U.S. authorities seeking access to Kobe Steel’s falsified data

Japan’s No. 3 steelmaker is likely to face an onslaught of legal action, possibly even class-action lawsuits, over the falsification of data in its products which have affected nearly 500 companies. On Tuesday, Japan’s Kobe Steel Ltd has disclosed that U.S. authorities have requested access to the company’s documents related to tis data cheating scandal.…

Data center operator Switch Inc’s IPO is the second largest U.S. tech company to hit the U.S market this year

While Switch had projected its listing price to be in the range of $14 to $16, it’s share price broke all expectations and was listed at $17, much to the cheer of investors. In a significant development, Switch Inc has raised $531.3 million from its initial public offering wherein it had priced its share at…

Self-driving vehicles are finally going to hit U.S. roads thanks to this bill

In a historic development, a U.S. senate panel has overwhelmingly approved a bill aimed at reducing the time gap before robotic self-driving cars are deployed on U.S. roads. In a development that will lend further momentum to automakers, a U.S. Senate panel has unanimously approved a bill aimed at speeding the deployment of self-driving vehicles…

European Court of Justice to rule on privacy safeguards for EU citizen

Many large U.S. tech companies routinely transfer private EU citizen’s data without sufficient protection from U.S. mass surveillance. On Tuesday, in a case which has significant implication for many big companies, Ireland’s High Court stated it would ask EU’s top court to rule on the way in which internet companies, including Facebook, Apple and Google,…

South Korea bans Initial Coin Offerings

The move mirrors similar announcements made by the U.S. and China where increased trading volumes of cryptocurrencies have sparked concerns. On Friday, South Korea’s financial regulator has stated it will ban the raising of funds through all forms of virtual currencies, including Initial Coin Offering, (ICO), in a move that mirrors China’s restriction on initial…

Fines on global banks are likely to touch $400 billion by 2020

Financial misconduct by global banks, since the 2008 financial crisis, has led to the writing-off of $850 billion in profits for the world’s top 50 banks. As per a research report released on Wednesday, since the 2007-2009 financial crisis, European and U.S. regulators have imposed $342 billion in fines on banks, resulting from violations of…

Hewlett Packard Enterprise likely to cut 10% of its workforce by the end of this year: sources

By reducing 5,000 employees from its global workforce, HPE is broadening its cost cutting strategy. Bloomberg has reported citing sources familiar with the matter at hand, Hewlett Packard Enterprise Co is planning on cutting at least 5,000 workers from its employee strength, as it focuses on broadening its efforts at cost reductions midst mounting competition.…

Nissan’s revamped Leaf competes head to head with Tesla’s Model 3

In 2018, Nissan plans on releasing another version of the Leaf which will have a driving range of “more than 300 miles” In a significant development that underscores Nissan Motor Co’s efforts at stimying criticism over its limited driving ranges in its EV offerings, the company has launched a revamped version of its Leaf electric…