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Wonders of the universe

Feb 16, 2017 06:26AM

Snap seeks valuation of up to $18.5 billion in highly awaited IPO

Snap Inc, owner of the popular messaging app Snapchat, set a valuation of between $16.20 billion and $18.52 billion in its initial public offering, significantly below expectations. The company, which filed for an IPO earlier this month, was widely expected to be valued at between $20 billion and $25 billion, giving it the richest valuation in a U.S. technology IPO since Facebook Inc. "I think that the lower proposed valuation reflects feedback from institutional investors that the higher valuation is hard to justify," Jay Ritter, IPO expert and professor at the University of Florida, told Reuters.

Feb 16, 2017 01:03AM

India's Tata Motors, Microsoft ink technology collaboration deal

Tata Motors Ltd and Microsoft India on Thursday announced a strategic collaboration on the technology front to make driving a more personalized experiences for the customers, the companies said in a joint statement. The first vehicle showcasing the vision of the enhanced driving experiences will be unveiled at the Geneva International Motor show on March 7, they said. "Using IoT (internet of things), AI (artificial intelligence) and machine learning technologies, we will provide vehicle owners in India and across the world a safe, productive and fun driving experience," Anant Maheshwari, President at Microsoft India, said.

Feb 16, 2017 02:45AM

SMBC head says will give Toshiba as much support as possible

Sumitomo Mitsui Banking Corp (SMBC), one of the main lenders to Toshiba Corp , will provide as much support as possible to the troubled Japanese firm, the bank's chief executive said. The TVs-to-nuclear conglomerate is scrambling for cash to stay in business as a multi-billion-dollar hole has emerged in its nuclear business. Toshiba has announced it would consider selling most, even all, of its stake in its prized flash-memory chips business, highlighting the scale of its financial woes.

Feb 16, 2017 06:11AM

Infineon braces for Wolfspeed deal collapse over U.S. security fears

By Harro Ten Wolde and Irene Preisinger MUNICH (Reuters) - Infineon does not expect to be able to salvage its $850 million purchase of Cree's Wolfspeed Power, which is under U.S. scrutiny over unspecified government security concerns, the German chipmaker said on Thursday. U.S.-based Wolfspeed makes devices using gallium nitride, a sensitive powdery compound with military applications whose use by other companies has led the U.S. to block deals. Infineon Chief Executive Officer Rheinhard Ploss told the chipmaker's annual shareholder meeting there was "a very significant risk that we will not be able to complete the takeover as planned or possibly even at all".

Feb 16, 2017 04:07AM

Telenor to roll out Google's new messaging service in Asia, Europe

(Reuters) - Alphabet Inc's Google said on Thursday it partnered with Telenor ASA to roll out Rich Communications Services (RCS), an upgraded messaging service, to the Norwegian telecommunications company's subscribers in Asia and Europe. The messaging service includes features such as group chats, photo sharing and read receipts among other things, Google said in its official blog.