The British auto data startup Wejo which is supported by the United States based auto giant General Motors Co, was accorded a valuation of $800 million including debt in a reverse merger deal with blank-check company Virtuoso Acquisition Corp for it to go public, the companies said on Friday. The companies added that the deal…
The Covid-19 crisis for the travel sector was prolonged BY overly risk-averse governments, said the chief of the global airline industry body IATA. He however expected that by the second half of the year, the outlook for the sector would brighten. Governments would start rolling back restrictions by positive data on vaccine effectiveness, expected the…
Implementing its strategy of shifting from oil and gas to renewable energy sources, the oil and gas giant Total will rebrand itself as TotalEnergies. In addition to approving the environmental goals of the company, shareholders of the company also voted overwhelmingly in favour of the rebranding move. “We want to become a sort of green…
A new Experian study of auto credit market trends shows that consumers in the United States borrowed more money for longer periods in the first quarter of the current year in order to be able to purchase and drive the more expensive trucks and sport utility vehicles. The study also found that the consumers who…
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.…
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…
