IBM creates the world’s smallest and most powerful microchip

The semi-conductor industry’s constant challenge is to make microchips that are smaller, faster, more powerful and more energy efficient, simultaneously.The new 2-nanometer chips developed by IBM. On Thursday, IBM announced it has created a 2-nanometer chip, the smallest, most powerful microchip yet developed. Most computer chips powering devices today use 10-nanometer or 7-nanometer process technology, with some manufacturers producing 5-nanometer chips. The lower numbers denote smaller, more advanced processors. IBM’s new chip uses 2-nanometer process technology, a huge leap forward for the components used to power everything from consumers’ smart phones and appliances to supercomputers and transportation equipment. “There are not many technologies or technological breakthroughs … Continue reading IBM creates the world’s smallest and most powerful microchip

Uber bookings surge 24% in first quarter

Uber Technologies Inc. reported a 24% increase in gross bookings in the first quarter, driven by continued growth in the delivery business. The total value of customer spending on Uber reached $19.54 billion, exceeding an average of analysts’ estimates compiled by Bloomberg. But the performance was blunted by a revenue decline, due largely to a $600 million expense from reclassifying workers in the U.K. The stock fell less than 1% in extended trading. The ride-hailing and delivery company narrowed its adjusted loss, Uber said in a statement Wednesday. It was $359 million before interest, tax and other expenses, easily beating … Continue reading Uber bookings surge 24% in first quarter

Francisco Partners, TPG agree to buy Dell’s Boomi for $4 billion

Dell Technologies Inc. has agreed to selling its Boomi cloud business to private-equity firms Francisco Partners and TPG in a cash deal valued at $4 billion, as part of efforts by Chief Executive Officer Michael Dell to trim down the personal computer maker. The deal is expected to close by the end of this year, the companies said in a statement Sunday without providing additional details of the terms. Dow Jones had earlier reported the companies were near a deal. Boomi specializes in integrating different cloud platforms for companies and has more than 15,000 customers. Dell agreed to acquire the … Continue reading Francisco Partners, TPG agree to buy Dell’s Boomi for $4 billion

Facebook’s quarterly revenue jumps 48% on strong ad demand

Facebook Inc.’s first-quarter sales rose 48%, surging past analysts’ estimates thanks to strong demand from retailers and other advertisers seeking to grab attention from the social network’s billions of users. Revenue climbed to $26.2 billion, the company said Wednesday in a statement. That dwarfed the $23.7 billion average estimate of analysts, according to data compiled by Bloomberg. Facebook reported 2.85 billion monthly active users, a rise of 10%. Analysts projected 2.83 billion. Shares jumped about 5.5% in late trading. Menlo Park, California-based Facebook, which also owns Instagram and WhatsApp, has seen a surge in use of its platforms for at-home … Continue reading Facebook’s quarterly revenue jumps 48% on strong ad demand

CEO of a $2 billion startup fired after taking LSD during work

Justin Zhu and Andrew Boni, Iterable cofounders. The CEO of email marketing startup Iterable said he was fired after using LSD on the job, Bloomberg reported. Justin Zhu told Bloomberg that the primary reason for his firing was that he took a small amount of the psychedelic drug prior to a meeting in 2019, with the intention of improving his focus. Zhu’s firing was announced to Iterable staffers on Monday, according to an internal memo obtained by Bloomberg. “Micro-dosing” with small amounts of LSD and other psychedelics is a growing trend in Silicon Valley, with many users saying the drugs can help … Continue reading CEO of a $2 billion startup fired after taking LSD during work

Samsung heirs to pay $11 billion tax amid succession cases

Samsung Group’s billionaire heirs outlined a long-awaited plan to pay one of the largest inheritance-tax bills in history, a more than 12 trillion won ($11 billion) transfer of assets that will take place over several years. The family of Lee Kun-hee, who died last year, revealed the size of the total bill, along with its intention to donate 1 trillion won for medical facilities and approximately 23,000 works of art. Under South Korea law, the heirs are allowed to make the tax payment over five years. “It is our civic duty and responsibility to pay all taxes,” the family said … Continue reading Samsung heirs to pay $11 billion tax amid succession cases

