The hard hit that the novel coronavirus pandemic has dealt to the global oil industry and the consequent historic drop in crude prices has forced global oil majors to resort to costs of operations. The state owned Saudi Aramco of Saudi Arabia, the largest oil company of the world, is no exception. According to reports…
The British supermarket giant Tesco Plc will be selling off its business interests in Poland in its continued efforts and strategic plan of scaling back its international business operations to reduce expenditure and focus on key growth markets. The United Kingdom based retailer will be selling off its Polish business that has a total of…
Amazon.com Inc and Italian luxury brand Valentino have filed a joint lawsuit against New York-based Kaitlyn Pan Group for allegedly making counterfeiting Valentino shoes and placing them for sale online. The development marks Amazon’s first joint litigation with a luxury fashion brand. Kaitlyn Pan did not immediately respond to requests for comments. While Amazon has…
In a significant development, Globalfoundries and SkyWater Technology stated, they have reached a reached a deal to supply semiconductor chips to the U.S. defense industry and will collaborate on developing new technologies. The development comes at a time when the industry is slowly moving towards more U.S. manufacturing. California-based semiconductor manufacturing firm Globalfoundries is owned…
In a statement ride-hailing services company Lyft Inc said, every vehicle on its ride-hailing and rental car platform will be electric by 2030 and that it would not provide direct financial support to drivers for switching from gas-powered cars. John Zimmer, Lyft’s co-founder and president said, the company has reached a scale to impact policy…
In a statement, Zoom Video Communications Inc said, it plans on offering end-to-end encryption for video calls to all of its customers, free and paying end users, and will launch a trial version in July. In recent weeks, following a series of security failures, many institutions have banned the usage of Zoom; it faced criticism…
In a development that sees Amazon.com Inc expanding its market to the Middle East, the online behemoth launched a website for shoppers in Saudi Arabia. Amazon re-branded Souq.com, a Middle Eastern e-commerce platform that it acquired in 2017, for Saudi customers. Similarly in 2019, Amazon also rebranded Souq’s website in the United Arab Emirates. Despite…
On Thursday, UK’s parcel delivery firm DPD stated, it would up its UK hiring to cater to growing consumer demand from online shopping created by the coronavirus pandemic. In a statement DPD said, it would create 6,000 new UK-based jobs and ramp up its investment in infrastructure to meet the booming demand. The development underscores…
In a statement, Qualcomm Inc said, it is placing its 5G chips into smartphones that will sell for as little as $300 with new models of smartphones expected to reach consumers in the second half of this year. Qualcomm is the biggest supplier of processors for smartphones and the modem chips that connect the phones…
In a stock exchange filing Tesla Inc stated, it has signed a three-year pricing deal with Panasonic Corp for the manufacturing and supply of lithium-ion battery cells at its Gigafactory in Nevada. The duo have reportedly been in talks to expand the capacity of the joint venture since months. Earlier in May, Panasonic had hinted…
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