Technology

India Seeks to Oust China Firms From Sub-$150 Phone Market

India seeks to restrict Chinese smartphone makers from selling devices cheaper than 12,000 rupees ($150) to kickstart its faltering domestic industry, dealing a blow to brands including Xiaomi Corp. The move is aimed at pushing Chinese giants out of the lower segment of the world’s second-biggest mobile market, according to people familiar with the matter. […]

Technology

SoftBank to Buy Back Up to 400 Billion Yen of Shares

SoftBank Group Corp. said it will buy back up to 400 billion yen of its own shares, seeking to give its stock support after it reported a record 3.16 trillion yen ($23.4 billion) net loss. The Japanese conglomerate has increasingly turned to repurchasing its own shares after suffering declines in the value of its investments. […]

Technology

Sanctions May Freeze Veon’s Network Rollout in Russia, CEO Says

Veon Ltd., the third-largest mobile-phone operator in Russia, may need to freeze its network rollout in the country if sanctions over the war in Ukraine continue to block imports of essential equipment, according to Chief Executive Officer Kaan Terzioglu. “There is no doubt that the deployment will slow down and almost has a risk of […]

Technology

SoftBank in Talks to Sell Fortress After Logging Record Loss

SoftBank Group Corp. has begun talks to sell asset manager Fortress Investment Group, as the Japanese company grapples with record losses, its chief executive said on Monday. The Japanese investment group will need to “drastically cut costs,” SoftBank founder Masayoshi Son told a news conference, after the company logged a record 3.16 trillion yen ($23.4 […]

Technology

Nasdaq 100’s Big Surge Belies a Darker Outlook for Tech Profits

Technology stocks have been on a tear over the past month, but behind the scenes the big picture for the sector’s profits has only gotten darker. Analyst estimates for 2022 profit growth at S&P 500 tech companies have fallen about two percentage points since second-quarter earnings reports kicked off in July, according to data compiled […]

Technology

Vista Equity to Buy Tax Software Maker Avalara for $8.4 Billion

Buyout firm Vista Equity Partners agreed to acquire tax-management software provider Avalara Inc. for $8.4 billion including debt. Vista will purchase Seattle-based Avalara for $93.50 per share in cash, according to a statement Monday, which confirmed an earlier Bloomberg News report. The offer represents a 27% premium to Avalara’s closing price on July 6, the […]

Technology

Hodlnaut Is Latest Asian Crypto Lender to Halt Withdrawals

Hodlnaut, a cryptocurrency lender operating in Asia, halted customer withdrawals, making it the latest company in the digital-assets sector to succumb to the recent collapse in token prices. In a statement on Monday the company announced that it was “halting withdrawals, token swaps and deposits with immediate effect” due to “recent market conditions.” Hodlnaut also […]