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,…
According to local media sources, Apple CEO Tim Cook praised China for its quick innovation and its long relationships with the American iPhone maker in his first public statements on Saturday while on a visit there. Cook is in Beijing for the China Development Forum, a government-sponsored gathering that has resumed in full force since…
According to the CEO of the chatbot with artificial intelligence, certain users were able to view the titles of other users’ talks due to a ChatGPT bug. Users published screenshots of chat histories that they claimed weren’t theirs on the social media sites Reddit and Twitter. Sam Altman, the CEO of OpenAI, claimed the company…
After the U.K. Competition and Markets Authority’s decision to focus its inquiry into Microsoft’s acquisition of the games publisher, Activision Blizzard stock rose sharply on Friday. Microsoft has gained some ground with this development as it works to grow its video gaming industry. By significant purchases like its purchase of ZeniMax Media, the parent company…
According to reports quoting information from three industry and company sources, BP is considering purchasing the remaining 50% of its solar power joint venture Lightsource BP (LSBP) as part of its effort to increase its capacity for renewable energy. The internal discussions follow last month’s slowdown of BP’s transition away from oil and gas by Chief…
Tether, a cryptocurrency startup, anticipates a $700 million profit for the March quarter, bringing its total excess reserves to over $1 billion, according to the company’s technology leader, who shared the most recent data with CNBC for the first time. The USDT stablecoin is produced by Tether and is linked 1:1 to the US dollar.…
On Thursday, Meta Platforms issued its sharpest criticism to date of a push by EU telecoms operators to have Big Tech pay a portion of network costs, claiming the proposal is neither the answer to their financial issues nor a consideration of the significant investments made by IT firms. For 20 years, operators like Deutsche…
The Chinese-owned firm TikTok is once again threatened with a potential ban in the U.S. due to national security concerns, so advertisers are looking for any reassurances from the viral app that helped usher in a surge of short-form video across social media. Advertisers will be keenly monitoring Chief Executive Officer of TikTok Shou Zi…
Although Ford Motor Co anticipates its electric vehicle business unit to lose $3 billion this year, the company said it is still on target to reach an 8% pretax margin by the end of 2026. Prior to a Thursday morning conference for investors and analysts to go over specifics of the automaker’s new financial reporting…
After reporting results for the quarter that exceeded expectations, Nike increased its full-year revenue outlook but issued a warning about margin pressures as it continues to aggressively discount excess inventory. Strong demand for the company’s sneakers, including vintage designs like the Jordan Retro and more recent franchise releases like the LeBron 20, helped it increase…
The United States Supreme Court heard arguments on Wednesday in a closely watched trademark dispute between Jack Daniel’s and a dog accessory company behind a parody chew toy resembling the distiller’s well-known black-label whiskey bottle. Some justices questioned the whiskey maker’s request that they abandon a long-standing legal test that allows for an early exit…
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