A couple of days after the arrest of its ousted CEO, the payments giant Wirecard collapsed on Thursday with a debt to creditors worth almost $4 billion. The company had disclosed earlier this month a shortfall in its books which, according to its auditor EY, was the outcome of a sophisticated global fraud. Filing for…
On Thursday, in a significant development, A.P. Moller-Maersk, the world’s largest container shipper, said it will team up with industry majors to set up a research center in Denmark with the aim of reducing carbon emissions in the shipping industry. Denmark’s Maersk, which said it wants to be carbon-neutral by 2050, said the research center…
In a significant development, Singapore’s biggest wireless network operators have selected Nokia and Ericsson to build their core 5G networks. The development comes midst a growing awareness by countries on threats posed by China’s Huawei and comes in the wake of trade tension between Singapore’s biggest trading partners, the United States and China. Singapore had…
On Thursday, a report from the Australian Financial Review said, Amazon Inc is expanding its footprint in the country and plans on building a warehouse in Sydney. It is also looking to install a giant facility in Melbourne. A spokeswoman for Amazon declined to comment on ‘speculations or our future plans.’ In a separate stock…
According to documents filed with the state government, Tesla Inc plans on building a battery research and manufacturing facility in Fremont, California, which will be operated around the clock, under a project dubbed Roadrunner. The plan underscores efforts being made by the U.S. electric vehicle (EV) maker to create their own automotive batteries, which incidentally…
A law suit launched against Renault and Nissan has alleged that up to about 1.4 million vehicles of the companies that had been sold in Britain were potentially equipped with illegal defeat devices. The listed vehicle models as mentioned in the law suit includes a petrol-powered version of Nissan Qashqai which is one of the…
The Italian government has confirmed a 6.3-billion euro ($7.1 billion) loan to Fiat Chrysler’s Italian business unit by approving a decree offering the government’s guarantees for the loan, said reports quoting source information. That has now ensured the path for the largest novel coronavirus pandemic related loan to any European car making company. The decree…
Nvidia Corp has entered into a deal with Daimler to develop and equip Mercedes-Benz cars with next generation graphic chips and software platform that could eventually be used for autonomous driving functions. The alliance allows Mercedes to jointly develop new automated driving capabilities and software applications and comes at a time when the auto industry…
An almost 15 year dependency on Intel Corp over supplying of processors for its flagship laptops and desktop was ended by Apple Inc on Monday when it announced that the company would be using its own chips for its Mac computers. This development marked the beginning of a major new era for a product line…
An extension of a halt in issuing of green cards as well as a suspension of visas for foreign workers being allowed in the United States till 2020 announced by President Donald Trump. The new visa policy announced by Trump is expected to affect a high-skilled tech workers, non-agricultural seasonal helpers, au pairs and top…
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