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,…
In order to issue and sell digital coins in the European Union, companies dealing with cryptocurrency will now require a licence and client safeguards under pioneering new laws approved by the EU to tame a volatile “Wild West” industry. Globally, crypto assets are generally unregulated, with national operators in the EU simply obliged to demonstrate anti-money laundering safeguards.…
Goldman Sachs Group Inc announced a partnership with capital markets technology firm Derivative Path that will allow thousands of US regional banks and credit unions to use its foreign exchange services. The collaboration is Goldman’s latest attempt toward increasing market share in the congested and competitive transaction banking area, which it entered in 2019. Derivative…
A company owned by Asia’s richest person has agreed to open Pret A Manger coffee and sandwich shops across India. Under a franchise deal, the chain will be administered by a unit of Mukesh Ambani’s Reliance Industries. It is Reliance Brands’ first foray into the country’s expanding food and beverage business. The company also owns…
Toyota Motor Corp revealed its first mass-market hybrid automobile for India, a sport utility vehicle (SUV), on Friday, establishing a new path for the Japanese automaker in one of the world’s fastest-growing car markets. The Toyota Urban Cruiser Hyryder SUV, the first vehicle produced as part of a global alliance with Suzuki Motor Corp, will…
Bitcoin temporarily dipped below $19,000 on Thursday, as the world’s largest digital currency remains under pressure from macroeconomic concerns and a liquidity crisis among high-profile cryptocurrency firms. According to CoinDesk data, Bitcoin was trading at $19,143.50 at 6:10 a.m. ET, down 4 per cent from the previous day. The digital currency is down over 58…
Unilever announced the sale of Ben & Jerry’s ice cream operations in Israel. Avi Zinger’s American Quality Products already sells Ben & Jerry’s ice cream in the United States. The move will save the company from having to discontinue ice cream sales in Israel. Unilever announced a deal that will allow its Ben & Jerry’s…
A consortium of ten European consumer organisations is suing Google over the company’s account sign-up process. A Google account is required to use many of Google’s goods and services. The organisation, however, claims that the sign-up process leads users toward options that capture more data. Google told the BBC that it appreciated the opportunity to…
H&M, the budget apparel retailer, said on Wednesday that it plans to raise prices further this year after announcing forecast-beating profits with margins boosted by fewer discounts. H&M boosted prices in the first half of the year in response to higher transportation and raw material costs, and Chief Executive Officer Helena Helmersson told Reuters that…
The global shortfall of semiconductor chips will endure through this year and into 2023, according to the CEO of premium German carmaker Mercedes-Benz. “The semiconductor situation is very present and will be a challenge for the industry throughout this year and into next year,”CEO Ola Kaellenius said at the Reuters Automotive Europe conference in Munich.…
In the United Kingdom, the term “electric vehicle” brings up visions of a Tesla or another similar car, but in Asia, the war for EV dominance is being fought on motorcycles. When you visit most Asian countries, you’ll notice that motorcycles swarm and buzz around everywhere. It’s not uncommon to see a two-wheeler carrying a…
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