Money

Jack Ma resigns From Softbank’s Board

China’s richest man and founder of e-commerce giant Alibaba Group Holding Ltd (BABA) Jack Ma will be stepping down from the board of Softbank group Corp (TYO: 9984). This development was announced by Softbank. This resignation will mark the latest by Jack Ma who seems to be dropping high profile corporate positions to give full […]

Pandemic Drives World’s Second Oldest Airline Avianca into Bankruptcy

Without a doubt the airline industry is among the worst hit by coronavirus pandemic across entire world. In the past few weeks multiple airlines including major ones have made headlines by adopting measures to help them survive the hard economic times. Well, world’s second oldest and South America’s largest airline Avianca Holdings (AVT) has filed […]

Sinclair to Pay $48 Million for Abandoning Acquisition Deal

U.S based Telecommunication and Media Company Sinclair Broadcast Group Inc. (SBGI) has been directed by the Federal Communications Commission (FCC) to pay $48 million as a civil penalty for abandoning an acquisition deal in which it was to purchase Tribune Media. This is the largest ever civil penalty imposed by the agency, the penalty is […]

Mirae Asset Sued for Missing Deadline to Buy U.S Hotels from Chinese Insurance

South Korea based asset management firm Mirae Asset Global Investment has been sued for failing to purchase 15 U.S. hotels from China’s Anbang Insurance Group under the stipulated time frame in the deal. This was announced by Mirae’s spokesperson after time elapsed for the purchase, Mirae was set to acquire these hotels at a cost of […]

LG Reports Losses in Fifth Consecutive Quarterly Reports

Undoubtedly, business hasn’t been as usual for worldwide known South Korean tech company LG Display Co Ltd (KRX: 034220) the firm posted net losses in the first quarter of the year bringing its quarterly results to five consecutive quarterly net losses. In the first quarter ended March 31, LG reported net operating losses of 362 […]

Facebook Investing $5.7 Billion in Reliance Industries

Tech giant Facebook Inc. (FB) has announced it will be pumping in investment worth $5.7 billion in the digital unit- Jio Infocomm of Reliance Industries (RELI) in return Facebook will be getting 9.99% stake in the company. Following closure of the deal, it will be the second largest investment ever done by Facebook the first […]

Alibaba Investing Extra $28 Billion in Cloud Computing

Chinese leading e-commerce giant Alibaba Holding Ltd (BABA) will be pumping in extra 200 billion yuan ($28 billion) in its cloud computing services Alibaba Cloud in the next three years. Alibaba says following outbreak of deadly coronavirus, there has been an increasing demand in for business software. The company says the funds will be largely […]

The Gates Increase WHO Funding After Trump Withdrew U.S Funding

Trumps Cuts Funding WHO In the beginning of the week U.S President Donald Trump announced suspending funding of World Health Organization (WHO) from the United States. He further accused the organization of being so soft on China where the coronavirus originated. Trump claimed main reason for dropping funding was due to the fact, WHO easily […]

Wells Fargo Reports Sharply Declined Q1 Results

Fourth largest bank in the U.S Wells Fargo & Co (WFC) has reported its first quarter results for the period ended 31 March. According to the results it’s clearly evident that coronavirus pandemic has greatly affected performance of the company in the quarter. Profit for the bank in the quarter sharply decreased to $42 million […]

Sony Pumps in a $400 Million Investment in Chinese Video Website Bilibili

American subsidiary of Sony Corp (TYO: 6758), Sony Corp America is set to pump in investment worth $400 million in Chinese video sharing website Bilibili (NASDAQ: BILI). The two parties made the announced during a joint press statement further adding the partnership is targeting the millennials and generation alpha as its customers. Bilibili is commonly […]