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EU fines Google a record $5 billion over mobile practices

EU fines Google a record $5 billion over mobile practices

Technology
European regulators came down hard on another U.S. tech giant Wednesday, fining Google a record $ 5 billion for forcing cellphone makers that use the company's Android operating system to install Google search and browser apps. The European Union said Google's practices restrict competition and reduce choices for consumers. While Google can easily afford the fine, the ruling could undermine the company's business model, which relies on giving away its operating system in return for opportunities to sell ads and other products. Google immediately said it will appeal, arguing that its free operating system has led to lower-price phones and created competition with its chief rival, Apple. Android has "created more choice for everyone, not less," Google CEO Sundar Pichai tweeted . The fine, ...
ZTE pays $1.4 billion penalty; U.S. to lift ban

ZTE pays $1.4 billion penalty; U.S. to lift ban

World
July 13 (UPI) -- The U.S. Commerce Department lifted a ban on Chinese smartphone maker ZTE on Friday after it paid a $ 1.4 billion penalty levied by the U.S. government. The company paid $ 1 billion of the penalty and put $ 400 million in escrow at a U.S. bank to satisfy the requirement, the department said. In exchange, the United States will lift its order for U.S. firms to stop doing business with ZTE. U.S. officials said the company violated U.S. sanctions against exporting to Iran and North Korea. The sanctions influenced ZTE's decision recently to cease operations, and eliminate its entire board and appoint a new chairman. President Donald Trump's administration previously attempted to lift the sanctions, but the U.S. Senate scuttled that effort in June. Let's block ads! (Why?) Wo...
Sprint, T-Mobile set to announce a $26 billion merger, with John Legere at the helm

Sprint, T-Mobile set to announce a $26 billion merger, with John Legere at the helm

Finance
T-Mobile is closing in on a deal to merge with Sprint that will value Sprint just above its current market price of $ 6.50 per share, people familiar with the matter told CNBC, and will likely place T-Mobile's chief in the top job.John Legere will run the combined company, which will have dual headquarters in Bellevue, Washington and Kansas City, according to one of the people. Some Sprint executives are expected to remain with the company even after a deal is announced, the person said.The $ 26 billion all-stock deal could be announced as soon as Sunday, said the people, who asked not to be named because the negotiations are private. No deal has been signed and talks could still fall apart, the people said. SoftBank, which owns about 85 percent of Sprint, will allow Deutsche Telekom, whic...
Global tech industry backs UK with $1.4 billion artificial intelligence deal

Global tech industry backs UK with $1.4 billion artificial intelligence deal

Finance
A group of international tech firms and venture capitalists injected almost £1 billion ($ 1.4 billion) into the U.K.'s artificial intelligence (AI) industry on Thursday.The deal was backed by Japanese venture capital firm Global Brain, Canadian venture capital firm Chrysalix, U.K. automaker Rolls-Royce, the British government and other investors.The investment will be used to fund new specialist AI qualifications and computer science teachers, to tackle a skills shortage in the sector. Theresa May's government has been driving an industrial strategy to tap into the growing industry, which Gartner estimates will be worth more than $ 3.9 trillion in business value by 2022."Artificial intelligence provides limitless opportunities to develop new, efficient and accessible products and services
Chinese Uber competitor Didi Chuxing reportedly in talks to launch $80 billion IPO

Chinese Uber competitor Didi Chuxing reportedly in talks to launch $80 billion IPO

Finance
Chinese ride-hailing giant Didi Chuxing is holding talks about an initial public offering (IPO), according to a report.Didi Chuxing was last valued at more than $ 50 billion in December, after raising $ 4 billion from investors including Japanese conglomerate SoftBank. It now wants to reach a valuation of between $ 70 and $ 80 billion through an IPO, The Wall Street Journal reported, citing unnamed sources.The company could go public as early as the second half of 2018, sources told the WSJ, but as talks are in the early stages a set date for the listing is not entirely clear.Didi Chuxing declined to comment on the report when contacted by CNBC.Didi said Tuesday that it was expanding its service to Mexico, a move that pits the company directly against Uber. Didi has also said it wants to ...