Tag Archives: Business News

Samsung attributed its low performance to the sliding demands from consumers that have a largely limited supply of its advanced chip technology. South Korean multinational technology giant Samsung Electronics Co Ltd (KRX: 005930) has revealed its plans to cut its chip production after reporting one of the worst quarters in more than a decade. According to the release on Friday, the company posted a total of 63 trillion won in revenue and 600 billion won in operating profit for the first...

Bitkraft is focused on taking up equity positions in the startups it is backing while also not discounting the likely benefits of holding the beneficiary outfit’s token. Bitkraft, a Venture Capital firm for gaming platforms, eSports, and immersive technology has announced it has raised the sum of $220.6 million to launch its second token fund. According to the SEC filing, the fund was designated as the BITKRAFT Ventures Token Fund II and though it contains not much information about the...

The determination to float products that will be able to provide an interactive search interface for users has been cited by the Alphabet CEO as a major opportunity to be tapped into. Sundar Pichai Sundar Pichai, the Chief Executive Officer (CEO) of American multinational tech giant, Alphabet Inc (NASDAQ: GOOGL) has hinted that the company is working on a conversational chat Artificial Intelligence (AI) solution that can be integrated into its Google search engine tool. While Pichai...

Al Ansari Financial Services experienced an upswing in the value of its shares after instituting 2023’s first Dubai IPO.  The shares of UAE remittances and money exchange firm Al Ansari Financial Services surged 17% in its initial public offering (IPOIPO) outing at its Dubai Financial Market trading debut. The family-owned company raised $210 million after selling 750 million shares in the offering, or 10% of its value. The Al Ansari Financial Services development marks the first IPO for...

Justin Sun has denied the rumors of a proposal to crypto exchange Binance for acquiring his part of the stake in Huobi Global. Sources familiar with the matter said that the world’s largest crypto exchange Binance recently turned down an offer to acquire Justin Sun’s ownership in crypto exchange Huobi. The sources further added that Binance didn’t show interest due to the rumors that crypto exchange Huobi has ties with mainland China. Last month in March, Justin Sun showed interest in...

MicroStrategy is unrelenting with its Bitcoin purchases as it recently spend more than $29 million on over 1,000 BTC. MicroStrategy (NASDAQ: MSTR) has continued amassing more Bitcoin and has purchased an additional 1,045 BTC. The business intelligence firm announced it spent $29.3 million on the recent purchase, at an average of $28,016 per Bitcoin. According to a tweet from co-founder and executive chairman Michael Saylor, MicroStrategy’s portfolio now has 140,000 Bitcoins. The company...

Analysts say that expected figures from Samsung will likely reveal a heavy crash in operating profit as the company struggles to sell chips. Samsung Electronics Co Ltd is expected to see an unprecedented crash in first-quarter profit. According to a Reuters publication, Samsung will likely suffer its worst profit crash in 14 years as it struggles with excess memory chip production. Samsung is currently unable to sell its memory chips as demand continuously wanes. The general market awaits...

Reducing oil production means there will be a relative shortage in the supply of the product. The recent actions by some members of the Organization of Petroleum Exporting Countries (OPEC) and its allies tagged OPEC+ to cut oil production beginning in May can significantly stir a setback for most country’s Central Banks. With Saudi Arabia and its key allies including the United Arab Emirates and Kuwait set to cut production by more than 1 million barrels per day, Russia’s projected 500,000...

When Virgin Orbit went public, its valuation was pegged at around $4 billion, however, the tides have shifted over the past few months with the company’s market capitalization now pegged at around $65.38 million. Satellite launcher and space technology company Virgin Orbit Holdings Inc (NASDAQ: VORB) has filed for Chapter 11 bankruptcy in the United States bringing a solemn end to its months of financial instability. As reported by CNBC, the bankruptcy was filed in the US Bankruptcy...

WonderFi (WNDR), Coinsquare and CoinSmart as a combined entity will have a total of 1.65 million users and more than $600 million in assets under custody.  On Monday, April 3, three Canadian crypto exchanges – WonderFi (WNDR), Coinsquare and CoinSmart – announced their plan for a merger thereby creating the country’s largest regulated crypto trading platform. Executives from the respective exchanges said that the merger would help them function effectively while giving a new edge in...