The German auto giant BMW id forecasting an operating profit this year even though the company reported a loss of 666 million euros ($787 million) during the second quarter following slump in sale of its luxury cars during the lockdowns implemented across most major markets to prevent the spread of the novel coronavirus pandemic, the…
The hit to the global economy and a consequent forecast of a significant hit to global demand in cars because of the novel coronavirus pandemic has forced Japanese auto giant Honda Motor Co to forecast a 10-year low annual operating profit for the current year with a 68 per cent decrease. In the year to…
According to sources familiar with the matter at hand, software firm Clearwater Analytics is exploring a potential sale which could value the investment management software firm, owned by private equity, at nearly $2 billion, including debt. According to two sources, Welsh, Carson, Anderson & Stowe, the buyout firm which acquired its majority stake in the…
On Monday, Chinese artificial intelligence company Shanghai Zhizhen Intelligent Network Technology Co., also known as Xiao-i, filed a lawsuit against Apple Inc alleging copyright infringements. The Company has demanded $1.43 billion (10 billion yuan) in damages and that Apple cease “manufacturing, using, promising to sell, selling, and importing” products that infringe on its patents. The…
In a statement Microsoft Corp said, it will continue to negotiate with ByteDance for purchasing Chinese short-video app maker TikTok, with negotiations likely to conclude by September 15. Microsoft’s statement come in the wake of a conversation between its CEO Satya Nadella with U.S. President Donald Trump. Microsoft will ensure that the private data of…
Twitter has provided details of its investigation into the unprecedented hacking of celebrity Twitter accounts earlier this month. The company said that that the hack was a result of human error and a spear-phishing attack on Twitter employees. Spear-phishing is a form of targeted cyber attack that is designed to trick people into themselves handing…
In a significant development, the U.S. Federal Communications Commission stated, it has approved Amazon.com Inc’s “Project Kuiper” project which envisages to build a network of more than 3,200 satellites in order to provide high speed broadband internet service anywhere in the world. In 2019, Amazon had stated, it will launch a constellation of low earth-orbitting…
Twitter Inc, whose internal systems were breached by hackers two ago, stated a “spear-phishing” attack on a small number of employees through a phone led to the security incident. Hackers targeted the U.S. microblogging site managed to breach 130 accounts, managed to access the inbox of 36 accounts and tweeted from 45 of them; they…
With plummeting of consumer spending, company investment and exports during the second quarter, the German economy contracted at its steepest rate on record for the period. This was during the peak of the novel coronavirus pandemic in the country. Gains made in the last 10 years have been wiped off by the hit. There was…
A record writedown on the value of its oil and gas assets because of the collapse in the global prices of oil and gas because of the coronavirus forced Royal Dutch Shell has to report a deep financial loss. For the second quarter 2020, a net loss of $18.3bn was reported by the Anglo-Dutch oil…
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