A first-quarter net loss of $2.06 billion was reported by the office-sharing startup WeWork m backed by Japan’s investment firm SoftBank, on Thursday. The loss was because of hits of restructuring costs, the company said as it prepares to get listed through a merger with a blank-check firm. The easing of restrictions imposed throughout the…
Two companies owned by media entrepreneur Byron Allen have sued McDonald’s Corp for at least $10 billion. In the case, the companies accused the fast-food chain of engaging in racial discrimination as it did not allot enough advertisements to media outlets owned by black people. The “racial animus and racial stereotyping” in allocating ad dollars…
JD Logistics Inc, which was spin off from e-commerce major JD.com Inc, will likely price shares at HK$40.36 ($5.20) in its initial public offering (IPO) at Hong Kong which will be towards the lower end of its flagged range, said reports quoting source information. The sources were not identified in the reports. There were…
On Friday, in a statement Dutch charging infrastructure company Fastned said, it has partnered with Tesla to build electric vehicle (EV) charging stations at a hub in Oxford, UK. The hub, featuring 26 charging stations, will also include 12 Tesla Supercharger stalls and 14 Fastned fast chargers and will be built in cooperation with Oxford…
According to four sources with knowledge of the matter at hand, embattled Chinese tech giant Huawei Technologies is expanding its smart car partnership with state-owned Chongqing Changan Automobile Co Ltd to include the design and development of semiconductors for the auto sector. In the last 6 months both companies have been collaborating informally on designing…
Storytel , a Swedish audiobook streaming group has teamed up with Spotify to allow its subscribers to listen to its library of audiobooks on Spotify from later this year. Storytel offers listening and reading of more than 500,000 titles across 25 markets and competes with the likes of Amazon’s Audible. “We will also be tapping into the opportunity…
In a development that marks China’s latest attempt to clamp down on speculative trading of cryptocurrency, Beijing has banned financial institutions and payment companies from providing services related to cryptocurrency transactions, warning investors against speculative crypto trading. Under the ban, institutions including banks and online payments channels are disallowed to offer clients any services involving…
In a statement Canadian Trade Minister Mary Ng said, Toronto has reiterated to Washington that it plans on going ahead with a digital services tax; the potential move is likely to impact U.S. tech giants including Facebook and Alphabet Inc’s Google. Ng made the remarks in bilateral talks with U.S. Trade Representative Katherine Tai, who has…
On Tuesday, Estonian start-up Bolt launched electric scooter services in nine German cities saying it was its biggest and most challenging rollout to date. Bolt will offer rides for as little as $0.06 (0.05 euros) per minute with no unlocking fees, in a market that sees peers charging typically 1 euro per trip plus 15-25…
Late on Monday, a South Korean newspaper reported, Samsung Electronics Co Ltd is likely to begin the construction of a planned $17 billion U.S. chip plant during the third quarter of this year and has target to begin operations at the plant in 2024. In a report, the Electronic Times reported citing unnamed industry sources, Samsung…
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