The Spanish government wants to initiate the production of electric vehicles and batteries with an investment of 4.3 billion euros ($5.1 billion) as a part of the government’s major national spending programme. The Spanish government said on Monday that majority of the funding for the program will be from the European Union recovery funds. The…
After completing its first successful fully crewed test flight for space travel on Sunday, British billionaire Richard Branson founded Virgin Galactic Holdings Inc filed to sell up to $500 million in common stock on Modnay. Sunday’s flight had Branson as one of the travellers into space. The 8 per cent gains made by the company…
Charges that the Volkswagen Group and BMW had colluded with Daimler to cause delay in the development of technology that could have reduced levels of emission from their vehicles was upheld by the European Commission and has consequently slapped a fine of $1 billion on Volkswagen Group and BMW. The three German carmakers, along with…
The biggest restaurant chain of the world kin terms of the number of stores it operates – Subway, is completely revamping its menu while also significantly increasing its investments in marketing with the aim of attracting back customers with its new sandwiches. The menu changes include a combination of upgraded ingredients and a slew of…
37 states in the United States is set to sue Google over discriminatory policies it implements on its Android app store, Google Play. The US based tech giant used “monopolistic leverage” to rake in huge profits from purchases that are made within its own store, claimed the lawsuit. It also alleged that its competitors had…
Investments of more than €30bn for developing electric vehicles between now and the end of 2021 will be made by Stellantis, an entity that was formed by the merger of Italian-American group Fiat Chrysler and France’s PSA, the company has said. The aim of the company is to make the cost of purchasing an electric…
A new battery cell factory could be built in the United States by South Korea’s Samsung SDI Co to support the push of the country’s auto industry to shift to electrification, said reports quoting sources of the company with knowledge of the matter. Negotiations with automakers including Stellantis, Amazon and Ford Motor-backed electric vehicle startup…
Following a crackdown on the Chinese ride-hailing giant Didi Global in China, US shareholders of the company sued it which resulted in a slump in its shares. It was just a week ago that the company had made a debut at New York Stock Exchange. Since the company was ordered by a Chinese regulator…
A likely 53 per cent surge in its operating profit for the second quarter was ported by Samsung Electronics Co Ltd which was much higher than the estimates of the market – driven by strong chip prices and surge in demand despite lower smartphone sales. Higher by 33 per cent compared to the first quarter,…
A A$22.26 billion ($16.7 billion) purchase of Sydney Airport Holdings Pty Ltd has been proposed by a group of infrastructure investors which will be largest ever buyouts of Australia. According to analysts, this proposal was based on longer-term view of the travel sector that has been severely affected by the Covid-19 pandemic. Currently the interest…
