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Taking on Tesla: China's Jia Yueting aims to outmuscle Musk

A Chinese entrepreneur is planning to usurp Tesla Motors, a U.S. pioneer in premium electric vehicle (EV) making and intends to re-engineer the automobile industry.   Jia Yueting, a billionaire and one of a new breed of Chinese entrepreneur.   "Tesla's a great company and has taken...

Emission Scandal Costs $18 Billion for Volkswagen

Volkswagen (VW) said on Friday that it would slash its dividend to help pay for its emissions-test cheating scandal and take a 16.2-billion-euro ($18.2 billion) hit to its 2015 results.   With Germany-based automakers including Mercedes-Benz, and Opel - as well as VW - agreeing to recall a...

Dark Age for Apple in China with Apple's Book, Film Services Going Dark

After Beijing introduced regulations in March imposing strict curbs on online publishing, particularly for foreign firms, Apple Inc's online book and film services have gone dark in China, reported Reuters.     A message in Chinese saying Apple's iBooks Store and iTunes Movies services...

Google Formally charged with Abusing Android Market Dominance by EU

As was expected and reported widely, the European Union opened up a second front against Google that could lead to large fines if found guilty as the European commission charged the U.S. technology giant with abusing the dominant position of its Android mobile operating system on Wednesday.  ...

Hyundai Choose Cisco as its Partner for Teaming up on Connected Car Technology

As the race to develop internet-connected cars picks up pace, Hyundai Motor has joined the ranks of global carmakers turning to new technologies partnering with US-based Cisco Systems.   As part of a long-term push into driverless vehicle technology the South Korean carmaker this month...

Control of $8 Billion Yum Unit in China being sought by China Sovereign Fund

Interest in buying a majority stake in Yum! Brands Inc.’s China business, which runs more than 7,100 KFC and Pizza Hut eateries across the nation has been expressed by a consortium backed by sovereign fund China Investment Corp, reported Bloomberg.     Quoting people with knowledge...

Fall in Trading Revenues results in 27 Percent in Citigroup Profits

Amidst strong global economic headwinds that include concerns over near-zero interest rates, a slowdown in China and decade low oil prices, many of the  global banks, and especially large banks based in the US have had a tough start to the year.   Citigroup seems to be the latest...

Buyout Firms being Targeted by McDonald’s for Sale of its North Asia Stores

For its planned sale of 2,800 restaurants in North Asia, McDonald's Corp is targeting private equity firms, including Bain Capital, MBK Partners, TPG Capital Management and Chinese state-backed conglomerate China Resources (Holdings) reported Reuters citing sources.   By planning to bring...

January-March Profit for LG Electronics Tipped to be the Best in Nearly Two Years

With earnings apparently lifted by healthy appliance sales and falling television panel prices, South Korea's LG Electronics Inc said that its first-quarter operating profit likely rose 66 percent which points to its best quarter in nearly two years.   The company expects a first-quarter...

Yahoo Bid Hots up as Daily Mail Parent Enter Talks with Private Equity for Bid

Eyeing a plan to buy the troubled U.S. Internet pioneer to help boost advertising revenues from the Mail's globally popular online news site, Britain's Daily Mail is in talks with potential partners to mount a joint bid for Yahoo's internet assets.   It was in early stage discussions with...

Appeal for Bankruptcy Filed by Teen Retailer Pacific Sunwear

Succumbing to mounting losses and intense competition from fast-fashion retailers and online rivals, teen apparel retailer Pacific Sunwear of California Inc filed for Chapter 11 bankruptcy protection on Thursday.   The company said in a statement that it plans to be taken private by...

U.S. EXIM Paralysis Puts Sale at Risk says Boeing CEO

Flagging an issue that also affects General Electric and other U.S. companies that depend on the agency's export financing, Boeing chief executive said that a delay in appointing U.S. Export-Import Bank board members threatens to cost Boeing Co sales.   Boeing Chief Executive Dennis...