On Friday, Germany’s Ifo economic institute stated, the country’s industrial sector, which ot battered due to the Wuhan coronavirus induced lockdown, expects an increase in production levels in the coming three months. “The industrial sector is continuing to work its way out of the trough in production,” said Ifo economist Klaus Wohlrabe following the publication…
In a statement on Friday, Southeast Asia’s biggest country Indonesia said, it has added, Facebook, TikTok, Disney, Amazon, Netflix, Spotify, and Google to the list of tech companies which will have to pay a 10% value-added tax on their sales in the country. With a population of around 270 million, Indonesia is a big market…
In a significant development, U.S. President Donald Trump stated, the United States will ban China-owned ByteDance’s TikTok video-sharing app, and Tencent’s WeChat app, in 45 days. The development comes in the wake of the Trump administration stepping up efforts to purge “untrusted” apps, including Chinese ones, from its digital networks citing “significant threats” posed by…
Uber has been forced to adopt the taxi model in Latin America because of the novel coronaviruss pandemic. This new approach to business for Uber is because of the pandemic related regulatory clampdown in countries such as Chile and Colombia where the ride-hailing business is considered mostly to be unregulated. Chinese rid hailing company Didi.,…
With speeding up measures for cost savings in the wake of the novel coornvirus pandemic, the German engineering group Siemens said it expects to register a “modest” improvement in orders and revenue within the next few months. While raining forecast for its earnings as it cut costs and had benefited from an accounting gain, the…
In a significant development, Facebook has launched a short video services, called Reels, similar to ByteDance’s TikTok, in more than 50 countries including the United States. Reels has been embedded with its popular Instagram app. The product saw an immediate gain in traction with several celebrities adopting it including actress Jessica Alba, who posted a…
In a significant development, the state of Virginia has launched its first contact tracing app for the Wuhan coronavirus in the United States using a new technology from Google and Apple Inc. With this app, COVIDWISE, Virginia is hoping to help it catch newer cases faster than before; one hurdle facing it is boosting the…
The German auto giant BMW id forecasting an operating profit this year even though the company reported a loss of 666 million euros ($787 million) during the second quarter following slump in sale of its luxury cars during the lockdowns implemented across most major markets to prevent the spread of the novel coronavirus pandemic, the…
The hit to the global economy and a consequent forecast of a significant hit to global demand in cars because of the novel coronavirus pandemic has forced Japanese auto giant Honda Motor Co to forecast a 10-year low annual operating profit for the current year with a 68 per cent decrease. In the year to…
According to sources familiar with the matter at hand, software firm Clearwater Analytics is exploring a potential sale which could value the investment management software firm, owned by private equity, at nearly $2 billion, including debt. According to two sources, Welsh, Carson, Anderson & Stowe, the buyout firm which acquired its majority stake in the…
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