Companies


    • Volvo makes first trucks from fossil-free steel

      Volvo makes first trucks from fossil-free steel

      The Swedish truck maker Volvo made a major step towards meeting targets, linked to achieving carbon free production, Reuters reported. Volvo sealed a deal with steel maker SSAB, aimed at producing the world’s first ever vehicles made of fossil-free steel. Volvo has an ambition to get prototype trucks on the road as early as next year. The prototype vehicles and components will be produced from steel made by SSAB using hydrogen produced from renewable energy. Small-scale serial production will start in 2022.

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    • Prosus grabs $14.7bn for 2% of Tencent in world's largest block deal

      Prosus grabs $14.7bn for 2% of Tencent in world's largest block deal

      The Dutch technology company Prosus announced it had agreed terms to sell a package of its shares in Chinese gaming and social media giant Tencent in what proves to be the world’s largest block deal, Reuters reported. The value of the transaction involving a 2% stake is estimated at some 14.7 billion dollars. Tencent, in a Hong Kong Stock Exchange filing, confirmed Prosus sold 191.89 million shares for $14.67 billion, reducing its stake to 28.9%.

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    • GM changes the money making policy to target $1.3 trillion markets

      GM changes the money making policy to target $1.3 trillion markets

      The carmaker giant General Motors announced changes in its strategic priorities that will allow the company to explore new possibilities not related to the production of vehicles, Reuters reported. GM is planning new ventures from commercial delivery services to vehicle insurance, to address future markets worth an estimated $1.3 trillion. That doesn’t include flying cars, a market sector that alone could be worth $1.3 trillion, veteran engineer Pam Fletcher told Reuters.

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    • Samsung Q1 profit soars by 44% to $8.32bn

      Samsung Q1 profit soars by 44% to $8.32bn

      The South Korean giant Samsung earmarked that its profit for the first quarter of 2021 has risen by some 44 percent to 8.32 billion dollars due to increased demand for phones and smart devices in pandemic lockdowns, Reuters reported. Analysts said Samsung’s mobile division likely saw operating profit soar after its flagship Galaxy S21 smartphone series outsold the previous version by a two-to-one margin in the six weeks since its January launch, according to research provider Counterpoint.

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    • Jeff Bezos backs Biden for higher taxes for US companies

      Jeff Bezos backs Biden for higher taxes for US companies

      Amazon founder and majority shareholder Jeff Bezos has vowed support for the plan of US president Joe Biden to raise taxes for US companies to compensate for record high stimulus packages, BBC reported. The comments by the world's richest man come as Biden pushes to raise the corporate rate from 21% to 28%.The rise would help pay for a massive spending plan to upgrade America's roads, ports, water pipes and internet.In his speech unveiling the proposal, Biden singled out Amazon as an example of a company that pays too little.

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    • Toshiba eyes a $21bn takeover deal with CVC

      Toshiba eyes a $21bn takeover deal with CVC

      The troubled Japanese industrial conglomerate Toshiba eyes a lucrative $20 billion offer from private equity firm CVC Capital Partners, Reuters reported. The offer envisages a large premium for stockholders. The proposed deal, which comes three weeks after shareholders approved an independent probe into the scandal-hit company, could shield managers, particularly Chief Executive Nobuaki Kurumatani, from that scrutiny. It would, however, invite regulatory review given its government work.

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    • iOS app stole $1.6m in bitcoins from users

      iOS app stole $1.6m in bitcoins from users

      Apple boasts that its branded App Store is a safe haven. The same cannot be said about Google Play, where you can find malicious applications. But not everything is so simple and Apple does not have a mechanism that 100% guarantees that low-quality software does not fall into the open spaces of the application store.

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