Michael Horn is stepping down as CEO of Volkswagen Group of America. Hinrich J. Woebcken will act as an interim CEO for Volkswagen Group of America from 1 April 2016 onwards.
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China stocks decline, but trim losses
China's stocks fell for a second session, but managed to pare early losses on buying support from state-backed institutions. However, the buying support from state-backed funds renewed concerns that inflation is rising.
French Court Verdicts In Favor of Uber’s Geo-Localization Service
A European Union rule requires prior notification to itself in restricting social information service. The rule also bars targeting a specific service. A French court has overturned a government order on Uber’s geo-localization service citing the two grounds. The verdict appears as a victory for Uber while challenging through a flurry of appeals both in France and at the EU level.
Citigroup sets up new group for rich investors
Citigroup has established a new asset management group to offer varied solutions and services to richest investors across the world. The new global asset management group will function within investment banking business and it'll bring several segments together.
Bangladesh Central Bank Lost $100 Million From Its New York Fed Account, Claimed That It’s Been Hacked
The Bangladesh central bank said that it has lost $100 million from its account at the Federal Reserve Bank of New York, later discovered to be transferred to the Philippines banking system. The central bank claimed that the Fed’s system was hacked, although the New York Fed denied that there was any hacking attempt made regarding that transaction.
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The average price for used-car dropped modestly during February 2016, compared with the previous year period. According to Manheim, the median prices for used-vehicle in February amounted to $10,345, a decrease of 2% from the previous year period.
Nasdaq will acquire International Securities Exchange (ISE) for $1.1 billion from Germany's Deutsche Börse. The acquisition transaction is expected to close by end of 2016 year.
Audi has come out with a high performance diesel prototype sports utility vehicle (SUV) 'SQ7 TDI.' Audi is a premier brand of Volkswagen Group, which is facing regulatory investigation over emissions scandal pertaining to cheating software installed in diesel cars.
CoreCommerce, the Shopify competitor has initiated rolling in 2001 as a one stop solution in ecommerce business. Now a day, the ecommerce platform has appeared as a giant just behind Shopify, the innovator of the platform. The popular ecommerce platform has been acquired by a group of entrepreneurs and executives.
Whole Foods Market Inc has entered into separate agreements with SolarCity Corp and NRG Energy Inc for installation of solar panels on rooftop of retail outlets. The installation works on solar panels at retail outlets are likely to commence in spring. Expected potential for solar power generation may be 13.8MW.
Exxon Mobil Corp's Canadian unit is selling its retail gas stations in the country to five fuel distributors for C$2.8 billion ($2.1 billion). The transaction is expected to be completed by end of 2016 subject to the regulatory approvals.
Drybar is set to open its 57th salon in the ritzy Tysons Corner mall of Virginia. Alli Webb, the founder of Drybar, aims to open 70 Drybar salons across the country and one in the region of Vancouver BC within the end of 2016.
The state backed venture funds of China have raised around ¥1.5 trillion ($231 billion) during 2015. The local fund managers are working to collect another ¥2 trillion which seems to be impossible to handle. Shortage of skilled fund managers and eligible startups has been analyzed as the major hurdles in managing such huge funds.
SuperData Research reduced its 2016 virtual reality revenue outlook by 30%. The company expects to sell 16.8 million mobile VR instruments within 2016 end.
