On Friday, China’s Semiconductor Manufacturing International Corp said, it will invest $8.87 billion to build a chip plant in Shanghai. The development underscores Beijing’s efforts to boost its independence in the chip manufacturing sector. The development comes at a time when global chipmakers are struggling to fulfill orders from the electronics and automotive industries triggering new…
The global shortage of semiconductor chips for cars has hit General Motors Co which has announced it will cut down production of vehicles at most of its North American assembly plants this month. This is expected to hit the production of the highly profitable truck and sport utility vehicles, the company said on Thursday. Production…
In a statement the SEC said it has sued the founder of a now-defunct cryptocurrency exchange platform BitConnect over the alleged role of the founder’s role in fraudulently raising nearly $2 billion from thousands of retail investors. The SEC expanded its civil lawsuit against BitConnect founder Satish Kumbhani, which it had announced in May, with…
A letter from the U.S. Securities and Exchange Commission (SEC) produced by a short seller shows that the regulator has opened a probe into electric vehicle maker Workhorse Group Inc. In its letter dated June 30, the SEC disclosed that its enforcement division had been investigating Workhorse and that the probe is “still active”. A…
In a statement the CEO of global cryptocurrency exchange Binance said, its U.S. arm could potentially see an initial public offering in the next three years. “Binance.US is just going to do what Coinbase did,” said Zhao. He went on to add, Binance.US is set to close on a large private funding round in the…
On Wednesday, in a statement Royal Dutch Shell announced its plans to significantly expand its network of electric vehicle charging points in Britain. Shell plans on installing 50,000 on-street charging stations by 2025; it plans on implementing its plan through ubitricity, an on-street charging point company that it acquired earlier this year in February. Incidentally,…
TikTok owner ByteDance has acquired a virtual reality start-up called Pico marking the Chinese company’s first move virtual reality space. The size or worth of the deal was not revealed by byteDance, headquartered in Beijing, China, but said in a statement that the “comprehensive suite of software and hardware technologies of Pico, as well as…
According to the results of a study released on Tuesday, Facebook Inc, Google and Microsoft Corp are the three biggest lobbying spenders in Europe as they battle new laws aimed at curbing their influence on social media. Such lobbying efforts are a wake-up call for EU policymakers to further beef up the draft laws and…
Share of Robinhood Markets Inc fell by nearly 7% on Monday following a news that PayPal Holdings Inc may start an online brokerage service. Reports have also emerged saying, regulators were looking at imposing a potential ban on a practice that accounts for the bulk of the company’s revenue. Shares of Robinhood extended an early…
It took Singapore’s Shopee, owned by Sea Ltd, just two years to become the shopping app in Brazil with the highest number of downloads as the platform attracted consumers with its low cost offers and its unique approach to e-commerce – use of mini-games in the app with winners being offered coupons for shopping, The…
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