Apple Inc supplier Foxconn on Wednesday said it plans to ramp up investment outside of China and efforts to attract automakers to its contract manufacturing business, as the company reported weaker demand for consumer electronics. Foxconn, which assembles around 70% of iPhones, has been diversifying production away from China, whose strict COVID restrictions disrupted its […]
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BMW expects over 50% of new sales to be all-electric vehicles well ahead of its 2030 target and could envision a hydrogen-powered car going into production in the second half of the decade, the premium carmaker said on Wednesday. By 2025, a fourth of new sales will be all-electric, the company said, rising to a […]
NASA on Tuesday said it had picked U.S. rocket builder Firefly Aerospace to put a lander on the moon’s far side in 2026, under a nearly $112 million contract. “The commercial lander will deliver two agency payloads, as well as communication and data relay satellite for lunar orbit, which is an ESA (European Space Agency) […]
South Korean tech giant Samsung Electronics expects to invest $230 billion over the next 20 years to develop what the country’s government called the world’s largest chip-making base, in line with efforts to boost the national chip industry. Samsung’s around 300 trillion won project is part of a 550 trillion won private-sector investment plan unveiled […]
SVB Financial Group said on Tuesday that Goldman Sachs Group Inc was the acquirer of a bond portfolio on which it booked a $1.8 billion loss, a transaction that set in motion the failure of SVB. The loss on the portfolio was the reason SVB, a technology-focused lender known as Silicon Valley Bank, attempted a […]
Chinese battery giant CATL’s plan to raise at least $5 billion in Swiss global depository receipts (GDR) has been delayed as Beijing regulators raise concerns over the large scale of the offering, three people with direct knowledge of the matter said. The world’s largest battery maker, formally known as Contemporary Amperex Technology Co (CATL), had […]
There are cities out there on the verge of going fully smart. And the telecommunications sector plays a significant role in this. In fact, a smart life will heavily rely on 5G and data to which telcos have access. The whole point of a smart city is to automate the mundane so humans can spend […]
Silicon Valley Bank’s new Chief Executive Tim Mayopoulos on Tuesday urged the failed bank’s top venture capital clients to move their deposits to its newly created bridge entity, people who attended a virtual meeting with him said. The Federal Deposit Insurance Corporation (FDIC) appointed the former Fannie Mae CEO to head Silicon Valley Bridge Bank […]
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 […]
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 […]