Didi Chuxing got permission to test self-driving cars in California

Didi Chuxing has got permission to test self-driving cars in California. Beijing-based ride-hailing giant has been granted permission to test self-driving cars, the California Department of Motor Vehicles announced DiDi Research America LLC has been allowed to test autonomous vehicles in the state on May 10.

Didi who bought Uber unit in China in 2016 is one of a number of Chinese companies that want to gain excellence over the Silicon Valley technology giant. Another Chinese Internet company is Baidu who obtained permission to test a car without a driver in California by 2016 and set up a research center in San Francisco to boost artificial intelligence efforts.

Alibaba and Tencent have also been reported to have plans to test autonomous cars. But Uber's self-driving test was suspended earlier this year following a deadly accident in Arizona involving autonomous vehicles and pedestrians. The controversy also faces Tesla's electric car following a number of accidents involving their self-driving cars.

Didi has grown worldwide largely through investment and partnering with competitors. The company acquired 99 Taxi startups in Brazil earlier this year and has been working with other new companies including Tallinn, Taxify and Careem. Didi made its first direct expansion outside of China to Mexico last month.

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Norwegian Coastal Administration prepare Stad Ship Tunnel construction to cut shipping lanes Stad peninsula

Tinuku ~ Norwegian Coastal Administration has begun Stad Ship Tunnel construction as the world's first ship tunnel to navigation bypass at Norway windy sea. A design made 1,700 meters long tunnel through the hills on the Stad peninsula which allows the ship to escape from one of the most dangerous region in the world.

PayPal acquired Sweden's iZettle.com for $2.2 billion

PayPal Holdings Inc. said on Thursday it had agreed to acquire Sweden's iZettle.com for US$2.2 billion. Startup headquartered in Stockholm is one of the most renowned financial technology companies in Europe where the deal will allow PayPal to expand the market globally and will mark the largest acquisitions ever made by a company based in San Jose, California.

iZettle offers a mini credit card device for small businesses that can turn smartphones and tablets into payment registers. The company has been present in 11 countries and offers other services for small businesses including loans. iZettle also has plans to go public.

The deal will also help PayPal provide a more comprehensive suite of services to its merchants, while PayPal that operates in the next 200 countries allows iZettle to accelerate its international expansion including the US. Similar services and major competitors in the US are Square Inc founded by Twitter CEO Jack Dorsey.

Since separating from eBay in 2015, P…

Foxconn unit to raise $4.2 billion IPO in Shanghai

Foxconn unit to collect US$4.2 billion in an IPO on the Shanghai stock exchange. Taiwan's Foxconn Industrial Internet as one of Foxconn's electronics manufacturing giant units that makes cloud services and industrial robot equipment will float 10% of total shares in an initial public offering in China on Thursday aiming to raise 27.1 billion yuan as China's biggest mainland debut for three year.

Taipei-based Foxconn, also known as Hon Hai Precision Industry Co. is the world's largest electronics contract manufacturer, a major supplier of components and assembler products by international brands including Apple and Sony. Foxconn Industrial Internet will launch 1.97 billion new shares at 13.77 yuan per share to raise 27.1 billion yuan (US$4.2 billion).

The IPO will be the largest in mainland China since 2015. Foxconn said it will use the funds raised to improve smart manufacturing, build an internet platform to connect factories, invest in cloud computing and fifth gener…

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