Canadian startup Cohere, which creates AI solutions for businesses, has been valued at $6.8 billion in a recent funding round, according to the Financial Times. A year back, the firm established in 2019 in Toronto, was assessed at $5.5 billion. The company has secured a total of $500 million. The main investors were Radical Ventures and Inovia Capital. Nvidia Corp. and AMD Ventures, both of...

China Evergrande Group, a struggling Chinese property developer, announced that its shares will cease trading on the Hong Kong Stock Exchange on August 25. The management of the exchange chose to halt the listing of the shares due to no trades occurring in the last 18 months. Evergrande used to be the biggest real estate developer in China, boasting a market capitalization of $50 billion in...

Ford Motor Company intends to invest $2 billion to renovate a facility in Kentucky for the production of budget-friendly electric vehicles. The company's press release states that the inaugural model manufactured at the facility will be a mid-size electric pickup truck with four doors. Production is set to start in 2027. The pickup truck will serve as a cheaper option compared to the...

Eni's chemical sector Versalis and Italy's Acea Ambiente, an expert in waste-to-energy from landfills, have entered into a memorandum of understanding to create collaborative projects for recovering plastic waste from consumers and industries. The two companies will examine and categorize waste from Acea Ambiente's facilities to evaluate its compatibility with Versalis' recycling methods. The...

Samsung Electronics in South Korea will produce digital image sensors for Apple Inc. that are utilized in the iPhone, according to the Financial Times. The American firm stated it would collaborate with Samsung's semiconductor facility in Austin, Texas, “to develop groundbreaking chip manufacturing technology that has not been utilized before.” Although the company hasn't disclosed the specific...

American Alphabet Inc. fully divested its shares in cybersecurity firm CrowdStrike during the second quarter, based on filings available on the US Securities and Exchange Commission (SEC) website. The parent organization of Google divested all 74.23 thousand CrowdStrike shares, which held an estimated worth of around $26.2 million by the end of the first quarter. Last year, CrowdStrike found...

UBS Group AG, a Swiss bank, will disburse $300 million to resolve Credit Suisse's U.S. claims concerning its sale of residential mortgage-backed securities (RMBS) in the United States. UBS states that the payment will settle all remaining liabilities from a 2017 pact between Credit Suisse and the U.S. Department of Justice. According to the provisions of the agreement, Credit Suisse had to pay...

Italy’s antitrust authority (Autorità Garante della Concorrenza e del Mercato, AGCM) has imposed a fine of €1 million on the Asian e-commerce platform Shein for misleading customers regarding the sustainability of its operations, according to AGCM. This marks the second penalty Shein has faced from European authorities in the last month. In early July, the French competition regulator penalized...

The South China Morning Post reports that the Hong Kong Stock Exchange (HKEX) is easing certain listing regulations. The exchange operator Hong Kong Exchanges & Clearing announced it will ease the minimum shareholding criteria for mainland Chinese firms aiming to list in Hong Kong beginning next week. Firms listed on mainland exchanges were required to provide a minimum of 15% of their...