Business

Fewed by - Muzammil Zafar

Transport for London, the city's transport authority, has decided not to renew Uber's license to hire private drivers in the city after discovering that more than 140,000 of the company's drivers were lacked insurance. The decision comes at the end of a probationary period during which Uber was asked to address various issues highlighted by the transport authority, which it failed to address completely.

london uber licence transport driver insurance

Fewed by - Bilal Jafar

Louis Vuitton SE or also known as LVMH closed a record-breaking deal to buy Tiffany & Co. in $135 a share in cash, or $16.2 billion. This is the largest ever acquisition in the Luxury sector. For LVMH, the main purpose of this deal is to reach more US, luxury consumers. In an official statement, LVMH said that “the acquisition of Tiffany will increase its presence in the United States”

acquisition us deal lvmh tiffany luxury brands

Fewed by - Momin Shahab

Misfits, a large esports company, is launching a seed fund and incubator that will help develop two startups from anywhere in the world. The startups don't have to be esports related as data analytic and educational startups are also encouraged to apply. Misfits will not fold the startups into its operations and just intends to invest in the best businesses.

investment startup seedfund esports

Fewed by - Bilal Jafar

World’s largest cryptocurrency has lost around 20% of the value in the last 10 days. Price dipped below $7000 on 23 November as trading volume reached a record high. The price is currently trading around $7000 with technical indicators are pointing towards a bearish move. Although, Despite strong fundamentals, regulatory concerns and pressure from Governments cause a recent decrease in price.

trading crypto bitcoin price market volume

Fewed by - Bilal Jafar

Uber’s stock has lost around one-third of the value since the IPO in May. The stock opened at $45 per share on IPO but has been in a downtrend since then. The price reached the lowest level of $26 on 14 November, but experienced a jump in the last week and currently trading around $30. Stifel Nicolaus analyst Scott Devitt and SunTrust’s Youssef Squali turned bullish on the ride-sharing company

uber ipo price stock analysts

Fewed by - Bilal Jafar

World’s largest hedge fund, Bridgewater Associates reportedly placed a billion-dollar bet on global equity market sell-off in the next few months. The people familiar with the matter told the Wall Street Journal that Ray Dalio’s Bridgewater associates with more than $150 billion in total assets under management have placed a bet worth more than $1 billion, using put options assembled by Goldman Sachs and Morgan Stanley.

crash wallstreet billion stockmarket hedgefund

Fewed by - Bilal Jafar

President Donald Trump said on Friday that the trade deal with China is potentially very close. Trump was speaking on the TV show “Fox and Friends” on Friday where he mentioned that “The bottom line is, we have a very good chance to make a deal”. On the other hand, Chinese President Xi said on Friday that China wants a deal based on mutual respect and equality.

trump china us xi president deal trade

Fewed by - Momin Shahab

According to Mcdonald's employees in Chicago, the new store redesign has made it much easier for angry customers to jump over the counter and assault employees. Mcdonalds has said that they try their best to create a safe working environment for their workers but have not said whether or not they will contest the suit.

violence mcdonalds employees rights workerrights

Fewed by - Momin Shahab

Amnesty International has released a report that says that both Facebook and Google run a surveillance-based business model and this is a threat to human rights globally. Both companies are violating privacy rights on an unprecedented level and should be regulated, despite the essential services they provide. Both Facebook and Google have rejected these claims.

facebook google humanrights amnesty

Fewed by - Bilal Jafar

Total market capitalization of cryptocurrencies dipped from $222 billion to $207 billion within a single day on 21 November according to the data provided by coinmarketcap. Investors consider 2019 as a recovery year for the crypto market as the overall market recovered from a brutal crash in 2018. Bitcoin is still the biggest cryptocurrency in the world, followed by Ethereum and Ripple. The price of bitcoin stands at around $7500

crypto bitcoin price market ripple ethereum

Fewed by - Muzammil Zafar

More than 1300 women in Australia affected by Johnson and Johnson's faulty transvaginal mesh devices banded together in 2017 to sue for damages, including physical as well as psychological pain suffered by the victims. The court ruled that Johnson and Johnson's aggressive marketing strategy and negligence of ethical testing procedures constitutes a breach of trust. The decision has been lauded by women's rights activists worldwide as a landmark judgment.

australia women lawsuit johnsonjohnson vaginal mesh class action

Fewed by - Muzammil Zafar

The German car manufacturer BMW revealed that due to tightening EU restrictions on combustion engines, it expected electric car sales to double in the period from 2019 to 2021, and has planned expansions in the electric car manufacturing sector. BMW has signed a 10 billion EUR contract for battery cells with Chinese manufacturer CATL and Samsung, and cobalt and lithium mining contracts in Australia and Morocco.

electric car bmw battery

Fewed by - Muzammil Zafar

A collaborative operation between the Namibian government and the Anglo-American De Beer Group by the name of Namdeb is in negotiations for a tax cut to prolong its operations in the country beyond 2023. Namdeb's operations can no longer sustain its profits under the current rate of 55 percent corporate profit and 10 percent sales royalty tax, a spokesman said.

