Toymaker Lego has said it will make an investment of more than $1 billion in a facility in the United States to simplify supply chains and keep up with surging demand for its coloured plastic blocks in one of its major markets. The facility in Chesterfield County, Virginia, will be the Danish company’s second in North America…
American chip making firm Qualcomm won its appeal of a 997 million euro ($1.05 billion) sentence levied by EU antitrust regulators four years ago on Wednesday, handing a huge setback to EU antitrust commissioner Margrethe Vestager’s campaign on Big Tech. According to the European Commission’s 2018 judgement, Qualcomm paid Apple billions of dollars between 2011…
Bill Gates known to be an opponent of cryptocurrencies and non-fungible tokens. Speaking at a TechCrunch lecture on climate change on Tuesday, the billionaire Microsoft co-founder described the phenomena as “100% based on greater fool theory,” referring to the premise that overvalued goods will rise in value when enough investors are ready to pay more…
Tesla intends to conduct a three-for-one stock split and that board member Larry Ellison will not seek re-election. These were revealed in its annual proxy statement that the company filed with the SEC. Tesla shares were up more than 1% after hours, having ended at $696.69 on Friday. In the filing, the business stated that…
The entry of Apple into the competitive “buy now, pay later” industry has pushed the envelope for the fintech firms that pioneered the practise. On Monday, Apple revealed plans to create its own “pay later” loans, adding to its portfolio of financial services products, which already includes mobile payments and credit cards. The service, known…
TikTok intends to introduce new features to encourage users to take a break from continually browsing short-form videos on the platform, in response to public pressure on tech companies to address excessive social media usage. TikTok announced in a blog post on Thursday that in the coming weeks, users will be able to establish specific…
Credit Suisse warned on Wednesday that it expects to lose money in the second quarter due to the Ukraine conflict and tightening monetary policy. The embattled lender said in a trading update early Wednesday morning that the geopolitical situation, significant monetary tightening from major central banks in response to soaring inflation, and the unwinding of…
Citigroup Inc wants to hire 3,000 additional employees for its Asia institutional business in the next years, strengthening its focus in a fast-growing area where it has departed consumer banking in the majority of markets, according to its Asia Pacific top executive. The previously unknown employee expansion plans highlight Citi’s intention to become institutional banking…
The Australian Competition and Consumer Commission has filed a complaint against Airbnb Inc, alleging the accommodation-sharing website of deceiving consumers into paying more than advertised for their stays, broadening its investigation of global technology platforms. The Australian Competition and Consumer Commission (ACCC) stated in a court statement on Wednesday that from 2018 to 2021, the…
Elon Musk has threatened to walk away from his $44 billion bid to acquire Twitter Inc if the social media company fails to give the data on spam and phoney accounts that he requires. This was not the first time Musk had publicly stated that his acquisition of Twitter might not take place. The threat,…
