China tech stocks slide as tensions with US rise again
SHANGHAI – Chinese tech stocks dropped on Wednseday (Oct 27) as US-China tensions flare up again with Washington moving to restrict the Asian nation’s companies and calling for a…
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Facebook invests billions in metaverse efforts as ad business slows
SAN FRANCISCO – Facebook Inc said on Monday (Oct 25) it will start publishing the financial results of its augmented and virtual reality labs as a separate unit, where it is…
US, European nations reach deal to end digital tax dispute
WASHINGTON – The US and five European governments reached an agreement resolving a trade dispute over digital taxes on some of the largest American tech giants, after nations reached a…
Paypal offer to buy Pinterest for US$45 billion
NEW YORK – PayPal Holdings has made an offer to buy digital pinboard site Pinterest for US$45 billion (S$60 billion), people familiar with the matter said on Wednesday (Oct 20), a…
Russia excluded from 30-country meeting to fight ransomware and cyber crime
WASHINGTON – Russia was not invited to attend a 30-country virtual meeting led by the United States that is aimed at combating the growing threat of ransomware and other cyber…
Food delivery apps under fire as US restaurateurs accuse them of eating into profits
NEW YORK – Meal delivery services became essential during the Covid-19 pandemic, when millions of Americans were under lockdown and restaurants were shut to visitors. But these…
Grab raises stake in Indonesia’s Ovo to 90%, buys out Tokopedia’s stake
Grab Holdings is boosting its ownership of the Indonesian mobile wallet provider Ovo to about 90 per cent by acquiring stakes from Tokopedia and Lippo Group. Grab, which plans to…
Carousell turns unicorn after raising US$100 million for US$1.1 billion value
SINGAPORE – Online classifieds marketplace Carousell has joined the list of local unicorns – unlisted start-ups valued in excess of US$1 billion. The group has raised US$100 million (S$134…
Food delivery services are suing NYC for capping their fees
The nation’s biggest food delivery services including Uber Eats and DoorDash are suing New York City, arguing that a fee cap first enacted during the pandemic is costing them “hundreds of…
Uber ordered to pay traditional taxi drivers damages in France
PARIS – A French court on Friday (Sept 10) ordered ride-hailing service Uber to pay damages to taxi drivers whose business suffered from unlicensed competitors. Uber France will have to pay…