tax namdeb namibia diamond mining export

Fewed by - Bilal Jafar

In an interview with Fortune, CEO of PayPal Mr. Dan Schulman revealed why he left Facebook’s Libra project. Facebook announced the ambitious cryptocurrency project Libra in June. A total of 28 companies joined a project called Libra association but PayPal left in October. Schulman said in an interview that “We were interested in financial inclusion and Libra is too slow in that” and also mentioned that he is holding bitcoins.

facebook paypal cryptocurrency libra bitcoin danshulman

Fewed by - Momin Shahab

The giant investment bank, Goldman Sachs, has announced that it will be sharing its data analysis software with all of Wall Street for free, making it open source. The bank hopes to reduce its costs by making dealing with other banks and financial managers a little easier. This way banks will be able to more easily use each other's datasets.

software finance wallstreet goldmansachs

Fewed by - Muzammil Zafar

In a statement released online, Apple Inc announced the construction of a new facility in Austin, Texas, located adjacent to the facility where they manufacture the new Macbook Pro laptops. Apple is spending 1 billion USD on this facility, which will span an are of 3 million square feet, with an initial capacity of 5000 employees with an additional 10,000 potential capacity, and will open in 2022.

apple usa austin texas billion dollar campus

Fewed by - Muzammil Zafar

Elliptic, a London-based company supplying risk management systems for the cryptocurrency market, has stated that 400 million USD in XRP tokens, the currency used in the Ripple payment network, are believed to be connected to illegal transactions. XRP currently has a market capitalization of 10.98 billion USD, and therefore the total number of illegal transactions represent less than 0.2 percent of the total transactions using XRP.

crypto xrp ripple elliptic currency monitoring illegal

Fewed by - Momin Shahab

According to data analysis, Netflix has seen no change in its user numbers or subscriber count since the launch of Disney+. According to experts, Netflix will not lose any subscribers to the upcoming competition in the near future although it will face some stiff competition from Amazon and Disney.

disney streaming netflix streamingwars

Fewed by - Momin Shahab

A federal judge has rejected Elon Musk's attempts to get a defamation lawsuit against him thrown out, saying that Musk will have to stand trial for his comments. The suit is being brought forward by a British cave explorer who Musk referred to as a 'Pedo guy' over Twitter. Since the explorer is not a public figure, the bar for defamation is much lower.

tesla elonmusk thailand cave rescue

Fewed by - Bilal Jafar

CEO of Microsoft, Satya Nadella has been named Businessperson of the year by Fortune. The list features 20 business leaders who tackled audacious goals, overcame impossible odds, and found creative solutions. Nadella emerged as a surprise choice by Microsoft in 2014 as he was neither a founder like Bill Gates nor he had the stature of a global leader but his hard work and leadership skills helped him achieve this title.

ceo microsoft 2019 satya nadella fortune businessperson

Fewed by - Bilal Jafar

Indian Government reaching out to more than 300 global manufacturers planning to relocate. Companies including Tesla Inc. GlaxoSmithKline Plc and Eli Lilly & Co. are planning to set up factories in countries other than China amid US-China Trade war. Indian Government plans to provide land to set up factories along with resources like power, road access, and water, according to a draft prepared by the department of promotion of industry.

tesla india us government investments fdi gsk

Fewed by - Muzammil Zafar

A mysterious man has been visiting Istanbul's low-income neighborhoods and inquiring about debts at grocery stores in the areas, after which he pays the outstanding amounts while also leaving envelopes filled with cash on the doorsteps of people who have been struggling under the country's rapidly increasing costs of living. People believe that he is the same man who left envelopes filled with 1000 lira in cash on the doorsteps of poor families.

economy robin decline hood istanbul poor turkey debts

Fewed by - Muzammil Zafar

Coty, the company that owns brands like Max Factor and Sally Hansen, has bought a majority stake in Kylie Jenner's beauty company Kylie Cosmetics for USD 600 million after the company was valued at USD 1.2 billion. Coty will have a 51 percent majority share in Kylie Cosmetics, which has expanded its line of products recently to include Kylie Skin. Coty stated they believed Kylie's brand justifies the high valuation.

kylie jenner coty max factor hansen cosmetics skin

Fewed by - Bilal Jafar

India is the cheapest country on the earth to use mobile data. But consumers will now have to pay more as two leading telecom companies announced an increase in tariffs after suffering heavy losses.Vodafone Idea and Airtel declared second-quarter losses of around $10 billion. The battle between the Indian Government and the Telecom companies over adjusted Gross revenue played a major role in this initiative.

india mobile data telecom tariffs

Fewed by - Bilal Jafar

Chinese were optimistic about a trade deal with the US about a month ago when they said that the two sides had reached an agreement on the tariff rollback. But the optimism changed into pessimism when Trump said that he has not agreed to scrap tariffs on Chinese goods. The Chinese are also carefully looking at the political situation in the US including the impeachment hearings and the upcoming elections.

trump china us xi tradedeal uschina tariff