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Siemens will cut off 10,000 Jobs amid Slowdown

8May By AdityaNo Comments

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Siemens will cut off 10,000 Jobs amid Slowdown

German industrial equipment and technology supplier Siemens AG says net profit fell 5 per cent in the first three months of the year as the company heads into a major restructuring involving the spinoff of its oil, gas and power generation business. The company said Wednesday that net profit was 1.92 billion euros (USD 2.15 billion), down from 2.02 billion a year earlier, when earnings were boosted by 900 million euros by a share transfer. Revenue rose 4 per cent to 20.93 billion euros. The news comes after Siemens said late Tuesday it would spin off its division that makes power turbines while cutting costs at its remaining businesses. The company said it would drop 10,400 jobs but expected to create 20,500 more through growth through 2023, leading to a n...

Infibeam terminates auditor services for leaking sensitive info

5May By PriyankaNo Comments

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Infibeam terminates auditor services for leaking sensitive info

India's first profitable e-commerce company Infibeam Avenues terminated services of chartered accountancy firm S.R.B.C & Co. LLP as one of the joint statutory auditors on grounds of alleged sharing of unpublished price-sensitive information. SRBC & Co LLP, in a statement issued later in the day, however, refuted charges and said it is open to regulatory inspection and will respond to the regulators, as required. In a regulatory filing, Infibeam Avenues said that the board Sunday recommended, subject to the approval of regulatory authorities and shareholders, "to terminate company's joint statutory auditor S.R.B.C & CO. LLP (Auditor), on the grounds of sharing company's unpublished price-sensitive information with personal e-mail accounts of their team and third-party on m...

Walmart Head Visited Flipkart Office to celebrate first Partnership Anniversary

4May By AdityaNo Comments

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Walmart Head Visited Flipkart Office to celebrate first Partnership Anniversary

President and CEO Walmart International Judith McKenna visited Flipkart to celebrate the first anniversary of the partnership between the two companies, the city-headquartered e-commerce firm said Friday. Judith visited India for an internal business trip from April 30 to May 3, which was a chance for her to interact with Flipkart Group leadership and employees in celebrating the one-year anniversary of the partnership with Walmart, Flipkart said in a release. She was accompanied by Richard Mayfield, CFO Walmart International, and Leigh Hopkins, International Strategy & Business Development Head, it said. Walmart Inc in May last year had announced that it is buying 77 percent stake in Flipkart for about USD 16 billion (Rs 1.05 lakh crore), its biggest deal which will give the ...

4May By AnkitaNo Comments

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Travis Kalanick barred from Uber IPO at NYSE

Uber's current CEO is barring the founder and Ex-CEO of Uber Travis Kalanick to take part in the opening bell ceremony held at the New York Stock Exchange next week. In a report published Friday in one of the leading USA newspaper, Uber CEO Dara Khosrowshahi (kahs-row-SHAH'-hee) has decided that Travis Kalanick is not welcome to share the exchange's balcony when Uber begins trading as a public company next Friday. Kalanick co-founded Uber and was CEO until his ouster in 2017 following a series of damaging revelations that sullied the company's reputation among consumers. Those included reports of rampant internal sexual harassment and allegations Uber stole self-driving car technology. The blowback from the problems helped Uber rival Lyft pick up ground in the US something Ube...

Facebook considering its own cryptocurrency Payments

3May By AdityaNo Comments

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Facebook considering its own cryptocurrency Payments

As per the news reports, the social media giant Facebook plans its own cryptocurrency-based payment system that it could launch for billions of users worldwide. The system would use a digital coin similar to bitcoin, but different in that Facebook would aim to keep the coin's value stable. Bitcoin and similar cryptocurrencies have been susceptible to wild fluctuations in value.It could reportedly undermine credit cards by sidestepping the processing fees that generate much of their revenue. The news said Facebook is recruiting dozens of financial firms and online merchants to launch the network. Facebook's plans may include ways to financially reward users who interact with ads or other features. Facebook says only that it is exploring many different applications for cryptoc...

Qualcomm expects $4.5 to $4.7 bn revenue including a settlement with Apple

2May By PriyankaNo Comments

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Qualcomm expects $4.5 to $4.7 bn revenue including a settlement with Apple

Taiwan based tech company Qualcomm said it expects a $4.5 billion to $4.7 billion this quarter from its recent settlement with Apple in a royalty battle. Qualcomm factored the additional revenue into a forecast in its latest earnings release, saying the money would be a payment "from Apple and the release of our obligations to pay or refund Apple and the contract manufacturers certain customer-related liabilities."The Southern California-based company also factored in revenue expected for new royalties from Apple and the makers of its devices. Qualcomm reported revenue of $5 billion in the recently ended quarter, while its forecast for the current quarter was from $9.2 billion to $10.2 billion in revenue. In April, Apple and Qualcomm announced an agreement to "dismiss all litigati...

