Following the cyber attack this month on Colonial Pipeline that disrupted the fuel supply in the United States, energy companies of the country are now rushing to purchase more cyber insurance. The companies however will potentially have to pay more because a slew of ransomware attacks have prompted more cyber insurers planning to hike rates.…
In a significant development two tech trade groups have filed a lawsuit against Florida over a new legislation that fines social media companies that ban political candidates, saying it violates free speech rights. The lawsuit states that the bill signed into law by Florida Governor Ron DeSantis earlier this week on Monday, was unconstitutional. It…
It was optimistic that demand for the high margin items, such as jewelry and home furnishings that it offers to its customers would continue to grow, said the membership-only retail chain Costco Wholesale Corp. The company’s revenues for its latest completed quarter comfortably beat analysts’ estimates on Thursday. The easing of pandemic induced restrictions and…
British mender HSBC will be exiting its mass market retail banking business in the United States, the bank has announced. It will be selling off some parts of the loss making business while the rest would be wound up. This is a part of the strategy of the company to focus on its business in…
Volkswagen has refuted a report published kin the British weekly magazine Autocar on Tuesday about an offer of 7.5 billion euro ($9.2 billion) was made to acquire its brand Lamborghini and the company’s Audi said that there were no plans of the company to sell of the supercar brand. The non-binding offer was reportedly made…
A collapse in clothing sales due to the Covid-19 pandemic was clearly reflected in the full year results of the British retailer Marks & Spencer which reported an 88 per cent year on year slump of its 2020 profits. The retailer added that its financial position is such that it is unlikely to be able…
Amid an environment of suspicion that its cars could be used for spying, the United States based electric car maker Tesla has announced the setting up of a new facility in China whioch will be used to store local user data. A new data center in mainland China has already been designed by it and…
One of the fallouts of the Covid-19 pandemic has been that companies have been pushed to adopt new technologies more rapidly which is being viewed as a boon for the Indian software company Tata Consultancy Services Ltd (TCS) as it has said that it is already experiencing some acceleration in some parts of its business…
For the first time this week on Wednesday, the price of Bitcoin clawed back to above $40,000 with volatility in the cryptocurrency market showing few signs of dampening. The price of Bitcoin jumped by 6.5% to $40,904. Prices of smaller crypto-currencies, which tend to rise and fall in line with the largest cryptocurrency, also climbed…
A deal for the acquisition of MGM Studios by Amazon is close to be achieved by the companies. MGM Studios is the co-owner of the James Bond franchise as well as other film and TV series. The deal is expected to be between $8.5 billion and $9 billion, claimed reports quoting information from people familiar…
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