Citigroup Inc was forced to revise its earnings for the fourth quarter of 2020 as the company said that it had recorded an additional $390 million in operating expenses during the quarter following a ruling by a federal judge in the United States which barred the banking company from recouping any money from the amount…
A national digital payment network in India is set to be formed in a partnership between India’s largest conglomerate Reliance Industries and tech companies Facebook Inc, Google and fintech firm Infibeam, according to reports. An invitation to private companies to form new umbrella entities (NUEs) for creating a payments network was given by the…
On Friday Toyota Motor Corp said, it has developed a packaged fuel cell system module that cuts carbon footprint midst the industry’s tilt towards electric vehicles (EVs). Toyota Motor, which launched a revamped version of the Mirai in December has not been successful in winning drivers over to fuel cell vehicles (FCV). The FCV segment…
According to a document filed in the U.S. District Court in Illinois, China’s ByteDance has agreed to settle a $92 million class-action lawsuit from U.S. TikTok users who had alleged data privacy concerns. ByteDance, TikToko’s owner, has agreed to the settlement after more than a year of litigation. “While we disagree with the assertions, rather…
On Friday, in a statement French industrial gas giant Air Liquide said, it has entered into a collaboration with Japan’s Itochu Corp, a trading house, to further develop the hydrogen mobility markets in Japan. Initially, both companies will focus on the development of hydrogen retail infrastructure in Japan for both commercial and for passenger vehicles,…
In a statement Fisker Inc’s chairman and CEO Henrik Fisker said, the electric vehicle startup is weighing options to set up a battery cell manufacturing facility with a major supplier in either Europe or the United States. The move is aimed at securing components in its supply chain. Earlier Fisker had struggled with the recall…
On Thursday, shares of Foxconn rose by 4.5% after the company announced that it will collaborate with Fisker Inc to produce more than 250,000 electric vehicles a year, starting from late 2023. Over the last 1 year, Taiwan based Foxconn has ramped up interest in electric vehicles and has announced deals with Stellantis NV’s Fiat…
A paper gain of almost $3.3 billion on an investment of $43 million personal investment in the blank-check acquisition firm they are merging with luxury electric vehicle startup Lucid Motors Inc have been made by veteran dealmaker Michael Klein and his partners, said a report from Reuters. A meteoric rise in the shares of Klein’s…
The further tightening of the travel restrictions on the global aviation sector because of the Covid-19 pandemic has forced the global airline industry body IATA to reassess its December forecasts and warn of a bleaker outlook for the industry for the current year. The body now expects global airline industry to burn cash till the…
According to Apple Inc’s chief executive Tim Cook, over the past six years the iPhone maker has acquired about 100 companies. Cook, while talking to shareholders at the company’s annual general meeting, said that on the average, Apple buys a company every three to four weeks. In the first-quarter of its fiscal year 2021, the…
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