Market Archive

Amazon Likely To Buy Online Retailer Souq.Com: Report

Amazon.com Inc has agreed in principle to buy 100 percent of Dubai-based online retailer Souq.com from its shareholders, sources familiar with the deal. Amazon declined to comment and a spokesperson for Souq.com did not immediately respond to a request for comment. Goldman Sachs acted as adviser for Souq.com and helped to arrange the deal, two

Cognizant Likely To Retrench 6,000 Employees

Cognizant is set to cut at least 6,000 jobs, which represents 2.3% of its total workforce, as it struggles with growth in an IT environment that is fast shifting towards new digital services. The variable payout to employees for 2016, too, is expected to be adversely affected. The layoffs are likely to be more this

Micromax to Unveil 4G-Enabled Feature Phone Soon

Indian handset maker Micromax is aiming to sell 5-6 million units of its upcoming Bharat 1 VoLTE feature phone and Bharat 2 VoLTE smartphone in India over the next 5 to 6 months, which will help it enhance its overall market share and better compete with Chinese and domestic handset makers. While Bharat 2 is

Google Eyes Our Kids

In a recent development, the tech giant is opening up its many online services to kids under 13 with a new tool called Family Link, an app that lets parents carefully manage the content on their kids’ devices. It marks one of the first attempts by a major tech company to directly address the reality

Investors Pour $400 Million Into Instacart

Instacart has got a great leap. The grocery delivery startup announced a $400 million funding round bringing its total valuation to a reported $3.4 billion. The cash boost comes on the heels of a string of ongoing spats over worker pay. That controversy doesn’t seem to have dampened the confidence of the company’s investors, which

Now Software For Uber Drivers

Uber has acknowledged the use of a secret software program to steer drivers away from trouble, including sting operations by local authorities to catch law-breakers.In the latest in a streak of damaging news for the ridesharing giant, Uber came forward about its greyball software recently. According to an Uber statement, the tool was used in

BMW May Build Electric Mini In Germany: Report

If sources are to be believed, BMW is considering moving planned production of an electric version of its Mini compact car to Germany from Britain in response to plans by London to leave the EU single market, The company may shift manufacturing to its production sites in Regensburg and Leipzig, said sources. Production at Netherlands-based

India Becomes WhatsApp’s Biggest Market

WhatsApp has hit 200 million monthly active users in India as the Facebook-owned service continues its dominance in developing markets. India remains the biggest market for WhatsApp, which had 160 million active users in the country last November. Moving forward, Brian Acton, a founder of WhatsApp, said the company will explore ways to contribute to

Tesla Model 3 Likely To Start Production By July 2017

Tesla’s 2016 earning report and letter to shareholders presented some exciting news for some of its most eager customers. The letter revealed that production for Model 3, the company’s “affordable” electric car, is on track to start in July 2017, with volume ramping up by September. The company predicts production will scale to “exceed 5,000

Apple TV To Make Several Changes: Sources

Apple TV is soon expected to bring major changes, if sources are to be believed. Last revamped in late 2015 with beefier hardware, a refreshed tvOS interface and the Siri Remote, Apple’s set-top box has basically languished as competing set-top boxes like the Amazon Fire TV, Roku Ultra and the new NVIDIA Shield TV run

T-Mobile Matches Verizon’s New Unlimited Data Plan

T-Mobile has already hit back with new additions to its own unlimited plan to match Big Red’s just after the announcement of Verizon. T-Mobile U.S. CEO John Legere went on a tweetstorm to even the unlimited playing field. In addition to slamming Verizon for copying its T-Mobile One unlimited plan, losing its network advantage, and