The U.S. Securities and Exchange Commission said on Tuesday that IT services firm DXC Technology had made misleading disclosures about its non-GAAP financial performance in multiple reporting periods from 2018 until early 2020. DXC said it had resolved the matter and cooperated with the SEC. “Without admitting or denying the findings in the order, DXC […]
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Amazon.com plans to launch its first internet satellites to space in the first half of 2024 and offer initial commercial tests shortly after, the company said Tuesday, as it prepares to vie with Elon Musk’s SpaceX and others to provide broadband internet globally. Amazon’s satellite internet unit, Project Kuiper, will begin mass-producing the satellites later […]
Global shares fell for a sixth day on Tuesday as a brewing U.S. banking crisis prompted investors to downgrade their expectations for interest rate hikes, even ahead of key inflation data later in the day. As recently as a week ago, investors were just recovering from a reality-check that prompted many to assume that rates […]
Britain’s National Cyber Security Centre is reviewing whether Chinese-owned video app TikTok should be banned from government phones, security minister Tom Tugendhat said on Tuesday. TikTok has come under increasing focus over fears that user data could end up in the hands of the Chinese government, undermining Western security interests. The United States, Canada, Belgium […]
Volkswagen plans to invest 180 billion euros ($192.76 billion) over the next five years in areas including battery production and its North American operations, it said on Tuesday, with spending on combustion engines to fall from 2025. As it works toward a target of 50% electric vehicle (EV) sales globally by 2030, over two-thirds of […]
Extreme volatility is rattling U.S. Treasury markets in the wake of Silicon Valley Bank’s collapse and investors fear a prolonged bout of gyrations before calm returns to bond markets. One measure of expected volatility in U.S. Treasuries – the ICE BoFA MOVE Index – has surged past its COVID-era high and now stands around levels […]
Venture capital firms are working on a “long-shot plan” to preserve parts of Silicon Valley Bank (SVB) in a move to keep servicing their clients in the technology sector, the Financial Times reported on Monday citing people briefed on the effort. A group of several VC firms are in talks since late last week about […]
Electric-vehicle maker Rivian Automotive Inc and its largest shareholder Amazon.com Inc are in talks to end the exclusivity part of their electric van deal, the Wall Street Journal reported on Monday citing people familiar with the matter. Online retailer Amazon had placed an order for 100,000 electric delivery vans (EDVs) from the Irvine, California-based EV […]
Startup-focused lender SVB Financial Group became the largest bank to fail since the 2008 financial crisis last week, sending shockwaves across global markets as billions of dollars belonging to companies and investors were left stranded. The collapse raised concerns that the end of decades-long era of cheap money would reveal cracks in the global financial […]
Koo, an India-based social media app that aims to rival Twitter, has integrated OpenAI’s ChatGPT to help users more easily create posts, the company’s co-founder told Reuters. ChatGPT is an artificial intelligence bot that can create prose in response to prompts and has set off a tech industry craze over generative AI. Koo users will […]