After a protracted regulatory reform of the company, Ant Group on Saturday unexpectedly announced a share purchase that values the fintech behemoth at $78.54 billion, significantly less than the $315 billion predicted in an abandoned IPO in 2020. The announcement came the day after Ant was hit with a $984 million punishment, which should put…
In a letter to Facebook CEO Mark Zuckerberg, Twitter’s attorney Alex Spiro threatened to sue Meta Platforms over its new Threads platform. By utilising the billions of Instagram users, Meta, which began Threads on Wednesday and has received more than 30 million sign-ups, hopes to compete with Elon Musk’s Twitter. Spiro charged Meta in his…
Despite a supply reduction, Samsung Electronics Co. Ltd. said on Friday that its operating profit for the second quarter was anticipated to fall by 96%. This news was broadly in line with expectations. In a brief preliminary earnings announcement, the largest memory chip and smartphone manufacturer in the world estimated that its operational profit decreased…
According to analytics company Similarweb, ChatGPT, the enormously well-liked AI chatbot introduced in November, experienced a fall in monthly website traffic and unique visitors for the first time ever in June. Global desktop and mobile traffic to the ChatGPT website fell by 9.7% in June compared to May, while the number of unique visitors fell…
Following the signing of its first-ever franchise agreement with Dubai-based GMG, the largest sportswear retailer in the United Kingdom, JD Sports Fashion, announced on Monday that it would launch roughly 50 stores in the Middle East. The trainers and sportswear retailer claimed that by entering the area, it is pursuing its expansion strategy in underserved…
Twitter CEO Linda Yaccarino defended the temporary limit on the number of tweets users can read per day on Tuesday in a tweet. The business also reported that advertising has remained consistent in the days following the move that garnered harsh criticism from users and marketing experts. In her tweet, Yaccarino stated that “when you…
As it moves on with its expansion in the region, China’s SAIC Motor announced on Tuesday that it is deciding on a location for a plant to be built there to make electric vehicles. The Chinese partner of Volkswagen and General Motors said it sold 530,000 units overseas in the first quarter, up 40% from…
According to data from the China Passenger Car Association (CPCA), as the competition for market share intensifies, American manufacturer Tesla and its main Chinese rival BYD both had record deliveries of their China-made vehicles in the second quarter. In June, Tesla sold 93,680 electric cars (EVs) built in China, an increase of 18.72% from the…
Tuesday saw the announcement of two contracts worth a combined $897 million by Samsung Biologics, a South Korean company, to produce goods for Pfizer. As a result of the most recent agreements, the Samsung Group’s biotech division will create biosimilar goods in South Korea at its new Plant 4 up until 2029, covering everything from…
According to court documents, an Australian project management company has sued Twitter Inc. in a U.S. court for allegedly failing to pay bills for work completed in four different nations totaling around A$1 million ($665,000). On June 29, a Sydney-based private firm named Facilitate Corp filed a lawsuit in the United States District Court for…
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