A $3.9 billion settlement with the Malaysian government has been reached by the United States based lender and investment bank Goldman Sachs to settle the case of the multibillion-dollar 1MDB scandal, both the entities said on Friday. Malaysia’s finance ministry said in a statement that a $2.5 billion cash payout by Goldman as well as…
The Chinese owned shot video app TikTok is in the process of creating a fund of $200 million which the company will use to retain its top users while also attracting new ones. Analysts said that this was the signal of a growing company. The new program aims to “help support ambitious creators who are…
In a significant development, Intel Corp stated, its new 7-nanometer chip technology is running six months behind schedule and that it may considering outsourcing more work to other semiconductor foundries, eroding a founding principle that manufacturing is key to its success. With the news reaching the market, Intel’s shares fell by 9%. Although the setback…
Going by documents obtained a tech watchdog group, many U.S. states are investigating Apple Inc’s trade practices, including a potential deception of its products to consumers. According to the Tech Transparency Project, the attorney general of Texas could potentially sue Apple for violating the state’s deceptive trade practices law in connection with the multi-state investigation,…
In a significant development, the U.S. Patent and Trademark Office has rejected arguments by Moderna that an Arbutus patent, known as the ‘069’ patent should be revoked since it described obvious concepts. With the news reaching the market, Moderna Inc’s shares fell by nearly 10%. Arbutus shares more than doubled to $6.20 on Nasdaq. Moderna…
The global economy has already slipped into a deep recession which has also brought about dramatic shifts in consumer behavior, said Unilever, one of the biggest manufacturers of grocery brands in the world. “We believe that talk about a quick recovery is too optimistic. A deep global recession has already started and we are seeing…
Boost in demand for its cloud and remote collaboration tools because of the work from home orders issued during the novel coronavirus pandemic helped Microsoft to easily beat earning expectations by analysts for the latest completed quarter. For the three months ended in June, a 13 per cent year on year growth in revenues was…
Late on Wednesday, Tesla Motor’s CEO, Elon Musk announced that the company will build its $1.1 billion Cybertruck factory near Austin, Texas. Tesla’s 2,000 acre site on the Colorado River is around 13 minutes away from downtown Austin, said Musk in a second quarter earnings call. “It’s going to be an ecological paradise … open…
Bloomberg News has reported citing sources familiar with the matter at hand as saying, SoftBank owned Arm Holdings Ltd is drawing takeover interest from Nvidia Corp. Neither SoftBank nor Nvidia immediately responded to requests for comment. Arm declined comment. According to a report from the Wall Street Journal, SoftBank, which acquired Arm Holdings Ltd in…
On Wednesday, in a significant development, the Environmental Protection Agency (EPA) is likely to announce the first proposed U.S. emissions standards for commercial aircraft. The development comes in the wake of the U.N. International Civil Aviation Organization (ICAO) in 2016 agreeing on a global airplane emissions standards aimed at all airplane makers including Airbus SE…
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