Boeing, Aurora and others have been vying with their own prototype proposals for the $89.4 million deal for DARPA’s VTOL X-Plane project. Aurora proposed prototype, LightningStrike’s flight technology has been derived from its Centaur and Orion unmanned aircraft. Defeating all odds, AFS has finally bagged the deal making a breakthrough in aviation technology.
Industry
FDI surge in services sector propels India's GDP
India's services sector recorded 85.5 percent surge in inflows of foreign direct investments (FDI) during April - December 2015 period. This is 17 percent of the total FDI that India received during the period. The services sector contributed over 60 percent to the country's GDP.
Chicago bourse joins race for London Stock Exchange
Chicago Mercantile Exchange is the latest bourse that has shown interest in acquiring London Stock Exchange (LSE). Intercontinental Exchange (ICE) has already announced its intention to bid for London Stock Exchange. The merger talks on £20-billion merger plan between Deutsche Boerse and London Stock Exchange are in progress.
Wells Fargo Seeks Laughlin Successor for Merger and Acquisition Chief
John Laughlin is stepping down as the head of merger and acquisition, becoming the vice chairman of the business. Wells Fargo is now looking to replace him considering both internal and external candidates.
Saudi Arabia regains top oil exporter status to China
Surpassing Russia, the Kingdom of Saudi Arabia (KSA) has regained its lost status as top oil exporter to China in January 2016. However, China's oil imports eased during the month, while Russia suffered major drop in its exports. As a result, Saudi's market share rose to 15.9 percent highest since June 2015.
Latest News
A model of Dubai Parks & Resorts has been unveiled on Tuesday. The $2.8 billion project is expected to get inaugurated in October. Besides other amenities, 400 performers, who have been described as the bests of the bests, will offer amusement to the visitors.
The Bank of Japan is anticipated to reduce its interest rates into a negative territory further at or before the bank's meeting in July. The bank is anticipated to trim its interest rate to minus 0.2% due to low domestic spending and slump in the energy market.
The Institute for Supply Management (ISM) announced on Thursday that service sectors in U.S. is expanding modestly. However, the sectors fared better than manufacturing in February 2016.
Two of India's largest telecom operators Bharti Airtel and Idea Cellular have an increase revenue market share in 2015. However, Morgan Stanley predicted the companies will face substantial challenge in 2016.
Fidelity Investments lead a $175 million investment in Series F funding for Snapchat. However, it does not change Snapchat valuation at $16 billion.
Chinese billionaire Wang Jianlin-controlled AMC Entertainment Holdings Inc has agreed to buy Carmike Cinemas Inc for $1.1 billion deal. After the acquisition, AMC Entertainment will become as the largest move-theater operator in the US.
An official filing revealed that Uber is facing huge loss in its international operation, as the company spent big on global expansion. The main factors of the loss are regulatory obstacles and local rivalry.
DuPont and Dow Chemical Co. have agreed for a $130 million merger reflecting ‘merger on equals’. Following the merger, Dow CEO, Andrew Liveris will enjoy the lion share of $52.8 million while Edward Breen, DuPont’s CEO, will get $27.2 million. However, this appears as a true “Golden Parachute’ only for Liveries since Breen has secured job in the proposed merged entity.
Hewlett Packard Enterprises (HPE) has beaten analysts' forecasts for the first quarter earnings. HPE has posted earnings per share (EPS) of 41 cents a share for first quarter as against the 40 cents per share of average forecast made by analysts. Hewlett Packard Enterprises is expected close Tsinghua deal by end of May as soon as it gets Chinese regulatory approval.
