News

Saudi Aramco Confirms Data Breach

Saudi Aramco Confirms Data Breach

The world’s most valuable oil producer found itself in hot water when hackers claimed to have confidential files that they would leak unless the Middle Eastern oil giant coughed up $50 million worth of cryptocurrency.  Files that allegedly belong to the company began appearing on the dark web on Tuesday, along with a demand for $50 million worth of cryptocurrency in return for the […]
Zoom to Acquire Five9 for $14.7 Billion

Zoom to Acquire Five9 for $14.7 Billion

On Sunday, July 18th, online video conference app Zoom announced its intention to acquire Five9, a cloud contact centre software provider. The all-stock transaction places Five9’s value at $14.7 billion and marks Zoom’s first billion-dollar acquisition.  The deal marks the second-biggest US tech deal of 2021, following Microsoft’s $16 billion acquisition of Nuance Communications. It also signifies that […]
Elon Musk Finds Himself in Hot Water Over SolarCity Deal

Elon Musk Finds Himself in Hot Water Over SolarCity Deal

Once again, billionaire entrepreneur Elon Musk has landed himself in hot water. Tesla’s shareholders are currently suing the CEO. The group alleges that Tesla’s acquisition of the solar panel firm was, in fact, simply a bailout pushed through by Musk.  Shareholders’ Allegations  Shareholders assert that Musk was improperly involved in the situation and pushed the deal through when he should have […]
ECB to Change Policy Guidance in Upcoming Meeting

ECB to Change Policy Guidance in Upcoming Meeting

European Central Bank President Christine Lagarde advised investors that a change to policy guidance is likely to be announced at the upcoming meeting on July 22nd. The most anticipated policy updates pertain to monetary stimulus.  The European Central Bank (ECB) president signalled that new measures could be introduced in 2022 to better assist the euro-area economy after the current emergency bond program ends.  The announcement came […]
Trump Sues Twitter, Facebook, and YouTube

Trump Sues Twitter, Facebook, and YouTube

Former US president Donald Trump has announced that he is suing three of the world’s largest social media platforms, Twitter, Facebook, and YouTube. The 45th president of the United States plans to take on the companies’ respective CEOs, too – Jack Dorsey, Mark Zuckerberg, and Sundar Pichai (CEO of YouTube’s parent company, Alphabet).  The lawsuits have rallied Republican voters, fundraisers, and donors, yet legal experts still say they are all but guaranteed to […]
China Cracks Down on Data Collection

China Cracks Down on Data Collection

In a new round of crackdowns, China is now targeting companies that collect data and potentially use it illegally. On Sunday, Chinese regulators ordered that the local app stores remove Didi from the list of available applications. This comes after the company allegedly participated in the illegal collection and use of personal data.   Besides the ride-hailing app […]
Robinhood to Pay $70 Million to Settle Regulatory Investigation

Robinhood to Pay $70 Million to Settle Regulatory Investigation

American financial services company Robinhood will pay $70 million to settle a regulatory investigation. The Financial Industry Regulatory Authority (FINRA) has fined the California-based company $57 million and ordered it to pay nearly $13 million in restitution to thousands of clients.  FINRA’s Fine  FINRA is a non-government entity authorized by Congress and oversees thousands of brokers across America. The financial penalty ordered by FINRA is the […]
Johnson & Johnson Agrees to A $230 Million Opioid Drugs Settlement

Johnson & Johnson Agrees to A $230 Million Opioid Drugs Settlement

Johnson & Johnson agrees to pay out a $230 million settlement for its role in the opioid crisis in the US. Along with the settlement, J&J has reportedly agreed to stop selling opioids in the US. This settlement may be the first of many that will follow as trials proceed nationwide. However, one of the […]
TikTok Owner ByteDance Sees 2020 Revenue Surge

TikTok Owner ByteDance Sees 2020 Revenue Surge

ByteDance has many apps in its portfolio, one of which you will have heard of for certain – TikTok. TikTok is responsible for making mini dance routines on social media the norm. So, it’s no surprise that parent company ByteDance and its revenue are doing exceptionally well.  ByteDance’s Background  ByteDance was founded in 2012 by Chinese entrepreneur Zhang Yiming. Over the years, it has seen the popularity of its many […]
TikTok Founder Steps Down As CEO

TikTok Founder Steps Down As CEO

Zhang Yiming, CEO and founder of TikTok (ByteDance), recently announced that he is planning on leaving the company and starting fresh. Zhang’s long-time business partner and friend, Liang Rubo, will take his place as CEO.  In an employee memo, Zhang said that the change would enable him “to have greater impact on longer-term initiatives,” and added that Liang is “an invaluable partner” with “strengths in management, organization, and social engagement”.  Zhang mentioned that him leaving the […]