Mexico is receiving $400-loan from World Bank for rural development and will formally sign an agreement. Mexican government will utilize the funds for extending financial lending to farmers and fishermen in rural areas. The small and medium enterprises (SMEs) will also get financial support from the Mexico's national agricultural financing agency FND.
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China's foreign exchange stocks decline to trillions
China's foreign exchange reserves had declined reaching to trillions. However, the government made efforts to support the local currency from dropping further.
Wiper, alternative messaging app for costly movies
Messaging app Wiper has raised a total of $4.5 million seed funding from its investor Michael Choupak adding $2 million dollars. The service launced $4.99 monthly subscription fee to preview and watch thousands of original short and long, inexpensive indie films that can be compared to expensive Hollywood movies.
VW, Audi recall Tiguan and Q5 over Takata inflators
The failure of Takata's airbag inflators are keeping pressure on several automobile giants. Volkswagen and Audi will recall Tiguan and Q5 model vehicles for defective airbags made by Takata. Dealers of automobile companies will replace the defective side airbags of Takata at free of charge.
Verizon CEO showed interest in Yahoo acquisition
It was confirmed by Verizon CEO Lowell McAdam that Verizon is interested in acquiring Yahoo. The Internet search company had difficult times in the past years as many other companies had their market share in the online and mobile business. This promts Yahoo to reconstruct its business including cutting jobs.
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The Los Angeles-based fashion retailer Nasty Gal is reducing the number of employees by 10 percent as part of its strategic restructuring. The increasing market competition and uncertainty in financing aspects are forcing the company to reduce the costs. Several former employees moved court against Nasty Gal against layoffs.
Honda said it recalled a total of 442,997 vehicles in Japan. The automaker will also recall 2.2 million cars in the US.
Index Ventures, known for funding Skype, Dropbox and Candy Crush Saga online game is starting a new biotech venture capital firm named Medicxi Ventures. GlaxoSmithKline Plc. and Johnson & Johnson have funded $230 million to Medicxi Ventrue and would reportedly contribute 25 percent of the investment.
Reliance Infrastructure Ltd has sold Reliance Cement Company Pvt. Ltd to Birla Corporation for Rs. 4,800 crore. Anil Ambani's Reliance has made this decision to cut down the debts the company has accumulated over the years that range between Rs 20,000 and 25,000 crore.
Weatherford International Plc lays-off 6,000 workers due to plunging oil prices. The company believes diminishing supply would influence the oil prices for good.
Lions Gate Entertainment Corp. continues the discussion with Starz regarding the possibilities of the two companies to merge. The talk had been started three years ago, and now it is looking for a further agreement.
Samsung has released 4K Blu-ray player, UBD-K8500/ZA at selective stores of Santa Monica. The product has been expected to get released sometime in March. The new video player for $399 is believed to offer a superb content viewing experience.
The social media site, Twitter has disclosed for the first time removal of more than 125,000 accounts on allegation of aiding terrorism. ISIS has been using Twitter and other social media sites as platforms for spreading their ideologies and recruiting new members. Facebook is also adopting special measures in this regard due to growing concerns over poor policing by the sites against terrorism.
The UK Green Investment Bank Financial Services ties up with world’s largest asset manager BlackRock to purchase GLID Wind Farms. The farms located in Aberdeenshire, Scotland and Lincolnshire are capable of producing 220 MW clean powers. With the acquisition, GIBF will produce 3,970 GWh of clean power each year. Meanwhile, BlackRock will own and manage 66 wind and solar projects in Europe and North America on behalf of its clients.
