US computer chip giant Intel announced on March 13 its plans to purchase Israeli technology firm Mobileye for over $15 billion. The deal is the largest ever cross-border acquisition for an Israeli technology firm, according to Israeli media. The two firms have already collaborated with German automaker BMW to develop autonomous vehicles. "The combination is expected to accelerate innovation for the automotive industry and position Intel as a leading technology provider in the fast-growing market for highly and fully autonomous…
ZTE has suffered fresh woe just hours after it disclosed details of its settlement with the US government in which it was found guilty of breaching US export control rules in North Korea and Iran from 2010 - 2016. The Chinese vendor released its forecasted loss for 2016 - and it makes grim reading for stakeholders - ZTE have forecast a loss of $343m for 2016. The latest financial announcement comes hot on the heels of US Justice, Commerce and…
South African telecoms giant MTN reported its first loss recently blaming the huge fine it was given in Nigeria and also currency challenges in key markets. In a statement the company said, "MTN Group's financial results for 2016 reflect the most challenging year in the company's 22-year history." The Johannesburg-based telco reported profits of 20.2 billion rand ($1.6 billion) before tax. MTN's performance was greatly affected by lower than expected growth in South Africa and Nigeria, as well as the…
Instant messaging application Snapchat's parent company Snap Inc. debuted on the New York Stock Exchange on March 2, and it surged more than 40 percent from the level set in the initial offering the night before. The company soared as its IPO raised $3.2 billion with a price of $17 a share. Snap Inc. was up about 45.4 percent to $24.72 near 16:30 GMT, shortly after logging its first trades. It was the largest public offering of a US tech…
China’s No.1 mobile wallet app, Ant Financial, which is an affiliate of Alibaba Group, has made its move to penetrate the South Korean payment platform market with a $200m investment. However, it’s just the latest in a number of significant overseas investments the Chinese company has made in recent months. Earlier this week it was announced that Ant Financial had agreed a deal to take a stake in a fin-tech company in the Philippines – the details of the deal…
Spanish telecoms giant Telefónica confirmed it will be selling up to 40 percent of its infrastructure unit Telxius to US investment fund KKR for 1.27 billion euros ($1.35 billion). The company, which is burdened by heavy debt, failed last September to float the unit after not being able to attract enough demand for the share sale. Telefónica said it will keep a majority stake and operational control of Telxius, which operates telecommunications towers and subsea fiber optic cables, and would…
Following the shocking announcement made by Yahoo last year that 1.5 billion of its users accounts were hacked on two separate occasions, Yahoo has slashed the price of its core internet business in the sale to US telecom giant Verizon by $350 million. Under the revised terms of the delayed deal, Verizon will now purchase Yahoo’s assets for $4.48 billion. Yahoo is still in the midst of lawsuits related to the large cyber attacks against its users, which affected more…

Accenture plan to boost US workforce by creating 15,000 jobs

Written on Monday, 20 February 2017 10:04
Accenture have disclosed its plans to create an additional 15,000 jobs over the next three years in the US. The technology consulting and services company announced that it will increase its American workforce by 30%. In a statement issued by Accenture they outlined plans to create 15,000 ‘highly skilled new jobs’ which would subsequently increase its overall workforce in the US to more than 65,000 by the end of 2020. Accenture further disclosed its plans to create 10 new ‘innovation…
Snapchat’s corporate parent Snap Inc. reportedly seeks to raise over $2 billion for the fast-growing social media group in the technology sector’s largest public offering in nearly three years. Filed documents showed that Snap Inc. expects net proceeds of some $2 billion. The Snap Inc. IPO will provide 145 million new shares and sell 55 million from existing share owners, with an expected price range of $14 to $16, according to the documents filed with the Securities and Exchange Commission.…

Virtual reality products fail to boost revenue for HTC

Written on Thursday, 16 February 2017 07:24
Taiwan-based HTC posted disappointing Q4 results this month, with analysts suggesting that its hyped up virtual reality (VR) products failed to boost revenue for the smartphone manufacturer. HTC’s revenue from October to December 2016 was down 13.62 percent year on year to Tw$22.2 billion ($720 million). The company did, however, see an improvement in net loss which was Tw$3.1 billion year on year compared with Tw$3.4 billion. But it marks the seventh consecutive quarter that HTC has suffered a loss.…

Hong Kong’s PCCW looking to sell 11.1% of HKT for $1.1 billion

Written on Thursday, 16 February 2017 07:19
Hong Kong-based PCCW, the holding company of HKT Group Holdings Limited, the information and communications technology company, reportedly plans to raise HK$8.53 billion ($1.09 billion) through the sale of 840.7 million share stapled units in subsidiary HKT. According to reports, PCCW plans to use the proceeds from the sale to pay back debt, make further investments in media and IT services, business and other general corporate purposes. The company is said to be expanding its reach into Asia, including a…
IMF (International Monetary Fund) Managing Director, Christine Lagarde has praised the UAE for leading other Gulf countries in its preparations to implement taxation that will be effective from January 1st, 2018. The IMF chief was speaking at the World Government Summit in Dubai, and told residents in the Gulf region that they must 'get used' to taxation in order to continue the investment in large-scale public infrastructure projects. The UAE, and the six-nation Gulf Cooperation Council will all introduce VAT…
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