After eclipsing General Motors (GM) to become the most valuable car company in the US, Tesla is ready to strike while the iron is hot by announcing the future release of convertible sport cars and electric trucks. The new vehicles will be launched within two years. The company expects to deliver 47,000 to 50,000 Model S and Model X vehicles combined in the first half of 2017. But Tesla still has some way to go to becoming the world’s biggest carmaker. The Japanese carmaker Toyota is currently leading the race with a stock market value of over $170bn.
Standard Life has struck a deal to acquire rival Aberdeen Asset Management for £3.8bn, creating the UK’s largest asset manager. The two companies confirmed this Monday morning the all-share deal which marks a further step in Standard Life’s evolution from a traditional insurer into an investment powerhouse. After the deal, the combined group would be Europe’s second-largest fund manager with £660bn in assets under management. Both firms combined their strengths to create a world class investment company.
Vodafone has merged its Indian business with Idea Cellular, India's third-largest network, to create the country's largest operator. The combined company will have almost 400 million customers, accounting for 35% of the market share. The deal involves consolidation of businesses, transfer of shares, appointing officials and synergising operations.
Uber has lost two major top executives amid a series of scandals at the car-hailing company, with its head of ride-sharing and a key architect of its autonomous driving efforts the latest to depart. Uber faces a series of controversies including allegations of sexual harassment, rows with regulators over testing of self-driving cars and a lawsuit from Waymo, Google’s autonomous car unit, alleging theft of intellectual property.
The German bank is preparing for a potential capital increase of about 8 billion euros, seeking to strengthen its balance sheet and free up funds for strategic investments after years of restructuring. Deustche bank is also examining several strategic measures, including an initial public offering of a minority stake in its asset management business as well as retaining its Postbank unit and integrating it into its other German retail business.
The PriceWaterhouseCoopers’ Oscar mix up has dominated social media in the last couple of days, with many financial analysts claiming that Envelopegate could be a major hit to PwC's long-term reputation. The Oscars mistake casts unwanted spotlight on PwC. Not only did the firm’s Academy Award auditors accidentally mix up envelopes, causing chaos when the Best Picture Oscar was handed to the wrong film, but it is also under investigation in different audit cases. PwC's darkest week continues.
When you think of the biggest cloud players in the world, one company you might not consider is Alibaba, the Chinese e-commerce giant that held a record $25 billion U.S. IPO in 2014. Alibaba entered the cloud computing business in 2009, just three years after Amazon launched its cloud division, AWS — and Alibaba’s cloud computing efforts are among the ambitious projects that the Chinese e-commerce giant is pursuing aggressively.