tech giant
Alibaba to split into 6 business units, pursue IPOs
The six units will include the Cloud Intelligence Group, Taobao Tmall Commerce Group, Local Services Group, Cainiao Smart Logistics Group, Global Digital Commerce Group, and Digital Media and Entertainment Group, reports CNBC. Each business unit will be led by its own CEO and board of directors.
Trinity objects to Arcelor Mittal's inclusion in bidding for SREI assets
TAIML is an investment manager managing AIF funds that is jointly promoted by SREI Infrastructure Finance Ltd (SIFL), with 51 per cent stake, and balance 49 per cent is held by Payash Capital Singapore PTE Ltd. TAIML has filed claims worth Rs 10,000 crore from Arcelor Mittal entities and Payash has challenged their inclusion in the SREI bid process will "hinder" TAIML's recovery.
Big four consultancy firms withdraw from Russia & Belarus
The big four consulting firms -- Deloitte, KPMG, EY and PwC -- have announced they were ceasing operations in Russia and Belarus over Moscow's invasion of Ukraine. A spokesperson for KPMG International said that they have a responsibility, along with other global businesses, to respond to the Russian government's ongoing military attack on Ukraine.
AnyDesk raises $70 mn at Series C funding, valuation reaches over $600 mn
As the usage of laptops and computers have significantly increased, AnyDesk recorded more than 500 million downloads and 900 million sessions each month on average. The funding round was led by General Atlantic, with existing investors Insight Partners, EQT Ventures, and Possible Ventures also participating, TechCrunch reported.
EU opens probe into Nvidia's $40 bn acquisition of chip maker Arm
The Nvidia deal to purchase the UK-based company Arm from SoftBank for $40 billion was announced in September last year. The Commission said in a statement late on Wednesday that the merged entity would have the ability and incentive to restrict access by Nvidia's rivals to Arm's technology, and that the proposed transaction could lead to higher prices, less choice and reduced innovation in the semiconductor industry.
Tesla earns $1.62 bn in Q3 as car sales surge
The company’s operating income also grew up to $2 billion increasing by 54% over the last quarter. The company in a statement said that the operating income increased year-on-year because of the vehicle volume growth and cost reduction. "Positive impacts were partially offset by ASP decline, growth in operating expenses, lower regulatory credit revenue, additional supply chain costs, Bitcoin-related impairment of $51 million and other items,” it added.
FB, Stellaris Venture Partners to scale young businesses
"We know that timely skilling can unlock multiple growth opportunities for small businesses that are the backbone of India's economy. As business after business moves online in current times, the need for timely digital up-skilling becomes even more urgent to drive their recovery and growth," Archana Vohra, Director, Small and Medium Businesses at Facebook India, said in a statement.
ArcelorMittal reports 'strongest quarter in a decade'
In a statement, the Steel giant ArcelorMittal said that the first quarter of 2021 was its strongest quarter in a decade. The operating performance significantly improved in Q1 2021, reflecting the continued demand recovery which supported a 6.5 per cent sequential increase in steel shipments, it said.
Samsung heir faces 9 years in prison over bribery case
The de facto leader of the country's top conglomerate was initially sentenced to five years in jail in 2017 for bribing a longtime friend of former President Park as he sought the government's help in succeeding his father and securing control of Samsung Group.
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