Following reports during the weekend of possible acquisition bids by private equity firms for the second largest British supermarket chain Sainsbury’s could exceed more than 7 billion pounds ($9.6 billion), stock price of the chain surged by more than 14 per cent on Monday. According to reports on Sunday, acquisition bids for Sainsbury’s were placed…
Economic recovery of the United Kingdom was hit this month because of shortages of staff and supply, showed a closely watched survey. The IHS Markit/CIPS Composite Purchasing Managers’ Index (PMI) dropped to a six-month low for August at 55.3, compared to 59.2 in the previous month. Numbers over 50 is indicative of growth while less…
In the latest crackdown of Chinese regulators on domestic tech giants, the plan of selling shares in its computer chip making unit by Chinese electric car maker BYD was forced to be suspended by the company. A regulatory investigation into the law firm advising the company has forced the postponement of the public listing. …
On Monday, in a statement PayPal Holdings Inc said, it will allow customers in the UK to purchase, hold and sell bitcoin and other cryptocurrencies from this week onwards. The roll-out marks the first international expansion of PayPal’s cryptocurrencies services outside of the United States; it could potentially trigger the mainstream adoption of cryptocurrencies as a…
The first tool in the global auto industry that is able to evaluate whether and when it would be safe to deploy autonomous cars and trucks, which do not have a human behind the wheel, on public roads, is claimed to have been released by Aurora, a Silicon Valley self-driving startup that was founded by…
The United States based electric car maker Tesla Inc would possibly launch a “Tesla Bot” humanoid robot prototype sometime next year, said the company’s Chief Executive Elon Musk. The robot will be designed specifically for undertaking dangerous, repetitive, or boring tasks that humans do not like to do. A range of jobs from attaching bolts…
Dutch insurer NN Group’s asset management arm will be purchased by Goldman Sachs in a deal worth about 1.7 billion euros ($1.98 billion), the bank said. This is the largest takeover by the United States based investment bank since 2018 when David Solomon became chief executive. According to analysts, this deal is a part of…
United States based Intel Corp announced its plans for sourcing subcomponents of its chips from external factories as a part of its turnaround strategy, new details of which were provided by the company earlier this week. The company plans to source chip components from suppliers including through partnerships with rival Taiwan Semiconductor Manufacturing Co (TSMC),…
Japans auto major Toyota Motor Corp has become the last major global auto company to cut down its production because of the global chip shortage as the company announced a cut in its global production of vehicles for September by as much as 40 per cent compared ot its previous target. The company has however…
Consumers in the United States stepped out of their home more with the lifting of Covid-19 pandemic related restrictions and into stores and were reported to make purchases of more clothes, travel gear and back-to-school merchandise, which drove Walmart Inc to increase it annual U.S. same-store sales forecast. The company also beat analysts’ estimates for…
