On Friday, China’s Semiconductor Manufacturing International Corp said, it will invest $8.87 billion to build a chip plant in Shanghai. The development underscores Beijing’s efforts to boost its independence in the chip manufacturing sector. The development comes at a time when global chipmakers are struggling to fulfill orders from the electronics and automotive industries triggering new…
The global shortage of semiconductor chips for cars has hit General Motors Co which has announced it will cut down production of vehicles at most of its North American assembly plants this month. This is expected to hit the production of the highly profitable truck and sport utility vehicles, the company said on Thursday. Production…
Social media company Facebook participated in an effort to help 175 Afghan citizens to leave the country following te Taliban taking over the country, the company has informed BBC. Some employees of the company were also on the flight to Mexico City, the company said. That claim was later confirmed by the Mexican government,…
In a statement the SEC said it has sued the founder of a now-defunct cryptocurrency exchange platform BitConnect over the alleged role of the founder’s role in fraudulently raising nearly $2 billion from thousands of retail investors. The SEC expanded its civil lawsuit against BitConnect founder Satish Kumbhani, which it had announced in May, with…
A letter from the U.S. Securities and Exchange Commission (SEC) produced by a short seller shows that the regulator has opened a probe into electric vehicle maker Workhorse Group Inc. In its letter dated June 30, the SEC disclosed that its enforcement division had been investigating Workhorse and that the probe is “still active”. A…
In a statement the CEO of global cryptocurrency exchange Binance said, its U.S. arm could potentially see an initial public offering in the next three years. “Binance.US is just going to do what Coinbase did,” said Zhao. He went on to add, Binance.US is set to close on a large private funding round in the…
On Wednesday, in a statement Royal Dutch Shell announced its plans to significantly expand its network of electric vehicle charging points in Britain. Shell plans on installing 50,000 on-street charging stations by 2025; it plans on implementing its plan through ubitricity, an on-street charging point company that it acquired earlier this year in February. Incidentally,…
TikTok owner ByteDance has acquired a virtual reality start-up called Pico marking the Chinese company’s first move virtual reality space. The size or worth of the deal was not revealed by byteDance, headquartered in Beijing, China, but said in a statement that the “comprehensive suite of software and hardware technologies of Pico, as well as…
Despite a devastating second wave of Covid-19 pandemic in the country, it is likely that the India’s economy rebounded in the April-June quarter form the huge dip it experienced last year. The driver for the rebound is expected to be the improved manufacturing output. With an annual contraction of 7.3 per cent in the fiscal…
Afghanistan banks have been pushed into a possible crisis and a very uncertain future as they face the threat of over a range of issues – from liquidity to employment of female staff, since the takeover of the country by Taliban, even though the country’s banking system is considered ot be critical for any possible…
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