Porsche made its stock market debut on Thursday, in one of Europe’s biggest ever public offerings. The IPO, which values the automaker at around 75 billion euros, appears to have been a…
Cruise to Launch Robotaxi Service in Phoenix and Austin
Autonomous vehicle company Cruise, which is owned by General Motors, is to launch a robotaxi service in Phoenix, Arizona and Austin, Texas before the end of the year, the company has announced. …
Cinema Giant Cineworld Files for Bankruptcy Protection
The second largest cinema chain in the world, the U.K.’s Cineworld, has filed for bankruptcy protection in the United States. The group runs 751 movie theaters in the world, including more than…
Porsche to Go Ahead with IPO
The iconic automaker Porsche is to go public in the next few weeks, despite turbulent economic conditions putting off other major deals. Volkswagen first contemplated spinning off Porsche in February, just before…
Streaming Overtakes Cable TV For First Time in United States
TV viewers in the United States are watching streaming services like Netflix and Disney + more than cable TV, according to a report by market measurement firm Nielsen—the first time streaming has…
American Airlines to Buy 20 Boom Supersonic Jets
Boom Supersonic, the aircraft maker seeking to bring back supersonic commercial flights, has sold 20 jets to American Airlines. Boom’s Overture four-engine jet promises speeds of up to Mach 1.7 over water…
Amazon Bolsters Smart Home Offerings with $1.7 billion iRobot Deal
Amazon has agreed to buy iRobot Corp., the company behind the Roomba robotic vacuum, in a deal worth $1.7 billion. Roomba will be added to Amazon’s already lengthy list of smart home…
Post-Pandemic Travel Boosts Uber and Lyft
Ride-hailing giants Uber and Lyft both reported promising Q2 results this week, as they took advantage of a post-Covid boom in travel. Uber posted its first ever cash-flow positive quarter. The Silicon…
Tesla Sells Off Majority of Bitcoin Holdings
Electric car maker Tesla has ditched 75% of its holdings in Bitcoin, after the cryptocurrency fell in value by more than 50% this year. In February last year Tesla boss Elon Musk…
Musk Attempts to Withdraw from Twitter Deal
Elon Musk will withdraw from his $44 billion agreement to buy social media platform Twitter, the billionaire has stated, although it remains to be seen whether he may yet be forced to…