Year: 2020

(Bloomberg) — TikTok parent-company ByteDance Ltd. generated more than $17 billion in revenue and more than $3 billion in net profit last year, figures that show the startup, already the most valuable in the world, is growing at a brisk rate, according to people familiar with the matter.The revenue for last year is more than double the company’s tally of about $7.4 billion in 2018. The people asked not to be identified because the financial details are private.ByteDance has emerged as one of the tech industry’s most surprising success stories, an innovative Chinese company that is challenging the global dominance …read more […]

Russian Energy Minister Alexander Novak met with domestic major oil companies on Tuesday to discuss the implementation of global oil production curbs and the possible extension of the current level of cuts beyond June, sources familiar with the plans told Reuters. The meeting is a further sign that Moscow is committed to supporting any future joint steps to stabilise oil markets for as long as may be required, after slashing its production to close to its quota under the global deal. Kommersant daily, citing three sources in oil industry, said Russia may keep the current level of cuts …read more […]

Tesla Inc said on Wednesday it will cut prices of its electric vehicles in North America as the firm ramps up car production at its Fremont, California, factory after the easing of coronavirus lockdowns. The price cut comes as states after lockdowns during which demand for cars waned. It was not immediately clear by how much Tesla was cutting its prices or when the cuts would take effect. …read more […]

Boeing Co is expected to announce U.S. job cuts this week after disclosing last month it planned to shed 10% of its worldwide workforce of 160,000 employees, people briefed on the plans and a union said. A spokesman for the Society of Professional Engineering Employees in Aerospace (SPEEA) union that represents 17,600 Boeing employees told Reuters Tuesday the company informed the union it should expect layoff notices on Friday. Boeing declined to comment. …read more […]

(Bloomberg) — Amazon.com Inc. is in talks to buy driverless vehicle startup Zoox Inc., according to people familiar with the matter, a deal that would accelerate the e-commerce giant’s automation efforts.Other companies in the automotive and chip industries have also held talks with Zoox about a potential investment, the people said. At least one other business besides Amazon has offered to buy the company, they added. Zoox is unlikely to sell for less than the $1 billion that it has already raised, according to the people, who asked not to be identified discussing private negotiations.“Zoox has been receiving interest in …read more […]