The earnings of the Finnish network equipment manufacturer Nokia Oyj has come under severe pressure because of fierce competition in the industry which has forced the company to explore strategic options, said a report published by Bloomberg quoting citing information form sources with knowledge of the matter. A range of alternatives are being explored by…
The closing down of bars and restaurants in China because of the spread of the coronavirus will have a negative impact on the profits for the entire year, warned drinks giant Diageo. The virus related disruptions across Asia will have an impact of between £140m-£200m in the operating profits, the company said. Diageo is the…
It was just six weeks back that the United States biotech firm Moderna had started work on the development of a drug for immunization against the coronavirus and it has now reportedly sent an experimental coronavirus vaccine to the US government researchers. While it could be as early as April that the initial trials for…
A controversial plan to start drilling operations in the Great Australian Bight by the oil giant Equinor has been abandoned, the company said. Environmentalists have hailed this as a “huge win”. Permission to begin exploratory drills in seas off South Australia was granted last December to the Norwegian company. The company however told regulators on…
Tesco, the largest retailer of the United Kingdom, has now completely exited the Chinese market following the sale of its stake in a joint venture to the state-run partner China Resources Holdings in a deal worth 275 million pound or $357 million. After struggling for a few years to make a dent in the Chinese…
On Wednesday, Japanese news daily the Nikkei reported that Tesla and Panasonic are ending their partnership to produce solar cells following the Japanese electronics company ramping up efforts to divest unprofitable businesses. The development comes in the wake of Tesla diversifying away from Panasonic as its sole battery supplier for electronic vehicles after it brought…
In a statement, SambaNova Systems, an artificial intelligence computing firm stated, it has raised $250 million in its latest funding round which was led by BlackRock Inc. Investors at SambaNova’s Series C funding round included the venture capital arms of both Intel Corp and Alphabet Inc, Walden International, WRVI Capital and Redline Capital. Palo Alto,…
On Tuesday, Ming Maa, president of Southeast Asian ride hailer Grab stated, it is raising $706 million from Mitsubishi UFJ Financial Group Inc (MUFG) and $150 million from Japanese IT services firm TIS Inc, as it attempts to expand its footprint in the financial services. “MUFG’s investment into Grab is a vote of confidence in…
In a blow to Apple Inc, the U.S. Supreme Court has ruled that Cupertino cannot avoid paying $440 million in damages for using VirnetX Inc’s patented internet security technology without permission. Apple uses VirnetX Inc’s technologies in its FaceTime video calling features. Supreme court justices rejected Apple’s appeal in the long-running case concurring with a…
According to a report from the Wall Street Journal, Intuit Inc is nearing a deal to acquire Credit Karma, a financial technology portal for nearly $7 billion. The cash and stock deal, which will push Intuit further into consumer finance, is likely to be announced as early as Monday, said the WSJ citing sources familiar…
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