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,…
The demand for its telecoms equipment for 5G networks from all over the world offset its more market share losses in mainland China during the latest quarter which helped Ericsson to make quarterly core earnings forecasts that beat estimates, helping its shares to surge by 8 per cent. Since the banning of Chinese tech…
Unilever will slash approximately 1,500 managerial posts as the company strives to enhance growth following a failed purchase and with an activist investor to placate. The company will also reconfigure its business to focus on five core product categories. The company behind Dove soap and Magnum ice cream, which employs 149,000 people globally, announced on…
The mining behemoth owned by Australia’s richest man will purchase the Williams Formula One racing team’s battery and technology division for $222.2 million,. Williams Advanced Engineering and Williams Grand Prix Engineering, both situated in the United Kingdom, will be purchased by Fortescue Metals from private equity firm EMK Capital. The agreement aims to assist the…
Stocks of Kohl’s Corp jumped 36 per cent on Monday following a Reuters report that claimed that the private equity firm Sycamore Partners had approached the departmental store operator with an acquisition bid worth $9 billion. According to the report based on source information, Sycamore’s offer on Sunday said that the company was willing to…
Bitcoin and ether prices both fell drastically this week, wiping out almost $150 billion from the crypto market. According to Coin Metrics, bitcoin was trading around $36,000 late Friday, down nearly 15 per cent. Ether, the second-largest cryptocurrency by market capitalization, has dropped about 20 per cent to around $2,500. Cryptocurrency losses follow Thursday’s losses on…
According to a report published by Reuters, the social media company Snap Inc is accelerating its global expansion in nations – ranging from Mexico to Japan, by partnering with wireless carriers and promoting its famous augmented reality capabilities. The parent company of the Snapchat photo messaging app is banking on the app’s relative safety at…
The Anglo-Australian mining company Rio Tinto’s desire to become Europe’s leading supplier of lithium, a critic metal for manufacturing of electric vehicles was harmed on Friday when Serbia canceled its lithium exploration permits due to environmental concerns. Serbia’s decision comes as the country prepares for a general election in April, and as tensions between Belgrade…
Self-driving sensor maker Luminar Technologies Inc has struck a partnership with the luxury carmaker Mercedes-Benz for creating technologies and hardware for the development of fully automated cars fit for driving on the highways for the venture’s next-generation vehicles, said the founder of Luminar. A number of global auto companies, from Tesla to GM, are pursuing…
Mexico’s Grupo Financiero Banorte is considering possibilities of making a bidding offer for the Mexican consumer banking unit of Citigroup, said the Mexican company’s chief executive said. “We are starting an analysis of this opportunity, and if we find that a possible transaction adds value to shareholders, we would submit it for their consideration,” Banorte…
Netflix Inc shattered hopes for a speedy recovery on Thursday by expecting dismal first-quarter subscriber growth, sending shares down nearly 20 per cent and wiping out most of the company’s remaining gains made during the pandemic in 2020. According to Refinitiv IBES statistics, the world’s largest streaming service expected to attract 2.5 million members from January to…
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