Navigation Device Maker TomTom to Slash its Labor Force

Developer and creator of location technology and consumer electronics TomTom NV (AMS: TOM2) is set to trim hundreds of jobs following improvements it has made in automating its mapmaking operations. The company says the lay-offs will amount to 10% of its global workforce. “Regrettably, this will have an intended impact on approximately 500 employees in […]

Expect a Fierce Race Between VW and Tesla Says VW CEO

Herbert Diess, the chief executive officer of German based car manufacturer Volkswagen Group AG (ETR: VOW3) has declared a very tight race between the company and U.S based electric vehicle manufacturer Tesla Inc. (TSLA). According to Diess, Tesla works at twice the EV industry pace in many processes but it still ness to increase highly […]

BT and Ericsson Partners to Build Private 5G Networks

Telecommunication equipment companies BT Group (LON: BT) and Ericsson LM (ST: ERIC) have entered into partnership agreement aimed at providing private 5G networks to businesses across Britain to enable them deploy the Internet of things among other technologies quickly and in a secure manner. Private 5G network works the same way at the public one […]

Google Backed ShareChat Raises $300 Million From its Recent Financing Round

India based social media and social networking service ShareChat announced Google’s parent company Alphabet Inc. (GOOGL), Singapore’s Temasek Holdings and media company Times Group, have invested an additional $300 million in a recently concluded financing round which left the company sitting on a $5 billion market valuation. In recent times Google has been showing confidence […]

easyJet Set to Cancel More Than 200 Flights

London based low cost airline group easyJet Plc. (LON: EZJ) is set to cancel more than 200 flights over the in the course of this week attributed to airport delays and other restrictions which have disrupted travelling activities during the holiday season. Following the removal of COVID-19 restrictions, the airline has been facing numerous issues […]

Sony to Scale Up Production of PS5 Amid Supply Chain Disruptions

Sony Group Corp. (TYO: 6758) will be increasing production of its PlayStation 5 console amid supply chain disruptions attributable to computer chip shortage and COVID-19 lockdows. In addition, the company will also be expanding its games platform to capture more tiles on its PC and mobile versions. According to the company’s data, the PS5 has […]

Lyft to Cut Down on Hiring and Assess Budget Cuts

Transport service company operating a mobile app and providing ride hailing services Lyft Inc. (LYFT) says it will slow down on its hiring operations and assess further budget cuts in some department. This move is similar to what its industry peer Uber Technologies Inc. (UBER) announced a few weeks ago. “We’re also being responsible about […]

Toyota to Slash Global Production by Over 100,000 Come June

Leading car manufacturer Toyota Motor Corp. (TYO: 7203) has revealed that it will be slashing its global production by 100,000 to roughly 850,000 vehicles in June due to the prolonged global shortage of computer chip which has disrupted normal production activities especially in the car industry. The company made this announcement on May 24, it […]

BMW Considering Energy Investments to Cut Off Dependency on Natural Gas

German based manufacturer of luxury cars and motorcycles BMW AG (ETR: BMW) is looking into making new investments in solar, geothermal and hydrogen energy aiming to reduce its dependency on natural gas. This development was revealed by the company’s managing director and board member Milan Nedeljkovic, on May 23 as he further warned that a […]

Broadcom Set to Acquire Cloud Service Provider VMware

Semiconductor and infrastructure software products manufacturer Broadcom Inc. (AVGO) is holding talks with an aim of acquiring provider of cloud service VMware Inc. (VMW). This information was disclosed by people who are directly involved in the matter. According to the sources, talks between the two companies are still underway but too far from reaching a […]