Shares in Chinese education technology (EdTech) companies plummeted after the country's authorities announced new regulations for the sector. Thus, quotations of Hong Kong market leader New Oriental Education & Technology fell by 66% in two days. Koolearn Technology lost almost 50% of its market capitalisation and Scholar Education shares plummeted 57.7%. According to new requirements...

Marketplace iHerb, which specialises in selling health products, vitamins and mineral supplements, has filed for an IPO with the US Securities and Exchange Commission. The company has not yet determined how many shares it will put up for sale and what the offering price will be. "A draft registration statement on Form S-1 has been submitted to the US Securities and Exchange Commission (SEC)...

Twitter's revenue grew 74% year-on-year in the quarter, the fastest growth since 2014. The company noted a significant increase in advertiser interest in the social network. Twitter posted financial results for the second quarter of 2021. The company reported its fastest revenue growth since 2014 and noted an increase in demand from advertisers, CNBC told, citing a letter from the social network...

The Coca-Cola Company, the world's largest soft drink maker, saw its net profit attributable to shareholders rise 7% year-on-year to $4.886 billion in the first half of 2021 (ended 2 July), the company said in a statement. Diluted earnings per share for the half year were $1.13, compared with $1.05 a year earlier. Coca-Cola's operating revenue rose 22% year on year to $19.149 billion. Net...

US oil services company Baker Hughes posted a net loss attributable to shareholders of $520 million in the first half of the year, down 20 times from a year earlier, the company said. Diluted loss per share was $0.67, compared with a loss of $15.93 per share a year earlier. The company's revenues fell 2.3 per cent from the same period in 2020, to $9.924 billion. The company's second-quarter net...

The Mastercard payment system has started discussing the closure of the Maestro brand. This is a global closure of the brand, which has been owned by the company for more than 30 years. Market players confirm that talks about it have been going on for several years. The reason behind the closure is that it is too costly to maintain two brands at the same time, and Maestro does not bring in much...

Founders of China's biggest IT companies have stepped up their philanthropic activities amid growing scrutiny from Beijing. They are donating billions in shares of their companies and millions of their own money. Chinese billionaire founders of the biggest technology companies are stepping up their philanthropic efforts amid growing scrutiny from Beijing regulators, Bloomberg reports.  For...

Intel is in talks to acquire one of the largest specialist chipmakers, GlobalFoundries. The chipmaker is owned by Mubadala Investment, a US-based UAE investment fund. The $30bn deal could be the largest acquisition in Intel's history. Intel Corp. is pondering buying one of the largest chipmakers GlobalFoundries for about $30 billion, sources familiar with the corporation's plans told The Wall...

Taiwanese manufacturer Pou Chen, which makes sneakers for Nike and Adidas, has suspended operations at a factory in Ho Chi Minh city, Vietnam. According to Reuters, the reason was an outbreak of COVID-19 in the country's industrial centr The Vietnamese unit of Pou Chen, the largest employer in the city with 56,000 employees, was unable to provide overnight accommodation for employees at the site....