Hyperloop, a high-tech futuristic transportation system initiated by Elon Musk, is now in progress with the help of crowdsourced teams formed after Musk open-sourced its blueprint. The technology will be tested this summer at SpaceX headquarters and is expected to be operating by 2020.
Industry
Canon, Biggest Contender for Toshiba Medical Unit, Offers $6.2 Billion
It's a race for Toshiba Medical Unit between Canon, Fujifilm Holdings, Konica Minolta and Permira Holdings. Nikkei said Canon has the highest bid amounting to $6.2 billion. Whoever the winner is, will be decided on Wednesday.
Philadelphia catching up in venture capital
The volume of Philadelphia's venture capital (VC) investments is showing a mixed pattern. Though VC investment grew in 2015 when compared with investments in 2014, the fifth largest city in the US has attracted venture capital investment less than its due share of total funding.
Cisco to invest $500 mln in Germany, $150 mln in Slack Technologies
Cisco Systems Inc is investing $500 million in Germany and $150 million in Slack Technologies Inc. The technology major is working closely with German public sector companies on technology projects and the government in formulating technology policies.
It's Over For Sanofi and Merck European Joint Vaccines Venture
Drug makers Sanofi and Merck & Co. will part ways by the end of the year sealing their partnership for the European vaccines joint venture. Sales has been declining and both companies agreed it is better if they were better off running their own businesses.
Latest News
Long reluctance to e-commerce have delayed Costco operation to fully utilize the power of Internet retail. However, it seems the company has to start further the initiative as slow growth in Q2.
Fastjet has issued a profit warning once again owing to weak demand for flight journey. The company projects 2016 results to be below analysts' projection.
Brazilian iron ore miner Vale and Australian miner Fortescue, both have reduced their debt burdens significantly through disposing less prospective assets. Under such situations, news for tying up with each other seems to be unusual. But analysts observe the move as highly strategic to cope up with the market situation.
The Bank of Japan is reportedly anticipated to reduce its price and economic outlooks for the next fiscal years at a quarterly appraisal that is scheduled in April. The bank is trimming its growth outlook citing the failure of its previous stimulus pack.
Snapchat business is new, still evolving and advertiser interest is also experimental. But the app service provider has recorded revenue of $100 million during October last year. The company has set goal for up to $350 million revenue during the current year.
Gree, the largest Chinese air conditioner maker has been witnessing sluggish growth in its home appliance business. The home appliance manufacturer has announced on Monday acquiring electric vehicle manufacturing company Yinlong New Energy Co. Through this acquisition, another giant steps into the emerging electric car market.
New York-based hedge fund Visium Asset Management is facing probe by the US Securities Exchange Commission (SEC) and Justice Department over its trading and valuation issues. Visium's exposure to healthcare sector is under scanner.
All the major European banks are either shrinking their businesses or just pulling out from the US market. Ignoring the market odd, RBC has strengthened its operations in the less competitive market and capable of getting enlisted among the ten largest US banks. Getting inspired, RBC plans for further strengthening its US investment arm.
Australian economy was picking up pace during the fourth quarter. The commodity-based economy witnessed an annualized growth rate of three percent, fastest in two years, as against the forecast of 2.5 percent.
