On Wednesday, Alibaba Group Holding Ltd backed Chinese electric vehicle (EV) manufacturer Xpeng stated it has raised $400 million from investors including Xiaomi Corp, to fund its growth. The fundraising comes at a time when industry watchers as well as bankers describe as an increasingly tough financing environment for Chinese EV startups who are jostling…
As per a report from the Wall Street Journal, a U.S. federal regulator has initiated an investigation into a cloud computing deal between Alphabet Inc’s Google and Ascension Health which would give Google access to detailed health information of millions of patients. The Office for Civil Rights in the Department of Health and Human Services…
A charity auction hosted by Christie’s in Switzerland saw a record 31m Swiss francs being given for a Patek Philippe watch. This is the highest price ever that has been paid for a wrist watch. The money collected from the sale will be donated for research into muscular dystrophy. Just a five-minute auction at the…
The vaping company Juul announced on Tuesday that it will cut more jobs that it had earlier announced – 650 jobs instead of the previously announced 500, in its efforts to reduce its expenditure by almost $1 billion by next year, said a company official. The number of jobs to planned to be cut accounts…
On Tuesday, Balderton Capital, an European venture capital firm stated, it is launching a $400 million fund to invest in technology start-ups; its total funds under management now totals to $3 billion. In a statement, Balderton said, the total venture capital funding in European start-ups hit a record high of $27.11 billion (24.6 billion euros)…
In a deal that provides Alphabet Inc’s Google Inc more data to finetune its artificial intelligence tools, the search giant has signed its biggest cloud computing customer in healthcare to date with Ascension. In a joint statement Ascension, which operates 150 hospitals and more than 50 senior living facilities across the United States, and Google…
On Tuesday, shares of chipmakers in European bourses rose in anticipation for a potential U.S.-China trade deal. Investors will be looking for clues in a key speech from U.S. President Donald Trump. The pan-European STOXX 600 index edged slightly higher by 0840 GMT, with technology stocks rising by 0.3%. Investors are keenly awaiting a speech…
On Tuesday, Huawei Technologies stated, it will disburse $286 million (2 billion yuan) in cash as rewards to staff who are working to help it weather a U.S. trade blacklisting. Huawei is trying in full earnest to find alternatives to U.S. hardware after the U.S. Commerce Department nearly banned it in May from doing business…
The latest financial results from the United States based ride hailing company Uber shows that Latin America turned out to be its biggest weak spot as the company noted just 2 per cent growth in the region, its worst for any region, and even as the company continued to lose money. Latin America has traditionally…
The vast number of risks the business faces has been detailed by Saudi Aramco, the state owned oil giant of Saudi Arabia that is set to launch its long-awaited initial public offering this year. The details of the risks being faced by the largest oil company of the world were mentioned in its prospectus that…
