With the acquisition of American biotech company Chinook Therapeutics by Novartis, which might cost up to $3.5 billion, the stakes in the battle to find a cure for a rare kidney illness have been raised. The shareholders of Seattle-based Chinook will receive $3.2 billion, or $40 per share, in cash as part of the agreed-upon…
Volkswagen’s passenger car brand will make savings and cost-cutting moves totaling 10 billion euros ($10.83 billion) by 2026 in order to meet a target return on sales of 6.5%, according to a spokeswoman. The business will increase manufacturing efficiency across the passenger car brand, as well as at CUPRA, Skoda, and SEAT, and streamline its…
According to two sources with direct knowledge of the negotiations, Zurich Insurance Group is in talks to acquire up to 51% of India’s Kotak General Insurance. If the talks proceed, it will be the company’s first significant investment in the rapidly expanding South Asian insurance industry. The Indian startup, backed by Asia’s richest banker Uday…
Alphabet’s Google announced the debut of two new capabilities for advertisers on Wednesday that will use artificial intelligence to locate the most effective ad placements for businesses across all of the tech giant’s services. Since Google and other businesses created innovative chatbots that can engage people in open-ended discussions, AI has taken over the digital…
Bunge, a U.S. grains trader, and Viterra, a Glencore-backed company, announced their merger on Tuesday. The combined company will be in the agricultural trading business and will be worth roughly $34 billion, including debt. With Bunge and Viterra valued at roughly $17 billion apiece, the merger puts the combined business on par with its two…
With used-car reseller Carvana Co forecasting second-quarter adjusted earnings above Wall Street estimates as a result of cost-cutting initiatives, shares of the firm closed up 56.0% on Thursday, with some assistance from traders covering their bearish bets. Carvana shares reached a more than eight-month high during the session, rising as much as 68% to $26.09.…
Ad buyers told Reuters that Alphabet’s Google and Microsoft are injecting advertising into AI tests without giving users the chance to opt out of participation, a move that has already infuriated several brands and runs the danger of drawing further criticism from the industry. The two digital behemoths are competing to upgrade their search engines…
ByteDance, the company that owns TikTok, has been charged with enabling members of the Chinese Communist Party (CCP) access to the information of Hong Kong human rights activists and demonstrators. Former ByteDance executive Yintao Yu claims in a US court filing that users who submitted “protest-related content” were also recognised and monitored. According to Yu,…
Due to debts owed by their parent firm, The Daily and Sunday Telegraph newspapers, as well as The Spectator magazine, will soon be placed up for sale. The Barclay family, who formerly owned the company, have been replaced by receivers Alix Partners. The receiver stated that it does not anticipate the modifications to have an…
The latest setback for the widebody plane, Boeing warned on Tuesday that it would have to slow down the delivery of the 787 Dreamliner after finding a new production defect that will cause it to inspect all 90 of the aircraft in its stock. Although the recently discovered production snag does not endanger flight safety,…
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