Financial misconduct by global banks, since the 2008 financial crisis, has led to the writing-off of $850 billion in profits for the world’s top 50 banks. As per a research report released on Wednesday, since the 2007-2009 financial crisis, European and U.S. regulators have imposed $342 billion in fines on banks, resulting from violations of…
Toshiba is now facing pressures from Apple Inc, which is demanding new terms on supply of chips in return for funding. On Wednesday, SK Hynix Inc stated its board had approved its participation in a Bain Capital-led consortium that plans to purchase Toshiba Corp’s memory chip unit for $17.7 billion (2 trillion yen) . As…
With the world’s richest nations dragging their feet on ways to find a common solutions on how to tax digital companies, including Facebook and Google, the European Commission has surged ahead in a bid to block some of the world’s wealthiest companies to exploit existing tax regulations to their favor. On Tuesday, U.S. companies operating…
The Vector Institute’s governing board includes Google, Uber and many of Canada’s largest banks. The institute is being set up as a global hub for artificial intelligence. The Vector Institute, which the Canadian government set up earlier this year in a bid to help establish Toronto as a global hub in artificial intelligence with more…
With the emerging e-commerce boom tapping only a fraction of retail brick and mortar sales, the vast potential for e-commerce has made Southeast Asia a battle ground for the world’s top online sellers, who are rapidly expanding their footprint in order to corner more marketshare. In a movie that marks the expansion of partnership between…
ABB sees a yearly potential for cost synergies of $200 million arising as a result of this acquisition. On Monday, Swiss engineering giant ABB stated it will be acquiring General Electric’s Industrial Solutions for $2.6 billion. The deal is help expand its footprint in the North American market. As a result of the deal, Zurich-based…
Airbus and Boeing see an increase in the demand for short-haul aircrafts for this region where low-cost carriers are aggressively servicing consumers’ demand for air travel. On Friday, Boeing Co stated it has increased its 20 year forecast for Southeast Asian demand by 460 aircraft. This marks the largest jump for any region in the…
By reducing 5,000 employees from its global workforce, HPE is broadening its cost cutting strategy. Bloomberg has reported citing sources familiar with the matter at hand, Hewlett Packard Enterprise Co is planning on cutting at least 5,000 workers from its employee strength, as it focuses on broadening its efforts at cost reductions midst mounting competition.…
Although the SEC had “promptly” patched the vulnerability in its EDGAR system which stores millions of confidential data that companies are required to file to the SEC, the fact that hackers have managed to penetrate its systems, have stoked investor concerns. In a startling development, the U.S. Securities and Exchange Commission (SEC), disclosed that hackers…
In its report, Singapore-based FireEye has detailed Iran’s growing cyber espionage capabilities which has now placed it among the “top five world cyber-power”. As per FireEye, an internet security firm, hackers who have been allegedly linked to Iran’s government have attacked computer systems at aerospace and petrochemical firms which belong to Saudi Arabia and the…
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