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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 ...

Nestle To Pay $7.15 Bn to Tie-up With Starbucks in Coffee Business

7May By Sheldan RungasamyNo Comments

USA

Nestle To Pay $7.15 Bn to Tie-up With Starbucks in Coffee Business

Nestle, the Swiss-based multinational food giant is set to buy Starbucks’ rights to sell the US coffee chain’s products around the world in a global partnership worth $7.15 Billion to be paid in cash as both companies aim at reviving their coffee empires. The announcement on the deal for a business with $2 billion in sales consolidates Nestle’s position as the leading coffee company in the world and will strengthen its place at the top of a fast-evolving market. Starbucks shared that the proceeds will be used to speed-up its share buybacks and the money raised from the deal will serve to add to its earnings per share (EPS) by latest 2021. While the deal will not include selling Nestle branded items in Starbucks’ cafes, the Swiss-based company expects the deal to sell Starbucks bagged...

8000 Starbucks Stores Will Shut Down in USA

18Apr By NitishNo Comments

USA

8000 Starbucks Stores Will Shut Down in USA

World's leading coffee chain Starbucks announced that they will shut over 8,000+ stores in the USA for one day to conduct anti-bias training. The announcement comes over an incident happened in Philadelphia Starbucks store last week, where the two African men were arrested for not ordering anything and using the bathroom. The two men entered the Starbucks on Thursday and asked to use the bathroom. An employee told them it was only for the paying customers. The Police were called reportedly by the manager when the two men sat in the store without placing the order. The men were arrested for trespassing. However, no charges have been filed. As per the report, due to this incident, Starbucks will close the stores May 29 to offer the training to 175,000 employees. "I've spent th...

US to Review The GSP eligibility Of India

14Apr By Lavina TolaniNo Comments

USA

US to Review The GSP eligibility Of India

The United States Trade Representative (USTR) has officially announced that it is reviewing the eligibility of India, Kazakhstan, and Indonesia in the Generalised System of Preferences (GSP) based on "concerns about the countries" compliance programme. GSP is by far the largest and most ancient US trade programme designed to favor economic development and allow duty-free entry of thousands of products across the boundaries from beneficiary countries. For India, GSP country eligibility review is based on its compliance with GSP market criterion while for Indonesia the eligibility review is based upon its compliance with GSP market criterion, GSP services as well as an investment criterion.Kazakhstan, on the other hand, has its eligibility concerns based on GSP worker rights criterion....