Following a record borrowing by the United Kingdom government in May, the total debt of the country has now exceeded the worth of its economy. The government borrowed £55.2bn in May this year which was nine times larger than the borrowing of the government in the same month a year ago. It was also the…
On Saturday, according to two sources familiar with the matter at hand, Toshiba Corp plans on gradually trimming its 40% stake from Kioxia Holdings following its IPO later this year. Kioxia Holdings, the world’s second-largest flash memory chip maker, is considering ploughing back nearly 50% or more of its post-tax proceeds from the sale of…
Spurred by the ongoing global debate about racism that originated in the United States following the death of a black man while being forced to the ground by a white policeman, companies have also been induced to reassess and review the aspect of stereotypes in their products, branding and advertisements. This is currently being done…
With investments from the likes of Facebook and top Silicon Valley investors Silver Lake and TPG, more than $15 billion in investments for his technology company has been amassed by Indian billionaire Mukesh Ambani within just less than two months, His project has now caught the interest of Saudi Arabia – a powerful investor with…
The hard hit that the novel coronavirus pandemic has dealt to the global oil industry and the consequent historic drop in crude prices has forced global oil majors to resort to costs of operations. The state owned Saudi Aramco of Saudi Arabia, the largest oil company of the world, is no exception. According to reports…
The British supermarket giant Tesco Plc will be selling off its business interests in Poland in its continued efforts and strategic plan of scaling back its international business operations to reduce expenditure and focus on key growth markets. The United Kingdom based retailer will be selling off its Polish business that has a total of…
Amazon.com Inc and Italian luxury brand Valentino have filed a joint lawsuit against New York-based Kaitlyn Pan Group for allegedly making counterfeiting Valentino shoes and placing them for sale online. The development marks Amazon’s first joint litigation with a luxury fashion brand. Kaitlyn Pan did not immediately respond to requests for comments. While Amazon has…
In a significant development, Globalfoundries and SkyWater Technology stated, they have reached a reached a deal to supply semiconductor chips to the U.S. defense industry and will collaborate on developing new technologies. The development comes at a time when the industry is slowly moving towards more U.S. manufacturing. California-based semiconductor manufacturing firm Globalfoundries is owned…
In a statement ride-hailing services company Lyft Inc said, every vehicle on its ride-hailing and rental car platform will be electric by 2030 and that it would not provide direct financial support to drivers for switching from gas-powered cars. John Zimmer, Lyft’s co-founder and president said, the company has reached a scale to impact policy…
In a statement, Zoom Video Communications Inc said, it plans on offering end-to-end encryption for video calls to all of its customers, free and paying end users, and will launch a trial version in July. In recent weeks, following a series of security failures, many institutions have banned the usage of Zoom; it faced criticism…
