-street charging stations by 2025; it plans on implementing its plan through ubitricity, an on-street charging point company that it acquired earlier this year in February. Incidentally,…
Siemens said on Thursday that robust industrial demand remained in the third quarter, despite expenditures tied to its Siemens Energy investment and decision to exit Russia pushing the engineering firm into the red for the first time in nearly 12 years. The manufacturer of industrial software and trains reported increasing revenue and orders for the…
Ryanair’s chief has revealed that the budget airline will no longer offer flights at rock-bottom costs due to the rising cost of fuel. The age of the €10 ticket, according to CEO Michael O’Leary, is ended. He told the BBC that the airline’s average cost would jump from from €40 last year to around €50…
According to reports, Domino’s Pizza’s remaining locations in Italy have been closed after the company that ran its outlets in the nation declared bankruptcy. According to Bloomberg, which broke the story first, franchisee ePizza SpA was affected by the pandemic. Since its debut in the birthplace of pizza in 2015, Domino’s has failed to gain…
Capri Holdings Ltd, which owns Michael Kors, surpassed quarterly revenue and profit projections on Tuesday, supported by unwavering demand for luxury items from higher-income buyers who have been mostly unscathed by decades of high inflation. In premarket trade, shares of the business, which also owns Versace and Jimmy Choo, climbed roughly 3 per cent. They…
Meta has revealed new WhatsApp privacy features. Users will be able to secretly exit group chats, select who can view their online status, and block screenshots on View Once messages. According to Meta CEO Mark Zuckerberg, this will help maintain WhatsApp chat “as private and safe as face-to-face discussions.” It will start rolling out the…
Taavel giant IHG announced a $500 million share repurchase after its half-year profit more than quadrupled, supported by rising room pricing, strong leisure travel demand, and a resurgence in corporate stays, particularly in the United States. Hotel operators benefit when people travel more and stay longer in hotels, raising occupancy rates and pricing, yet they face…
According to a Nikkei story on Friday, Apple Inc has instructed suppliers to verify that shipments from Taiwan to China conform with the latter’s customs procedures to avoid them being held for inspection. Trade tensions between China and the United States have risen following a visit to Taiwan by US House Speaker Nancy Pelosi and…
Suzuki Motor of Japan said on Friday that it does not expect vehicle demand to decline in Japan or its main market of India, despite mounting concerns about a worldwide economic slump. Suzuki’s senior managing executive officer, Masahiko Nagao, shares the bullish attitude of other Japanese manufacturers, despite rising inflation and interest rates fueling concerns…
Following chip shortages, Nintendo Co Ltd sold 23 per cent fewer Switch consoles in the April-June quarter than the previous year, the company said on Wednesday. The Kyoto-based gaming company predicted that procurement would rise “from late summer to autumn” and maintained its target of selling 21 million devices in the fiscal year ending March 31,…
BMW cut its output prediction and warned of a highly variable second half on Wednesday, citing energy supplies in Europe and chip supply globally as two critical elements in the manufacturer meeting full-year earnings forecasts. New inbound orders were beginning to diminish, but order books will stay full for the next three months, according to…
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