Finance

Philips Increases 2021 Financial Guidance Estimates as Sales Keeps Going Up

Dutch based health technology company Philips NV (AMS: PHIA) has revised its 2021 estimates upwards following increasing number of sales courtesy of the pandemic. Due to the pandemic, healthcare facilities across the world have been overwhelmed due to high numbers of COVID-19 patients. It is this experience which led to a rise in demand of […]

Meituan Raises $10 Billion in a Stock and Convertible Bonds Sale

Beijing based online local service platform Meituan (HKG: 3690) raised a total of $10 billion in a stock and convertible bonds sale. This financing initiative sends a strong message that investors indeed have strong faith in the growth rate of the company. Following this financing, Meituan now has a market valuation of $220 billion. The […]

Microsoft Spending $1 Billion to Build Data Centers in Malaysia

The Prime Minister of Malaysia Muhyiddin Yassin revealed that U.S tech giant Microsoft Corp. (MSFT) will be investing $1 billion to set up data centers across Malaysia in the next five years. Prime Minister Yassing says the project will be as a new partnership between government entities and the private sector. “As part of the […]

Amazon’s Video Games Wing Cancels Lord of the Rings Game

The video game unit of leading retailer Amazon Inc. (AMZN) announced having canceled an online video game based on the adventure series ‘Lords of the Rings’ which had been announced back in 2019. This game was being developed by at Amazon Game Studios in collaboration with China-based Leyou Technologies Holdings. Leyus was purchased by leading Chinese […]

Online Pizza Ordering Platform Slice Raises $40 Million in Latest Financing Round

Online pizza and food ordering platform Slice announced having raised $40 million from its latest financing led by venture capital firm Cross Creek. Two former executives at social network Twitter Inc. (TWTR) also participated in the financing round. The former individuals at Twitter included Dick Costolo who once served as Twitter’s chief executive officer from […]

Goldman Sachs Opening a New Office in Birmingham UK

United States based investment bank and provider of financial services Goldman Sachs Group Inc. (GS) will be opening a new office in the city of Birmingham, United Kingdom. The office will be a sign of the bank expanding its reach across Europe. Goldman Sachs says the first employees will start working in the office in […]

Bezos Receives Backlash After Supporting U.S Corporate Tax Hike

Currently the world’s richest man and Amazon Inc.’s (AMZN) chief executive officer Jeff Bezos said that he is supporting a hike in the U.S. corporate tax rate proposed by the administration of President Biden as part of an infrastructure overhaul. President Biden is seeking to increase corporate tax to 28% down from the current 21%. The […]

Gatik Working With Isuzu to Build Autonomous Delivery Trucks

Startup developing technology for deploying autonomous vehicles for short-haul logistics Gatik is partnering with Isuzu North America Corp to build autonomous delivery trucks which Gatik will be using to serve its retail clients better. Silicon Valley based Gatik works with other companies including retailer Walmart Inc. (WMT) in Louisiana and Arkansas and Loblaw Companies Ltd […]

Auditors Discover Accounting Errors in Two U.S Units of IT Company Atos

Financial auditors have discovered some accounting errors in two United States units of French IT consulting firm Atos SE (EPA: ATO). The units affected are Atos IT Outsourcing Services LLC and Atos IT Solutions and Services Inc. According to the statement issued by the auditors these errors constitute to about 11% of the company’s consolidated […]

BlackRock Closes Down its Shanghai Private Fund Unit

U.S based investment management company BlackRock Inc. (BLK) will be closing down its private fund unit in Shanghai. The global asset manager says it resolved to close down the unit so as to focus on its mutual fund business in China. Citing a post from the website of Asset Management Association of China (AMAC), less […]