News highlights – August 10

Written by on August 11, 2016 in News with 0 Comments

News highlights for August 10

REUTERS/Carlos Barria/File Photo

REUTERS/Carlos Barria/File Photo

Banks and tech firms apply blockchain to trade finance

LONDON/HONG KONG (Reuters) – An HSBC and Bank of America Merrill Lynch venture and financial technology firm R3 said separately on Wednesday that they had created ways of using blockchain technology to simplify trade finance processes.

The two banks said they had joined with the Infocomm Development Authority of Singapore to emulate a letter of credit (LOC) transaction. Letters of credit are one of the most widely used ways to reduce risk between importers and exporters, helping guarantee more than $2 trillion worth of transactions, but the process creates a large paper trail and is time consuming. Read more…

‘No Man’s Sky’: from a humble shed to a new gigantic universe

LONDON (Reuters) – A new computer game created by a team of 15 people in a shed in southern England made its highly anticipated debut this week after creating buzz for conjuring a mind-bogglingly large universe of 18 quintillion planets for players to explore. Read more…

Google Ventures CEO Bill Maris quits

(Reuters) – Bill Maris, the chief executive and founder of Alphabet Inc’s venture capital arm GV, is leaving the company, Recode reported, citing sources. Maris, who leaves on Friday, will be replaced by GV managing partner David Krane, Recode said. Read more…

Cambodia bans Pokemon Go game at genocide museum

PHNOM PENH (Reuters) – Cambodia on Wednesday banned the game Pokemon Go from a former Khmer Rouge torture center and prison after players showed up at the site, now a genocide museum, hunting for the virtual cartoon characters. Read more…

Samsung Electronics says to acquire U.S. appliances maker Dacor

SEOUL (Reuters) – South Korean tech giant Samsung Electronics Co Ltd said on Thursday it will acquire U.S.-based luxury appliances maker Dacor Inc, seeking to boost high-end product sales. Read more…

Online used-car startup Carvana gets $160 million new funding

(Reuters) – Online used-car startup Carvana, known for delivering vehicles through vending machines, said on Wednesday it closed a $160 million Series C funding round that brought the total raised to nearly half a billion dollars. Read more…

China’s LeEco to invest $1.8 billion in electric car factory

BEIJING (Reuters) – China’s Le Holdings Co Ltd, also known as LeEco, said on Wednesday it would invest 12 billion yuan ($1.8 billion) to build an electric car plant in eastern China with eventual annual production capacity of 400,000 cars. The company said in a statement its first China factory would be built in two phases in Deqing county near the eastern Chinese city of Hangzhou. Read more…

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