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Tesla Won’t Sell Stock & Plans to Fund China Factory with Local Debt

2Aug By Gauri SinghNo Comments

USA

Tesla Won’t Sell Stock & Plans to Fund China Factory with Local Debt

Elon Musk, the well-known entrepreneur who is the CEO of Tesla has announced that his electric car company won’t be raising cash by selling stock. Along with this he also stated that the investment in the new factory to be set up in China is expectedly to be done through a local debt from the bank. Provided that Tesla is burning cash to boost up development of its Model 3 sedan, various investors raised up a query that how will the company continue to fund its operations. To this, the company responded that it is on the path of reaching profitability by improving margin and cutting costs. However, Tesla reported on Wednesday that its quarterly loss rose to $742.7 million which was earlier $401.4 million in the same period last year. In the third quarter, the founder has planned to ma...

USA’s Gilead CEO John Milligan to step down

26Jul By Gauri SinghNo Comments

USA

USA’s Gilead CEO John Milligan to step down

Gilead Sciences, the leading biopharmaceutical company of America has announced that John Milligan, the president and chief executive officer of the company will step down after serving the company for 28 long years. Milligan will remain in his present position by the end of the year while the company's board conducts a search for his successor. A replacement has not been done yet, however, the company’s board is looking for it. “It has been an honor to work at Gilead for my entire professional career and, now that the company is on solid footing for the future, the Board and I have agreed it is a good time to turn the reins over to a new leader,” Milligan exclaimed. “I’m looking forward to a well-deserved break and will then move on to new and different opportunities.” Along with thi...

Trump threatens China of additional $200 bn Tariffs on Goods

19Jun By Lavina TolaniNo Comments

USA

Trump threatens China of additional $200 bn Tariffs on Goods

While the US-China Trade battle is heating over every day, President Donald Trump on Monday has threatened to impose tariffs on an additional $200 bn of Chinese goods amidst growing conflicts. The White House has said that if China is found going against its promise to retaliate against US tariffs announced last week, US will impose additional tariffs of worth 200 bn dollars on Chinese goods. In a statement that released Monday morning, Trump said, Further action must be taken to encourage China to change its unfair practices, open its market to United States goods, and accept a more balanced trade relationship with the United States. He also said that China has no intention of altering its unfair trade practices and is now threatening US companies workers and farmers who have done...

Elon Musk’s Co. To Construct Chicago-To-O’Hare Express Transport

15Jun By Gauri SinghNo Comments

USA

Elon Musk’s Co. To Construct Chicago-To-O’Hare Express Transport

The American business magnate Elon Musk on Thursday claimed that a high-speed transportation system will move people between downtown Chicago and O'Hare International Airport at speeds of up to 150 mph could be operational in about three years. The basic aim of the project is to reduce travel time to less than minutes. Elon Musk joined Chicago Mayor Rahm Emanuel and officially announced that The Boring Company, a Musk-owned firm has been chosen for the project and will fund it completely. According to the statement, the electric vehicles will carry passengers through underground tunnels in about 12 minutes each way. The new project was being called as the "the fast lane to Chicago's future" and also claimed that it will create employment and bring in competition in the city. In this ...

Norway’s $1 Trillion Wealth fund Opposes Elon’s Double Role at Tesla

7Jun By Lavina TolaniNo Comments

USA

Norway’s $1 Trillion Wealth fund Opposes Elon’s Double Role at Tesla

Norges Bank Investment Management (NBIM), world's largest sovereign wealth fund on Wednesday said that it had backed an initiative to wrest the role of chairman away from Tesla Chief Executive Elon Musk. The proposal which represented the strongest challenge yet to Musk’s grip on the Silicon Valley car company got defeated Tesla’s annual meeting of stockholders on Tuesday. Norway's $1 trillion wealth fund is in favour of dividing the roles of CEO and chairman to strengthen corporate governance. Furthermore, the fund voted against the re-election of board member Antonio Gracias but favoured the re-appointment of Elon Musk’s brother Kimbal and James Murdoch. It is also crucial to note that NBIM had voted against Elon Musk's proposed pay package that was valued at $2.6 billion by ...

Walmart Sells 80% Stake in its Brazilian Business

5Jun By Gauri SinghNo Comments

USA

Walmart Sells 80% Stake in its Brazilian Business

The American Multinational Retail Corporation Walmart Inc. has announced to sell the majority of its stake that is 80% stake in its Brazilian business operations to a private equity company Advent International Corp. decreasing its existence in countries where it is battling and struggling for profitability. Walmart is a US-based retail company which is the world’s largest firm in terms of revenue generation. The company is now on the tracks of exploring and expanding overseas by selling assets in lower-growth markets and investing in high-profit opportunities like India and China. Walmart expects to keep a 20% stake but, the terms and financial details of the deal have not been revealed as of now. The retail company, however, has expressed an expectation of recording a non-cash net ...

