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Huawei, ZTE Suffer U.S. Sales Ban

Chinese smartphone manufacturers Huawei Technologies and ZTE have suffered a major sales setback following the U.S. Government's decision to ban the approvals of new telecommunications equipment from the two companies. According to the Biden administration, this equipment poses "an unacceptable risk" to U.S. national...

Xiaomi Announced Revenue Dive as Smartphone Demand Wavers

Xiaomi Corp.'s quarterly revenue declined by 10% as the company struggled to cope with a global slump in smartphone demand, as well as weaker consumer demand at large due to the inflation-induced rising cost of living. Mobile device sales took the biggest hit, plummeting by...

European Stocks Peak Amid Travel Boom

European shares closed at a more than seven-week high on Monday amid a tech and travel stock boom. The benchmark STOXX 600 index gained 0.3% during the day's trading, thereby extending its three-week gain. Gambling company Flutter Entertainment Plc and low-cost airline Ryanair emerged as...

Tech Valuations Down to Reasonable Levels, Says Slack Founder

Slack founder Stewart Butterfield praised the decline in tech stock valuations amid the ongoing interest rate hike in response to growing inflation. According to Butterfield, lower valuations will restore investor interest in tech stocks. Butterfield remarked that the last six months have been "pretty rough",...

ByteDance Offers To Buy Back $3 Billion In Shares Following IPO Stall

Tech giant ByteDance is offering to buy back $3 billion in its own stocks from investors following news that the Chinese company's initial public offering has stalled. The plan, which gives investors an exit opportunity, was announced via email on Friday. In accordance with its...

Sony to Acquire Mobile Game Developer in Expansion Effort

The Sony Group Corp announced on Monday its intention to acquire Savage Game Studios for an undisclosed fee. The decision to purchase the Berlin and Helsinki-based mobile games developer comes as the Japanese tech conglomerate looks to expand its business beyond the console gaming...