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Ratings Of Evergrande And Kaisa Cut By Fitch To Default As The Chinese Firms Missed Debt Repayment Deadlines

Rating agency Fitch reduced ratings for developers China Evergrande Group and Kaisa Group to "limited default" owing to non-payment of offshore bond dues, while a source claimed Kaisa had begun work on restructuring its $12 billion offshore debt.   Even though Evergrande and Kaisa have...

Secret Deal Between China And Apple CEO Tim Cook Worth $275 Billion

According to a claim made in ‘The Information’, Apple CEO Tim Cook had "secretly" inked a $275 billion pact with Chinese officials which was reportedly aimed at Apple assisting China in improving its economy and technical skills.   The Information disclosed in a detailed paywall article...

Stellantis Expects To Generate Revenue From Its Planned Software For Its Cars

Auto major Stellantis is targeting to achieve a revenue target of 20 billion euros ($22.54 billion) by 2030 goods and subscriptions associated with its software in its aim to rival Tesla, the company said as it unveiled its software plan earlier this week.   According to CEO Carlos Tavares,...

Ford’s COO Says It Wants To Second World’s Largest Electric Vehicle Maker In Two Years

Ford Motor Co intends to become the second biggest electric car maker of the world within the next two years, the American auto giant said.   A top official of the company said that this is aimed to be achieved using a manufacturing capacity of more than 600,000 electric vehicles at its...

Didi’s Decision To Delist From NYSE Prompts A 20% Plunge In Its US Listed Stocks

Didi Global, the Chinese ride-hailing behemoth, announced its intentions to withdraw from the New York Stock Exchange and pursue a Hong Kong listing, just five months after its debut. This marks a remarkable turnaround in the strategy of the company which has arguably bowed down to pressures from...

EU Fines HSBC, Credit Suisse, Other Lenders Fined By EU On Charges Of Running A 'Sterling Lads' Forex Cartel

Barclays, Credit Suisse, HSBC, and NatWest were slapped fines totalling 344 million euros ($390 million) by antitrust officials of the European Union on Thursday over charges of manipulating the foreign exchange spot trading market.   UBS narrowly managed to avoid a 94 million euro penalty...

EU Court Adviser Says Consumer Groups Could Sue Facebook

In a German online gaming case that might pave the way for similar action throughout the EU, an advisor to Europe's highest court suggested on Thursday that Facebook could be sued by consumer organisations for privacy infringement.   The complaint dates back to 2012, and it is one of...

A Potential £17m Over Data Privacy To Be Slapped On Australian Facial Recognition Company

Australian firm that claims to possess a database that includes over 10 billion face pictures is likely to face a £17 million fine for the handling of personal information across the UK.   The Information Commissioner's Office of the United Kingdom said it was concerned regarding Clearview...

With Twitter Burden Off His Shoulder, Jack Dorsey Can Now Focus On His Passion For Bitcoin

The business was "ready to move on from its founders" said Twitter's co-founder and CEO, Jack Dorsey, as he resigned as the head of the company.   Now that he does not have the burden of heading one of the most popular social media companies of the world, Dorsey presumably will have more...

Costly Flaw Of Paint On Airbus Planes Expands Beyond The Gulf

There is a disagreement with Airbus as well as Qatar Airways over paint and imperfections on the surface of A350 aircrafts extends over the Gulf as well, with at most five other airlines expressing concerns since the model's high-tech was launched, according to documents obtained by Reuters as well...

Nissan Announces Electrification Program Worth $18 Bln To Compete With Rivals

Nissan Motor Co announced it will invest 2 . trillion yen ($17.59 billion) over the next five years in order to speed up the process of electrifying vehicles to keep pace with rivals within one of the fastest-growing areas for automakers.   It's the first time that Japan's No.3 automaker,...

Appeal To Cancel Reliance-Future Deal Approval Made To India Antitrust Body By Amazon

Amazon has approached India's antitrust regulator to cancel its approval of Future Retail's $3.4 billion deal to sell its retail assets to Reliance and Reliance, saying that they were "illegally obtained", violating an order that suspended the deal as a letter obtained by Reuters documents.  ...
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