On Monday, a spokesman for TikTok stated, it will exit the Hong Kong market within days. The development comes in the wake of other technology companies including Facebook Inc suspending processing government requests for user data in the region. Owned by China-based ByteDance, TikTok has made the decision to exit the region following Beijing establishing…
Any request for user data from the Hong Kong law enforcement authorities will not be processed by Facebook and its messaging service WhatsApp while the company conducts an assessment of the controversial security law passed by the Chinese government and now implemented on the city. They would “pause” conducting any review of requests for information…
The “big four” accountancy firms of the United Kingdom has been asked by the regulator to make their auditing operations stricter so that there is improvement in oversight of corporate finances. Accounting scandals have in recent years caused collapse of large companies in the country such as the case of Carillion and BHS. KPMG, PwC,…
While the novel coronavirus pandemic related economic and business hit has impacted the global auto makers. The impact has not been as bad as the other for the United States based electric auto maker Tesla in terms of the company’s sales and production. During the latest completed quarter, the electric car making company delivered 90,650…
Facebook co-founder and CEO Mark Zuckerberg has shrugged off suggestions of threat to the company because of a boycott of the largest social media platform by major advertisers in support of the company being forced to take a stronger stand on hate speech. Zuckerberg said that the advertisers will be back “soon enough”. The current…
On Friday, India’s Reliance Industries Ltd stated, Intel Corp will be purchasing a 0.39% stake in its digital unit, Jio Platforms, for $253.55 million (18.95 billion rupees). Including this investment, Reliance Industries Jio Platforms has raised a total of 1.18 trillion rupees from investors.
Tesla has become the highest-valued automaker following a surge in the price of its shares which saw Tesla’s market capitalization overtaking that of former front runner Toyota Motors Corp. On Wednesday, Tesla’s shares touched a record of $1,133, boosting its market cap to $209.47 billion, around $6 billion more than that Toyota’s. Tesla’s market cap…
In a significant development, the U.S. Food and Drug Administration (FDA) has released guidance for approving a coronavirus vaccine stating that the vaccine has to prevent or decrease the severity of the COVID-19 disease in at least 50% of people who have been inoculated. Worldwide more than 100 vaccines are being tested against the coronavirus…
On Wednesday, U.S. private equity group Carlyle stated, it has decided to purchase a 25% stake in Indian telecom firm Bharti Airtel Ltd’s data center arm for $235 million. The development marks the rapid growth of digital services in India. In a statement both companies said, the acquisition will provide Airtel’s Nxtra Data Ltd an…
The constant lowering of global oil prices over the last few years, which has been compounded by a slump in demand for oil and gas because of the novel coronavirus pandemic is has forced the Anglo-Dutch company, Royal Dutch Shell, to write down the value of its assets by as much as $22 billion. These…
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