Energy giant Shell has stated that disposing its Russian assets will cost them up to $5 billion (£3.8 billion) as part of plans to exit the country. The company has stated that it will no longer buy oil, but that contracts inked prior to the invasion of Ukraine will be honored. Shell’s exit from Russia…
Tencent is shutting down its video game streaming platform just months after Beijing blocked a massive merger that would have turned the Chinese internet giant into a significant player in the industry. Tencent has announced that the service Penguin Esports will be discontinued as of June 7, citing a change in business strategy. Tencent’s Penguin…
In an effort to challenge Tesla in sales, General Motors and Honda Motor Co have announced that they will create a series of lower-priced electric vehicles based on a new shared platform, potentially producing millions of cars starting in 2027. The news builds on GM’s intentions to start producing two electric SUVs for Honda in…
On Tuesday, US authorities announced criminal and civil accusations against the former CEO of a now-defunct British business for allegedly making a fraudulent offer to buy Textron Inc, a US aerospace and defence company, for $13.8 billion. Melville ten Cate and his London-based Xcalibur Aerospace Ltd were never in a position to complete a tender…
As part of a fresh round of penalties on Russia for its illegal invasion of Ukraine, the European Commission will propose banning Russian coal. Due to the sensitivity of the discussions, two EU sources told the media on Tuesday that the EU’s executive arm will propose that coal be included in the sanctions. The EU…
American auto giant General Motors and Japanese motor company Honda Motor Co announced that they will collaborate on a series of electric vehicles that would be manufactured on a new shared platform. The two companies target to mass produce the electric vehicles beginning in 2027. This latest announcement from GM builds on its intentions to begin producing two electric SUVs for Honda in…
Donald Trump declared in October that he was going to start a new technological firm. “I created Truth Social… to stand up to the tyranny of big tech,” he said. “We live in a world where the Taliban has a huge presence on Twitter yet your favourite American president has been silenced.” The software was…
Elon Musk, the CEO of Tesla Inc, unveiled a 9.2 per cent stake in micro blogging site Twitter Inc, worth about $3 billion, putting him as the microblogging site’s largest stakeholder and causing its stock to surge more than 20%. Musk’s move comes just days after he tweeted that he was “considering” creating a new social media…
Meta allegedly paid a political consulting agency to “undermine” TikTok, according to the CEO of a political consulting firm. According to internal emails obtained by the Washington Post, Targeted Victory’s effort attempted to portray TikTok “as a menace to American children.” The Post’s piece misrepresented their work, according to Zac Moffatt, and “major parts are…
According to a senior US official and two people familiar with the subject, the US administration began informally warning some American companies the day after Russia invaded Ukraine that Moscow could modify software produced by Russian cybersecurity company Kaspersky to wreak harm. The confidential briefings are part of a larger campaign by Washington to prepare…
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