China’s flexible screen pioneer is seeking $1b in funding

Hong Kong. Royole Corp, a maker of flexible displays, is seeking about $1 billion in a funding round ahead of an initial public offering, people familiar with the matter said. The Shenzhen, China-based company is seeking a valuation of at least $8 billion in the round as it seeks to to expand its sales and […]

Trump’s trade war cost US economy $7.8 billion in 2018 – study

Washington: President Donald Trump’s trade battles cost the US economy $7.8 billion (Dh28 billion) in lost gross domestic product in 2018, a study by a team of economists at leading American universities published this week showed. Authors of the paper said they analysed the short-run impact of Trump’s actions and found that imports from targeted […]

VW sued by SEC for misleading bondholders on diesel cheating

New York. Volkswagen was sued by the Securities and Exchange Commission over claims it failed to disclose to investors that its diesel vehicles violated emission standards, the latest twist in a software cheating scandal that has already cost the company more than $30 billion. The German automaker sold billions of dollars of corporate bonds and […]

Oracle sales top estimates as push to the cloud gains momentum

San Francisco. Oracle Corp, the world’s second-largest software maker, reported third-quarter sales that slightly topped projections, signalling that the company may be gaining momentum in its transition to cloud-based computing. Revenue in the period ended February 28 was $9.61 billion, the Redwood City, California-based company said Thursday in a statement. Analysts had predicted $9.59 billion, […]

Spotify chief sees ‘big business impact’ from Apple’s levies

Berlin. Spotify Technology SA’s Chief Executive Officer Daniel Ek said his music-streaming service has suffered “a big business impact” from alleged restrictions by Apple Inc that sparked this week’s complaint to European Union antitrust cops. Spotify wants the EU to investigate Apple’s App Store rules that take a 30 per cent cut of subscriptions and […]