Billionaire Issa brothers buy fast food chain

The billionaire Issa brothers who own Asda have bought the British fast food chain, Leon. More than 70 Leon restaurants across the UK and Europe have been sold to the brothers’ giant petrol forecourt business EG Group. In a joint statement, Mohsin Issa and Zuber Issa said the firm was a “fantastic brand we have long admired”. Leon boss John Vincent, who co-founded the firm in 2004, said: “In some ways this is a sad day for me.” “We have tried hard, done some good things, made a healthy amount of mistakes, and built a business that quite a few … Continue reading Billionaire Issa brothers buy fast food chain

Citigroup to exit consumer banking in 13 markets

Citigroup is closing its consumer banking operations in 13 markets across Asia, Europe and the Middle East. The US banking group will instead run these operations from four hubs in Singapore, Hong Kong, the United Arab Emirates and London. It will continue to offer products to larger clients and institutions in these markets, its chief executive Jane Fraser said it “does not have the scale” to compete in these 13 markets. Citigroup will shut down consumer banking operations in Australia, Bahrain, China, India, Indonesia, South Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam. “As a result of the … Continue reading Citigroup to exit consumer banking in 13 markets

Bernie Madoff, disgraced financier dies in prison

Bernie Madoff, a Wall Street financier disgraced after he admitted to one of the biggest frauds in US financial history, has died in prison at age 82. His death was announced by the Bureau of Prisons. Mr Madoff had been serving a 150-year sentence after he pleaded guilty in 2009 to running a Ponzi scheme, which paid investors with money from new clients rather than actual profits. It collapsed during the 2008 financial crisis. “Bernie, up until his death, lived with guilt and remorse for his crimes,” his lawyer Brandon Sample said in a statement. “Although the crimes Bernie was … Continue reading Bernie Madoff, disgraced financier dies in prison

Japan’s Toshiba president steps down amid acquisition talks

The president of Toshiba Corp. stepped down Wednesday, a week after the Japanese technology and manufacturing giant said it was studying an acquisition proposal from a global fund where he previously worked. Nobuaki Kurumatani tendered his resignation at a board meeting, and the board accepted, effective Wednesday, Tokyo-based Toshiba said in a statement. Kurumatani headed the Japan operations of CVC Capital Partners, which proposed the acquisition last week, before taking his post as chief executive of Toshiba in 2018. Some questions had been raised, both within and outside Tokyo-based Toshiba, about Kurumatani leading the board discussions on the acquisition. Kurumatani … Continue reading Japan’s Toshiba president steps down amid acquisition talks

Grab set for $40bn valuation in US share listing

Grab, the dominant ride-hailing and food delivery firm in South East Asia, is preparing to list shares in the US in a deal that values the firm at nearly $40bn (£29bn). Shares will trade following a merger with US-listed Altimeter Growth Corp. Grab expects to raise more than $4bn via the transaction, which is expected to be completed by July. The listing would mark the largest US share offering to date by a South East Asian company. Altimeter Capital chief Brad Gerstner said his company was drawn to Grab due in part to its leading position in a part of … Continue reading Grab set for $40bn valuation in US share listing

Alibaba shares soar as it plays down hit from record $2.78 bn fine

Shares in tech giant Alibaba surged nine percent Monday as the ecommerce titan reassured investors that a record $2.78 billion antitrust fine imposed by China would have little impact on its operations. Alibaba said the fine would not have a major negative impact on its business Regulators slammed the tech giant with the penalty on Saturday after a months long probe concluded it had been abusing its dominant market position. But in a conference call to investors on Monday, Alibaba’s board put a positive spin on the regulatory blow saying it appeared to be the end of the investigation, with chairman … Continue reading Alibaba shares soar as it plays down hit from record $2.78 bn fine