Google to buy wearables maker Fitbit for $2.1 bln

Friday, 1 November 2019

Google has agreed to buy Fitbit for $2.1 billion in a move giving the US tech giant an entry into the wearable technology space, the two companies announced Friday.“We have built a trusted brand that supports more than 28 million active users around the globe who rely on our products to live a healthier, more active life,” Fitbit co-founder and chief executive James Park said in a statement by the two firms announcing the deal.“Google is an ideal partner to advance our ...

Apple beats profit forecasts amid growth in services, wearables

Thursday, 31 October 2019

Apple on Wednesday reported strong-than-expected profits for the past quarter, fueled by growth in digital services and wearables that helped offset slower iPhone sales. Profit in the quarter ending in September dipped four percent from a year ago to $13.7 billion while revenues edged up two percent to $64 billion. Apple, set to launch a new streaming television service this week, saw strong revenue gains in its services segment, which includes music, digital payments and software, and in its ...

Astronaut Virts, UAE space chief discuss the future of space exploration at FII

Wednesday, 30 October 2019

Terry Virts, one of the world's most well-known astronausts, and Mohammed Al Ahbabi, the director-general of the UAE's United Arab Space Agency, painted a positive picture for the future of space exploration at the Future Investment Initiative in Riyadh. "The UAE has initiated an initiative to try to bring the Arab space agencies to work together," said Al Ahbabi, saying that bringing together 11 agencies recently is the "first step." Virts added that "there is ...

SoftBank CEO says he is focusing on AI investments

Wednesday, 30 October 2019

SoftBank Group CEO and founder Masayoshi Son on Wednesday said he is focusing on investment in artificial intelligence, during the Future Investment Initiative in Riyadh. “I focus on investment in AI, so many people still question the power of the AI,” Son said. Son also said that SoftBank acts as a facilitator of talks betwen the various companies the Japanese conglomerate has invested in. “Our family companies that started in South East Asia, India or China…they have ...

Softbank CEO Rajeev Misra discusses AI at Future Investment Initiative

Wednesday, 30 October 2019

Softbank CEO Rajeev Misra discussed artificial intelligence (AI) on Wednesday at the third annual Future Investment Initiative (FII), 2019. "AI will disrupt every aspect of the global GDP," said Misra, adding that Softbank aims "to use AI and technology and to go in and disrupt those industries." Misra explained that AI isn't the solution in itself, but can transform already strong business platforms. "As your platform gets smarter with scale, [AI] provides that cost ...

Samsung, Saudi mega-city developer Qiddiya ink cooperation MoU at FII

Tuesday, 29 October 2019

The developer of Saudi Arabia’s entertainment mega-city, Qiddiya Investment Company (QIC), signed with Samsung on Tuesday an agreement to cooperate on several fronts, including the design, engineering, and construction of Qiddiya’s sports complex in Saudi Arabia. The Memorandum of Understanding (MoU), which was signed at the global Future Investment Forum in Riyadh also explores potential partnerships in the fields of electronics, sponsorship, and construction. After bilateral talks ...

US regulator to bar China’s Huawei and ZTE from government subsidy program

Tuesday, 29 October 2019

The US telecommunications regulator plans to vote in November to designate China’s Huawei and ZTE as national security risks, barring their US rural carrier customers from tapping an $8.5 billion government fund to purchase equipment or services.The Federal Communications Commission (FCC) also plans to propose requiring those carriers to remove and replace equipment from such designated companies, FCC officials said on Monday.At a meeting set for Nov. 19, the FCC said it plans to vote to ...

Boeing completes year of turmoil with promise to Indonesia on 737 MAX crash

Saturday, 26 October 2019

Boeing on Friday promised to act on safety recommendations for its 737 MAX aircraft made in a new report by Indonesian investigators on the deadly Lion Air crash a year ago. The company also voiced its grief over the October 29, 2018 crash after takeoff from Jakarta that killed all 189 people on board, a response that marked a shift in tone compared with its reaction to a preliminary report last November. In a statement on Friday, Boeing Chief Executive Dennis Muilenburg ...

Pentagon says awarding $10 billion cloud computing contract to Microsoft

Saturday, 26 October 2019

The Pentagon has awarded Microsoft a $10 billion cloud computing contract called JEDI. The contentious bidding process for the contract pitted Microsoft, Amazon, and Oracle, among others, against one another. Bidding for the huge government contract has attracted more attention than usual, sparked by speculation early in the process that Amazon would be awarded the deal. Tech giants Oracle and IBM pushed back with their own bids. Oracle also challenged the bid process in federal court but lost. ...

Middle East’s largest VC fund to invest in ‘homegrown’ Saudi tech startups

Wednesday, 23 October 2019

Saudi Technology Ventures (STV), the Middle East’s largest venture capital fund, plans to fill a growing gap between supply and demand in the region’s digital startup space, STV’s chief executive Abdulrahman Tarabzouni said in an exclusive interview with Al Arabiya English. “We place value in homegrown champions, and we aim to remain ‘in the game’ by finding and investing in the best tech startups in KSA,” the CEO said. A gap between supply and demand ...

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