Business

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International tech giant Microsoft has launched a new program called 100X100X100 that aims to help business-to-business SaaS startups in India. The startups will each get to spend $100,000 over a course of 18 months. This program will help these startups grow and give them the benefits of scale, boosting growth.

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Michael O'Leary, CEO of Ryanair, during an interview, claimed that most bombers are going to be both Muslim and male also claiming that such people should be watched extra carefully. A number of British Muslim groups accused him of encouraging racism and spoke out against his comments, even encouraging a boycott of the airline.

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A German court has given electric vehicle manufacturer, Tesla, permission to cut down a forest next to Berlin to build a new gigafactory. Many local environmental groups tried to file against the decision but were shut down by the judge. Hundreds of demonstrators came out to protest the decision.

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A Business Insider article has narrowed down the highest-paying internships for MBAs where candidates can earn more than $30,000. The list of 8 includes firms such as Ernst and Young, Deloitte S&O, Accenture Strategy, Kearney, Pricewaterhouse Coopers, McKinsey and Company, and Bain and Company respectively, with Boston Consulting Group in 1st place.

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Gold reached the highest level in more than 7 years on Thursday as the precious commodity touched the level of $1,620 per ounce, its highest level since February 15, 2013. Gold is showing the qualities of a safe haven asset in global economic uncertainty as investors are scared of the economic impact of growing Coronavirus. Analysts are expecting Gold to reach the level of $1700 per ounce this year.

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Worries over the coronavirus and its impact on the global economy were assuaged slightly, lifting two of the three major indexes to record highs. China's National Health Commission on Wednesday reported an additional 1,749 cases of the coronavirus nationwide. This slowdown in new confirmed cases lifted investor sentiment as the S&P 500 and Nasdaq hit record highs.

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San Francisco-based ridesharing company Lyft has restarted its electric bike rental program in New York City after a 10-month long hiatus, due to user complaints about injuries caused by widespread braking failures. Electric and non-electric bikes will be available at any of 900 Citi-Bike stations, with electric bikes costing 15 cents per minute, 10 for annual subscribers, and non-electric bikes costing a flat rate of 3 USD per 30-minute trip.

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The American Internal Revenue Service has launched a lawsuit against Facebook claiming the company owes around $9 billion in taxes. They claim that Facebook has been avoiding taxes by moving all of their profits to Ireland, a tax haven. The trial will take 3 to 4 weeks and will call a number of Facebook executives as witnesses.

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A US federal judge has rejected, Chinese telecom giant, Huawei's claim that it being blacklisted by the US was unconstitutional. The company was blacklisted because the US government claimed that it was a threat to national security, Huawei has repeatedly denied these claims. As of now, no security vulnerabilities have been found in Huawei's hardware anywhere in the world.

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ECA International, an organization that provides information about the cost of living, accommodation, health services, taxation and quality of life ranked Singapore as the top destination for Asian expatriates to live and work. Features like developed infrastructure, low crime rate, and massive international community helped Singapore achieve this title for a record 15th year.

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Amazon CEO and one of the richest men in the world, Jeff Bezos, has announced that he will be donating around $10 billion to fight climate change. He has created a new initiative called the Bezos Earth Fund and will start giving out grants this summer. This amounts to around 7% of his total net worth.

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American car manufacturer General Motors bought Australian car brand Holden in 1931, establishing Holden as an iconic brand in Australia and New Zealand over the following 89 years. However, in 2013 Holden stopped manufacturing operations in Australia due to ballooning costs, and GM has now announced that it is shutting down the Holden brand entirely, stating it cannot continue operations with current cost structures.

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CEO of social media giant Facebook is ready to pay more taxes according to excerpts of his upcoming speech in Germany on Saturday. "I understand that there’s frustration about how tech companies are taxed in Europe, We also want tax reform and I’m glad the OECD is looking at this" Zuckerberg is expected to tell the Munich Security Conference.

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Vodafone Idea, the Indian subsidiary of UK based Vodafone plc is on the brink of collapse after an Indian court ordered Vodafone Idea and Bharti Airtel to pay $13 billion to the government by March 17. Vodafone Idea has to pay the $7bn it owes in retrospective license and spectrum fees. The bankruptcy would be a setback for a growing Indian economy.

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Owing to the astronomical rise in the stock value of electric carmaker Tesla, CEO, founder, and billionaire inventor Elon Musk has stated that the company will be offering 2.65 million shares to raise an additional 2 billion USD, of which Musk will buy up to 10 million USD while board member and Oracle co-founder Larry Ellison will buy up to 1 million USD's worth of shares.

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Jeff Bezos, the 56-year-old founder and CEO of retail giant Amazon, one of the most valuable companies in the world, recently completed his purchase of the prestigious Warner estate in Beverly Hills for 165 million USD, the most expensive property sale in Beverly Hills history. The Warner estate was built for media mogul Jack Warner, co-founder of Warner Brothers, and features a luxurious mansion built over nine acres.

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Japan's Nikkei 225, Australia's ASX 200 and South Korea's Kospi held this week's gains despite the coronavirus concerns. Cruise operators and hotels posted solid gains as traders are feeling less worried about the economic impact of the deadly virus. Brent crude oil gained more than 3% this week to close above $55.50 a barrel.

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Dow Jones Industrial Average jumped more than 200 points to reach a record high at 29,476 following the news of a drop in Coronavirus cases. S&P 500 and Nasdaq both jumped more than 0.5% to reach the levels of 3,375 and 9,704 respectively. Strong corporate earnings are playing a key role in recent jump and the aggregate earnings are beating the expectations by 5.2% this quarter so far.

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The cryptocurrency market gained more than $12 billion on Tuesday to cross the mark of $290 billion as Bitcoin jumped above the key psychological level of $10,000. Uncertainty regarding the Coronavirus and strong crypto fundamentals played an important role in the recent bullish move. Ethereum remains the top gainer on Tuesday with price jumped more than 4% to cross the price level of $230.

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A federal court case against US telecom company T-Mobile's merger with Sprint, brought by the states of New York and California, argued that the merger would decrease competition and violate anti-trust laws, but the case has been awarded to T-Mobile since even after the merger the companies will form only the third-largest mobile carrier in the US and will be able to compete better with larger rivals Verizon and AT&T.

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Jam is a brand new app that will allow its users to safely share their passwords with friends without revealing their credentials. The app uses local encryption to allow users to give certain people access to their accounts. The app is currently in its Beta and has a waitlist to download.

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Tesla may get German state subsidies if it moves forward with its plan to build a gigafactory in Germany. The German economic minister has said that provided they meet some requirements such as being energy efficient and conduct research, Tesla will get the government's support. Many European governments are supporting electric vehicle manufacturers.

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Swiss bank Credit Suisse's CEO Tidjane Thiam has resigned from his position following a shocking revelation involving former employee Iqbal Khan, who left the company for rival firm UBS, and discovered a private investigator hired by Credit Suisse spying on him and his wife in Zurich. Thiam maintains he did not know about the incident.

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Elizabeth Smart, a Utah native who survived a kidnapping in 2002 when she was 14 years old, has launched an innovative self-defense program called Smart Defense, after Smart claims she was assaulted on a Delta Airlines flight last year. Delta Airlines has confirmed the incident and has revealed that investigations into the incident are ongoing.

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Uber's stock rose after its latest earnings report showed that the company had lost much less money than expected. This is a sign that the company is much closer to its profitability goal than expected. It was previously thought that Uber would only become profitable by 2021. This growth is thanks to its global expansion.

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