Canada’s Shopify Inc is laying off 10 percent of its workforce as the ecommerce company struggles with slowing growth due to a pullback in online shopping after benefiting from a pandemic-fueled surge in demand. Its shares tumbled 14.7 percent on the U.S. bourses and on the Toronto Exchange, they shed 14 percent on Tuesday, pulling […]
Reuters
Cryptoverse, It’s not all doom and gloom. Even as the crypto sector shivers in the bleak winter, venture capitalists are pouring money into digital currency and blockchain startups at a pace that’s set to outstrip last year’s record. In the first half of the year, VCs bet $17.5 billion on such firms, according to data […]
President Joe Biden met virtually on Monday with the chief executives of Lockheed Martin Corp, Medtronic PLC and Cummins Inc along with labor leaders as part of the administration’s push for legislation to boost the U.S. semiconductor industry. “Congress must pass this bill as soon as possible,” Biden said. “There is an economic imperative…. This […]
The U.S. Energy Department on Monday announced it intends to loan a joint venture of General Motors Co and LG Energy Solution $2.5 billion to help finance construction of new lithium-ion battery cell manufacturing facilities. The conditional commitment for the loan to Ultium Cells LLC for facilities in Ohio, Tennessee, and Michigan is expected to […]
U.S. chipmaker Intel Corp said on Monday it will produce chips for Taiwan’s MediaTek Inc, one of the world’s largest chip design firms. The manufacturing arrangement is one of the most significant deals Intel has announced since it launched its so-called foundry business early last year. A foundry business builds chips that other companies design […]
Big tech companies agreed on Monday to reduce harmful online content in New Zealand, making a move that critics said dodged the alternative of government regulation. Meta Platforms Inc, Alphabet-owned Google, TikTok, Amazon.com Inc and Twitter had signed a code of practice, said Netsafe, a government-funded internet-safety group. The companies would follow the code as […]
Ford Motor Co on Thursday said it will import lower-cost lithium iron batteries for its North American electric pickup trucks and SUVs from Chinese battery champion CATL, as it works on a broader alliance with CATL and an array of separate deals to secure battery and battery materials into the next decade. Ford Vice President […]
Uber Technologies Inc on Friday accepted responsibility for covering up a 2016 data breach that affected 57 million passengers and drivers, as part of a settlement with U.S. prosecutors to avoid criminal charges. In entering a non-prosecution agreement, Uber admitted that its personnel failed to report the November 2016 hacking to the U.S. Federal Trade […]
General Motors and Ford Motor have asked U.S. auto safety regulators to grant exemptions to deploy a limited number of self-driving vehicles without human controls like steering wheels and brake pedals. The National Highway Traffic Safety Administration (NHTSA) on Wednesday published the separate petitions and opened them for public comment for 30 days. NHTSA has […]
British business minister Kwasi Kwarteng on Wednesday said he had issued an order preventing the acquisition of intellectual property related to vision sensing technology by a Chinese company on national security grounds. The order, issued under the National Security and Investment Act, prevents Beijing Infinite Vision Technology Co. from buying the intellectual property from the […]