Spotify registered 100 million paid subscribers and first quarterly loss

29Apr By PriyankaNo Comments

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Spotify registered 100 million paid subscribers and first quarterly loss

Spotify, the world's leading music streaming giant has 100 million paying subscribers, but also reported a first-time quarterly loss in the operation. "Premium subscribers grew to 100 million, up 32 percent year on year," Spotify said in a press release. Spotify also reported free ad-supported users had grown to 217 million, up 26 percent compared to the same quarter the year before. The music streaming company called it an "important milestone" in the company's history. The strong growth in paying subscribers was attributed to promotions in the United States and Canada, as well as continued growth in "family plans", where multiple users can share one account. Revenue from premium accounts increased to 1.385 billion euros ($1.545 billion) for the quarter, up from 1.037 billion ...

Gucci owner to pay record $1.7 billion fine

26Apr By PriyankaNo Comments

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Gucci owner to pay record $1.7 billion fine

Kering SA, the French owner of Italian fashion giant Gucci is set to pay a record fine of nearly 1.5 billion euros ($1.7 billion) in a tax evasion case, according to media reports Friday. "Lawyers are still negotiating with the tax authorities over a few hundred million euros, but the fine that the (French luxury) Kering group is about to pay is the highest (in Italy)," the La Stampa newspaper said. "It's a cheque for nearly 1.5 billion euros," it added. It follows a probe by Milan's public prosecutor into the fashion house on suspicion of declaring several years worth of Italian sales in Switzerland, thereby saving around 1.3 billion euros in domestic tax. Kering is expected to sign an agreement on the amount due on May 2, according to the financial newspaper Il Sole 24 Ore. ...

Facebook Filed a lawsuit against a New Zealand company for selling fake likes

26Apr By AdityaNo Comments

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Facebook Filed a lawsuit against a New Zealand company for selling fake likes

Facebook filed a lawsuit against a New Zealand company from selling fake "likes," views and followers to Instagram users in US federal court. Facebook requests US fedral court to bar them for further operations. The company and three people targeted in the lawsuit operated a service to raise the profile of Instagram accounts by bolstering them with bogus followers, views and "likes," Facebook director of platform enforcement and litigation Jessica Romero said. "By filing the lawsuit, we are sending a message that this kind of fraudulent activity is not tolerated on our services, and we will act to protect the integrity of our platform," Romero said. Romero did not identify the company or the individuals names in the legal complaint, which accused them of using fake businesses a...

19Apr By AdityaNo Comments

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BBM is Shutting down from 31st May

Emtek, an Indonesia-based app development company which holds Blackberry messenger development announced that it will end the BBM service for consumers on May 31, 2019. The company said in its press release," Three years ago, we set out to reinvigorate BBM consumer service, one of the most loved instant messaging applications, as a cross-platform service where users can not only chat and share life experiences but also consume content and use payment services. We poured our hearts into making this a reality, and we are proud of what we have built to date. The technology industry, however, is very fluid, and in spite of our substantial efforts, users have moved on to other platforms, while new users proved difficult to sign on." But BBM Enterprise (BBMe) for the individual users...

Google blocks TikTok app in India, Apple still running it

17Apr By AdityaNo Comments

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Google blocks TikTok app in India, Apple still running it

After an Indian court decision, Google blocked video app TikTok in India from its App store. After refusal on the ban by southern Tamil Nadu court on the request by China's Bytedance Technology TikTok app future is now uncertain in India. As per the latest information, the app was still available on Apple's platforms but was no longer available on Google's Play store in India. The state court had on April 3 asked the federal government to ban TikTok, saying it encouraged pornography and made child users vulnerable to sexual predators. Its ruling came after an individual launched a public interest litigation calling for a ban. The federal government had sent a letter to Apple and Google to abide by the state court's order, according to an IT ministry official. “We have fai...

Netflix forecast disappoints ahead of Disney+ launch

17Apr By reutersNo Comments

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Netflix forecast disappoints ahead of Disney+ launch

Netflix gave a weak forecast that unnerved investors just as Walt Disney and others prepare to escalate Hollywood’s streaming video wars, although the company’s quarterly results beat Wall Street targets. Shares of Netflix traded down about 1 percent at $355.02 in after-the-bell trading. Netflix predicted it would pick up 5 million new streaming subscribers from April through June. That was below the 5.48 million consensus of industry analysts surveyed by FactSet. “What’s making investors nervous is that there are signs of a slowdown in the second-quarter subscriber growth,” said Haris Anwar, senior analyst at Investing.com. “This is made all the more prominent by the looming threat of competition from Disney and Apple.” Netflix added a record number of paid streaming customers...