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German chipmaker Infineon Technologies AG close to acquiring Cypress Semiconductor Corp

The potential deal values U.S. chipmaker Cypress Semiconductor Corp at around $10 billion. As per a report from Bloomberg, German chipmaker Infineon Technologies AG is closing in on a deal to acquire Cypress Semiconductor Corp; the potential deal values the U.S. chipmaker at nearly $10 billion. The report which cites sources familiar with the matter at…

Fitbit Inc reports stellar first quarter results

The development underscores a rising demand for affordable wearables among consumers. In a development that signals a welcome break for wearable devices, wearable device maker Fitbit Inc reported better-than expected first-quarter results reaffirming its full-year revenue forecast. The wearable device maker was able to sell more smartwatches and wearable devices that track health at affordable…

Aluminum producer Norsk Hydro hit by cyber attack

The operations of Norsk Hydro, one of world’s biggest producers of aluminum, have been affected. On Tuesday, Norsk Hydro, one of the world’s biggest producers of aluminum, stated it was subject to a sustained cyber attack that affected its operations. The development sent its shares plummeting downwards, “IT-systems in most business areas are impacted and…

ZTE’s controlling shareholders plan on selling upto 3% shares

Chinese telecom company ZTE Corp had been subject to U.S. sanctions. Its controlling state-owned controlling shareholder Zhongxingxin Telecom plan on selling as much as 2% of its shares once the stock has doubled its value. According to regulatory filing, the controlling stakeholders of China’s ZTE Corp’s plan to slash their stake, by as much as…

Britain’s Marks & Spencer gains online food delivery service market through JV with Ocado

Marks & Spencer has entered into a joint venture with online supermarket pioneer Ocado and has thus forayed into the online full delivery service market. On Wednesday, British retailer Marks & Spencer (M&S) has agreed to form a joint venture with Ocado, an online supermarket pioneer. The development assumes significance since it would provide M&S…