Tag Archives: Business News

Following two years of crackdowns and sanctions, China appears ready to unlock private sector potential via tech IPO developments.  Alibaba Group Holding and JD.com are reportedly involved in developments that could revive the long-dormant tech IPO landscape in China. Both tech giants are setting plans to float initial public offerings in the East Asian nation. These developments, three expected 2023 monumental Chinese debuts, could prop up the country’s flailing tech industry and...

Huawei has also stepped into booming China’s EV industry by launching vehicles in partnership with Seres. Chinese technology corporation Huawei posted its biggest annual decline in profit in 2022. The company said it has never experienced such a decline in yearly profit as it did last year. According to Huawei, the annual profit decline was due to the strict pandemic controls in China that affected many companies. Notably, Chinese businesses across different sectors felt the impact of the...

Besides the complaint filed by the Center for AI and Digital Policy that may stir the probe of OpenAI, there is a number of other targeted efforts to stifle the development of AI systems across the board. OpenAI, the fast-growing Artificial Intelligence (AI) startup behind the popular platform, ChatGPT may be welcoming a probe from the Federal Trade Commission (FTC) for the violation of section five of the FTC Act that targets deceptive and unfair practices. The probe might be triggered...

News of the operations halt, failed funding, and job cuts did not sit well with shareholders as Virgin Orbit saw its shares are down 50% after the announcement. Aircraft engineering company Virgin Orbit Holdings Inc (NASDAQ: VORB) has revealed plans to halt operations after failing to secure a funding lifeline as expected. The company’s CEO, Dan Hart, relayed the unfortunate news to employees on Thursday, adding that there would be a massive layoff. Before the move to halt operations,...

New York-based YES Network recently introduced a streaming option for non-cable viewers to access live Yankees games.  YES Network has launched a streaming service that allows non-cable subscribers to view live New York Yankees games. The YES Network streaming service will cost $24.99 every month or $239.99 annually. However, the service also has a promotional offer of $19.99 per month, or $199.99 annually, for subscriptions before April 30th. This promotional run expires at the end of the...

According to reports, the Warner Music layoff will not impact initiatives central to the company’s future, including Web3 and AI.  Despite firing 270 employees on Wednesday, Warner Music Group’s layoff will likely spare staff in the company’s Web3 and AI-focused endeavors. The record label considers these emerging tech initiatives central to its future and intends to keep them around much longer. In a company memo detailing the layoff, Warner Music told staff that it was reallocating...

As the tech space digests the Alibaba news, attention also shifts to what becomes of Ant Group’s 2020 suspended IPO.  The decision by Alibaba Group (NYSE: BABA) to split its business into 6 places has renewed focus on the suspended Ant Group IPO. At the beginning of the week, Alibaba announced plans to split into 6 independent business groups. According to the Chinese e-commerce giant, this decision is strategic and would allow each business unit to operate unrestrained. Alibaba further...

Despite several headwinds in 2022, Novogratz said that the company continues to lead from a position of strength, remaining open for business for our clients and counterparties. On Tuesday, March 28, Canadian investment firm Galaxy Digital, operated by Wall Street veteran Mike Novogratz, reported a pre-tax profit of $150 million from January 1, 2023, through March 24, 2023. This is a major sign of optimism for the crypto firm which reported $1 billion in net losses for the last year 2022....

The Alibaba growth sentiment has spread to the entire Chinese sector with the shares of other competing firms soaring following the news. The shares of Chinese multinational e-commerce and tech giant Alibaba Group Holding Ltd (HKG: 9988) is trading at a very high growth rate today as the company said it is restructuring its business into 6 different independent divisions. Hong Kong-listed shares jumped by 12.23% to HKD94.55. According to the company, the 6 subdivisions will help unleash...

It is said that the new CEO is equipped as the “best pilot” to navigate the current business challenges. Investment banking company UBS has named former UBS Group CEO Sergio Ermotti as the new CEO to oversee the Credit Suisse takeover. UBS bought Credit Suisse for $3.2 billion last week as regulators seek to ramp up the global banking system. The Swiss National Bank referred to the acquisition as the solution to secure financial stability and the protection of the nation’s economy....