Google Steps Back from Continuing the Military AI Project

4Jun By Gauri SinghNo Comments

USA

Google Steps Back from Continuing the Military AI Project

The Google employees have lately discovered that the most popular multinational technology company will withdraw from a contract to assist the military in making use of Artificial Intelligence (AI) to examine drone videos, followed with a disapproval by the workers. On Friday, An executive from Google's cloud team proclaimed and told the employees that the company would not attempt or desire to renew the disputable deal after it expires next year. When the company came across the fact that the military was associated with the US Department of Defence, it thrived the feeling of rebellion inside the internet titan. An internally drawn request or petition appealing for the authority of Google to remain away from the "business of war" gathered end number of signatures, however, some work...

Amazon Blocks its US Website for Australian Shoppers over GST

31May By Lavina TolaniNo Comments

USA

Amazon Blocks its US Website for Australian Shoppers over GST

Online E-commerce Giant Amazon has announced that it will block Australian shoppers from its international website to counter new tax laws on online purchases. Australians were free to buy goods from United States i.e via Amazon.com for years. But from 1 July, customers will be able to purchase goods only from Amazon's Australian website that was launched last year. The company has claimed that it will suspend shipments to Australian addresses from now on and will redirect all Australian requests to its local website. Why has Amazon done this? The Sydney headquarters etailer has said that it is making the change to remain compliant with the new GST collection laws coming into effect from July 1. Until now, a 10 percent GST is applied to items bought overseas for more t...

Amazon launches a “New Appstore” For Professional Sellers

23May By Lavina TolaniNo Comments

USA

Amazon launches a “New Appstore” For Professional Sellers

American E-commerce Giant Amazon is launching a new app store that will have special tools dedicated to helping sellers manage inventory and orders. Dubbed as "Amazon Marketplace Appstore", the application will in-house apps created using Amazon Marketplace Web Service (Amazon MWS) by Amazon and third-party developers screened by the company. The Amazon MWS is an integrated web service API where sellers can share data about their inventory, logistics and orders to automate tasks. Interestingly, sellers can even build apps using the platform for their own accounts as well that of sellers. According to a company statement to a leading news agency, it said, Many developers have innovated and created applications that complement our tools and integrate with our services. We created the ...

China to Buy $200 Billion of American Goods Amid Trade War Fears

18May By Sheldan RungasamyNo Comments

USA

China to Buy $200 Billion of American Goods Amid Trade War Fears

In a bid to release tensions between America and China concerning the trade war, China may be disposed to buy up to $200 billion worth of American goods in an initiative that will decrease the tremendous trade deficit with the US, according to several media reports. Donald Trump announced that he would impose 25% tariffs that would amount to $150 billion against imported products Made in China. To counter, the Chinese government targeted $50 billion against American exports. The threats have not yet been implemented as of yet as the two countries are still trying to find a common ground of accord before taking drastic decisions. Currently, China deployed a high-level delegation led by Vice Premier Liu He in Washington to negotiate with the White House. The talks will be held for two ...

Fintech Startup Circle Introduces Crypto US Dollar

16May By Lavina TolaniNo Comments

USA

Fintech Startup Circle Introduces Crypto US Dollar

The Goldman Sachs Backed startup Circle has announced a new cryptocurrency pegged to the dollar and a $110 million investment round led by profitable crypto-mining company Bitmain on Tuesday. The company is rolling out a digital version of the U.S dollar with a cryptocurrency pegged to it. Interestingly, Circle is one of the most well-funded blockchain startups with Baidu and Goldman Sachs at its foreman investors. The fintech company is involved in its peer-to-peer payment network operations using blockchain, the technology that underpins bitcoin. Circle founders @psneville and @jerallaire took the stage at #Consensus2018 earlier today to announce Circle USDC, a price-stable tokenized US dollar coin. Learn more about it here: https://t.co/8fZN6vDryb — Circle (@circlepa...

Chinese Cab Rider Didi to Test Self-Driving Cars in California

14May By Lavina TolaniNo Comments

USA

Chinese Cab Rider Didi to Test Self-Driving Cars in California

Didi Chuxing, Chinese largest cab riding company has been given the go-ahead to test autonomous driving cars in California on May 10 according to the California Department of Motor Vehicles' website. The move has come in the wake of US rival Uber being given a suspension for its driverless car programme across North America after a fatal collision accident of a pedestrian early this March. Additionally, the cab-hailing major is itself facing issues over safety concerns and has given a halt to is pooling service-Hitch for a week post-murder of one of its cab rider that created an outcry over Chinese social media. Post the go-ahead with permits, Didi will become the 53rd company to receive a permit to test autonomous vehicles in California. The Chinese cab aggregator had opened its ...