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,…
Volkswagen’s agreement to pursue another major reduction in its workforce is less a sudden response to one bad year than an attempt to address several structural problems that have accumulated across its European business. The compromise allows management to move ahead with substantial job reductions while avoiding an open confrontation with unions, the German state…
The United States and China are preparing to open a new channel on artificial intelligence safety at a moment when the technology is becoming a national security issue as much as an economic one. The proposed discussions, expected around mid-September, would be the first official bilateral talks focused exclusively on AI safety since Donald Trump…
China’s manufacturing sector improved in August, but the recovery remained too weak to pull factory activity back into expansion. The official manufacturing purchasing managers index rose to 49.8 from 49.2 in July, beating market expectations but remaining below the 50 threshold that separates expansion from contraction. The result marked a second consecutive month of contraction…
Aon is reportedly nearing an agreement to acquire USI Insurance Services from private equity firm KKR for about $17 billion including debt, in a transaction that would deepen Aon’s position in the highly fragmented insurance brokerage market. If completed, the acquisition would give Aon a much larger platform in the middle market, where businesses often…
The trade conflict between the United States and Canada is moving beyond a dispute over individual tariffs and into a broader test of one of the world’s most integrated economic relationships. Washington’s latest 50 percent duties on a range of Canadian goods have prompted Ottawa to respond with matching tariffs, while companies on both sides…
France is emerging as one of the clearest examples of how high public debt, weak growth and political fragmentation can reinforce one another in a major developed economy. Government borrowing costs have risen sharply, with the 10 year French government bond yield reaching around 4.1% in late August, while investors are becoming increasingly focused on…
BYD’s first-half results show how China’s increasingly crowded electric vehicle market is changing the economics of even its largest manufacturers. The company remains one of the world’s biggest electric vehicle producers, but intense competition in its home market has weakened sales and squeezed margins, forcing BYD to rely increasingly on overseas expansion to support earnings.…
The regulatory clearance for Jio Platforms to launch an initial public offering marks a significant step in Reliance Industries’ effort to bring its telecommunications and digital businesses into the public markets. India’s market regulator has cleared a proposed fresh issue of up to 270 million shares, potentially making the offering the largest initial public offering…
The disruption of energy supplies caused by the war involving Iran is giving governments in Europe and Asia a stronger economic reason to accelerate renewable energy investment. The immediate concern is not climate policy but energy security: dependence on imported oil and natural gas has exposed major economies to sharp price increases and supply risks…
Nvidia has paused some revenue-sharing arrangements with artificial intelligence cloud companies, according to reports, only weeks after introducing a financing model designed to help smaller providers obtain the expensive computing equipment needed to build large artificial intelligence systems. The reported pause does not amount to an abandonment of Nvidia’s broader financing strategy, but it highlights…
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