Markets

Philips Healthcare Recalls Ventilators Due to Health Concerns

Netherlands based producer of healthcare equipment Philips N.V. (AS: PHG) has recalled some ventilators and breathing devices citing a foam part that might degrade and become toxic posing a potential threat of causing cancer. The foam is used to dampen the sound produced by the machines, this foam degrades and it can turn into small, […]

Dingdong Maicai Looking Forward to a $500 Million U.S IPO

Chinese fresh vegetable e-commerce app Dingdong Maicai is seeking to raise $500 million from its United States initial public offering. This has been revealed by people directly involved in the matter. According to the sources, the online grocery app is seeking to capitalize on this IPO to compete in what it calls a ‘crowded industry’. […]

Apple Engaging CATL and BYD Over Battery Supply For its Electric Vehicles

Giant tech company Apple Inc. (AAPL) is holding talks with China based battery manufacturing companies CATL Ltd. (SHE: 30075) and BYD (SHE: 002594) concerning supplying of batteries for its electric vehicles. Sources directly involved in the matter revealed this development further saying the discussions are subject to changes and at the moment it’s too early […]

Tesla Cancels Production of Model S Plaid+

Leading electric vehicle manufacturer Tesla Inc. (TSLA) has cancelled production of the longest-range Model S Plaid. This was announced by the company’s founder and chief executive Elon Musk through a twitter post. “Plaid+ is canceled. No need, as Plaid is just so good,” Tweeted Musk. The cancelled model would have been Tesla’s highest-end model with […]

Volkswagen Chairman to Seek Re-election for the Post

The chairman of German based widely known auto manufacturer Volkswagen Group (ETR: VOWG) Hans Dieter Poetsch, will be seeking another term for the same position. The chairman says he will be unveiling his re-election bid at the up-coming annual general meeting of the company. Aged 70, Poetsch became the company’s chairman in 2015 just several […]

Tesla Recalls 6,000 United States Vehicles Over Loose Bolts

Electric vehicle manufacturer Tesla Inc. (TSLA) has recalled almost 6,000 vehicles in the United States citing a probability that brake caliper bolts could be loose a situation which can lead to loss of tire pressure. According to public revealed documents, Tesla made a filing on the issue with the National Highway Traffic Safety Administration (NHTSA) […]

Prices of Tesla Cars Goes Up Due to Supply Chain Pressure

The prices of electric cars produced by leading electric vehicle Tesla Inc. (TSLA) have gone up due to supply chain pressures across the broad auto industry. This was announced by the company’s founder and Chief Executive Officer Elon Musk through twitter. According to Musk this price hike is due to major supply chain price pressure […]

Intel Says it May Take Years to Meet Global Chip Supply Shortage

World leading chip manufacturer Intel Corp. (INTC) is claiming that there is a high probability that it might take years to resolve the global semiconductor supply shortage and get things back to normal equilibrium. Things took a shift when the pandemic set foot in the world early last year. Employees started working from home and […]

EV Maker Rivian Seeking a $70 Market Valuation After IPO

United States based electric car manufacturer Rivian Automaker is targeting to have a market valuation of around $70 billion after much awaited initial public offering of the company slated for later this year. Citing documented data, the company had a market valuation of $27.6 billion in the beginning of the year after conclusion of an […]

HSBC Closing Down Retail Banking Business in U.S

Britain based financial services provider and investment bank HSBC Holding Plc. (LON: HSBC) has announced that it will be closing down its retail banking business in the United States citing the business has only been making losses after losses. HSBC says it will rather shift its focus in Asia which serves as its biggest market […]