Tuesday, July 27

PMN Technology

PMN Business, PMN Technology, REU

Tencent’s WeChat suspends new user registration, cites technical upgrade

Article content BEIJING — Tencent's WeChat has temporarily suspended registration of new users as it undergoes a technical upgrade, China's dominant instant messaging platform said on Tuesday. "The platform system is undergoing technical upgrade, and (new user registration) is expected to resume in early August," the company said in response to a question from Reuters after the suspension was flagged on social media. (Reporting by Sophie Yu and Tony Munroe; Editing by Clarence Fernandez) financialpost.com
PMN Business, PMN Technology, REU

Starbucks to exit S.Korea venture valued at over $2 bln

Article content Starbucks Corp is exiting its joint venture in South Korea, the US coffee giant's fifth-largest market, selling a part of its stake to local partner E-Mart Inc and the rest to Singapore's sovereign wealth fund, GIC. E-Mart, one of the largest retailers in South Korea that currently owns half the JV, will buy an additional 17.5% stake for $411 million, it said in a filing on Tuesday. It will operate the Starbucks stores. GIC will own the remaining 32.5%. This suggests a $2.35 billion valuation for the entire business, and that GIC will pay more than $700 million for its stake, according to Reuters calculations. Article content GIC declined to comment on the deal value. Starbucks said the deal is expected to be completed over the next 90 days. "South Korea continues to be...
PMN Business, PMN Technology, REU

Metals, banks push Indian shares higher

Article content BENGALURU — Indian shares gained on Tuesday as a slew of upbeat quarterly earnings reports helped markets consolidate, with metals and banking stocks leading the pack. By 0514 GMT, the blue-chip NSE Nifty 50 index was up 0.25% at 15,863.40 and the benchmark S&P BSE Sensex was 0.18% higher at 52,944.81. The market is likely to move higher, supported by metals and banking stocks, said AK Prabhakar, head of research at IDBI Capital, Mumbai. "Metal stocks are rallying, with Jindal Steel and Power up 4% and Hindalco up 3.7%. And, with COVID-19 cases falling and vaccination rates picking up steadily, things are headed in the right direction," Prabhakar said. Article content The Nifty metal index advanced 1.75% and was on track for a fourth straight session of gains, while the...
PMN Business, PMN Technology, REU

Indian shares rise on strong earnings, global cues

Article content BENGALURU — Indian shares rose in early trade on Tuesday as strong quarterly earnings and overnight gains in US stocks helped the domestic benchmark indexes consolidate. By 0410 GMT, the blue-chip NSE Nifty 50 index was up 0.24% at 15,863.05 and the benchmark S&P BSE Sensex was 0.18% higher at 52,948.98. Shares of Inox Leisure Ltd jumped 13% after a report https://bit.ly/3l0KvsE Amazon India was looking to buy a stake in the movie theater chain. Shares of Tata Motors rose 0.56% after the Indian auto major posted a 108% jump in its first-quarter revenue and narrowed its losses as the pandemic fueled demand for personal vehicles. Article content Axis Bank's shares fell 0.45%. The private-sector lender's June-quarter consolidated net profit more than doubled, although its ...
PMN Business, PMN Technology, REU

Democrats may scrap matching funds from infrastructure bill over wage issue

Breadcrumb Trail Links PMN Technology PMN Business Author of the article: Reuters Jarrett Renshaw and Susan Cornwell Article content WASHINGTON — Democrats are threatening to scrap plans to create an infrastructure bank in the $1.2 trillion bipartisan spending bill after Republicans opposed a provision intended to lift workers' wages, according to three people familiar with the discussions. A decision to remove funding for the bank would be aimed at resolving a logjam over US President Joe Biden's top legislative initiative, as lawmakers scramble to finalize key details of the plan ahead of the Senate's typical August recess. Advertisement This advertisement has not loaded yet, but your article continues below. Article content The group of bipartisan ...
PMN Business, PMN Technology, REU

US FTC asks for more time to file amended complaint in Facebook case

Article content The US Federal Trade Commission asked a court on Friday for more time to file an amended complaint in its antitrust lawsuit against Facebook Inc. The FTC asked the judge to extend his deadline for the complaint until Aug. 19, noting that Facebook did not oppose the delay. Judge James Boasberg of the US District Court for the District of Columbia said the FTC's initial complaint failed to show that Facebook had monopoly power in the social networking market but said the FTC could file a new complaint by July 29. Article content "The requested extension will provide sufficient time for plaintiff to complete internal agency processes with respect to filing an amended complaint," the FTC said in its filing. Facebook declined comment. The agency voted 3-2 last year to file t...
PMN Business, PMN Technology, REU

Magna International to buy Veoneer for $3.8 bln

Article content Canadian auto parts maker Magna International Inc said on Thursday it will buy Swedish rival Veoneer Inc for about $3.8 billion in cash, in a deal that would help expand its driver assistance technologies business. Magna will buy out Veoneer's outstanding shares for $31.25 each, and the acquisition represents an enterprise value of $3.3 billion including debt, the companies said in a joint statement. Veoneer's market value was $2.23 billion based on its Thursday closing price, according to Refinitiv Eikon data. The acquisition will help Magna achieve about $100 million in annual cost savings by 2024, according to the statement. Stockholm-based Veoneer will be combined with Magna's existing advanced driver assistance systems business. The deal has been approved by the bo...
PMN Business, PMN Technology, REU

US senators aim to stop vaccine misinformation by going after tech’s legal immunity

Breadcrumb Trail Links PMN Technology PMN Business Author of the article: Article content WASHINGTON — Two Democratic US senators on Thursday will add to the stack of bills going after Section 230 – a law that protects tech companies from being sued over content posted by users – making such platforms responsible for health-related misinformation. The legislation introduced by Amy Klobuchar and Ben Ray Lujan requires internet platforms such as Facebook to take down health and vaccine-related misinformation during public health emergencies or be held liable for that failure. Advertisement This advertisement has not loaded yet, but your article continues below. Article content It also directs the Department of Health & Human Services to issue guidelines on wha...
PMN Business, PMN Technology, REU

Uber’s trucking unit to buy logistics planner Transplace for $2.25 bln

Breadcrumb Trail Links PMN Technology PMN Business Author of the article: Article content Uber Technologies Inc's trucking business is buying transportation logistics company Transplace for about $2.25 billion from private equity firm TPG Capital, in a deal that is expected to speed up the unit's path to profitability. The acquisition, announced by Uber on Thursday, consists of up to $750 million in the company's common stock and the remainder in cash. Uber Freight operates as a middle man in the fragmented long-haul trucking business, connecting truckers with shippers. Transplace works with shipping brokers and carriers to manage supply chains and plan logistics, including cross-border shipments. Advertisement This advertisement has not loaded yet, but your artic...
PMN Business, PMN Technology, REU

SoftBank’s robotics ambitions short circuit as Pepper loses power

Breadcrumb Trail Links PMN Technology PMN Business Author of the article: Article content TOKYO — When SoftBank Group Corp's CEO Masayoshi Son unveiled the wide-eyed android Pepper in 2014, he painted a vision, once confined to science fiction, of a new era of personal robots in which his company would be the industry leader. That vision, and the company's expectations of demand for Pepper, proved overly optimistic, two sources familiar with the matter said. Seven years later, Pepper is clinging to life, with production shuttered and units cobbled together with out-of-date components. Advertisement This advertisement has not loaded yet, but your article continues below. Article content SoftBank will end sales of new Pepper units in 2023 at the latest as thos...