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EU Fines Volkswagen & BMW $1 Billion for Colluding to Delay Cleaner Emission Technology
Who would have thought that brands like Volkswagen & BMW would join forces and break the law.
But guess what… they did… and the European Union found out.
Volkswagen, Audi, Porsche, BMW, and Mercedes-Benz parent company Daimler spent years illegally colluding to slow the deployment of cleaner emissions technology, says the European Union, which is fining the companies as a result.
Volkswagen & BMW were fined €850 million ($1 billion).
Mercedes-Benz’s parent company, Daimler, too, was in cahoots with Volkswagen and BMW.
But they saved themselves some fines by becoming the whistleblower.
The actual collusion which prompted the regulatory action took place between 2009–2014.
Who Paid What?
The Volkswagen group that owns Audi & Porsche will have to shell out €502 million ($595 million), whereas BMW will have to cough up €373 million ($442 million).
As for Daimler, they would have received a €727 million fine.
They saved themselves by blowing the whistle on their insider deal and letting the regulators know what Volkswagen and BMW were up to.
Dropbox Pitches in a New Workplace Concept, Names it Dropbox Studios
Pandemic turned out to be an eye-opener for a lot of companies.
It made them rethink how they do business.
It forced them to re-evaluate if they even need a physical office to operate, which is especially true in the case of tech companies.
Regardless of what the execs may say, the pandemic has changed the way their employees are expecting to work.
Initially, companies had no options other than to allow their employees to work remotely.
Now, companies are assessing if they need to move to a full-time office-based approach at all.
Some companies are now favoring the hybrid model, whereas some are opting for a fully remote option.
For instance, Dropbox had to reimagine their office space, which consists of cubicles paving the way for Dropbox Studios.
What Exactly is Dropbox Studios?
The CEO of Dropbox, Drew Houston, has decided to change Dropbox’s office design.
He has set up the Dropbox Studio concept, which Drew believes has the best of both the work from home and office models.
The key idea behind Dropbox Studios is that employees do not require a permanent space in an office.
It’s basically modernized hotelling desks.
Drew stated, “We focused on having really great curated in-person experiences, some of which we coordinate at the company level and then some of which you can go into our studios, which have been refitted to support more collaboration.”
Dropbox Studios has a more casual feel and has a coffee shop that will make Dropbox’s employees feel more relaxed and at “home, away from home”.
It will also have a conference room with casual vibes, which Houston calls “On-site Off-site.”
Houston believes that the approach that Dropbox is taking is a bold step, and in the process, they are hoping to set an example for other companies to follow.
At $4.5 Billion Valuation, Circle Opts for the SPAC Route to go Public!
Circle, a leading name in the digital currency and payments space, has decided to go public later this year.
The digital currency behemoth has decided to go public via a merger with Concord Acquisition Corp, a special purpose acquisition company.
This deal will take place later this year, and it will value Circle at $4.5 billion.
If you’re not in the know, Circle is the company behind the second most popular stablecoin (cryptocurrency), USD Coin, popularly referred to as USDC.
Speaking to CNBC on Circle’s plan to go public later this year, Jeremy Allaire, Circle’s CEO, said:
“We just see an incredible opportunity to grow rapidly and grow around the world, and we think that this set of transactions and becoming a public company really sets us up to be a trusted platform in this digital currency industry.”
Amid Slow Job Growth, the Number of Jobless Claims Rise to 373,000
The Labor Department’s stats that they disclosed on Thursday came as a surprise to many.
As per the Labor Department’s report, the number of jobless claims increased to 373,000 for the week that ended on July 3.
The week before that, the number of jobless claims was 371,000. It indicates that the job growth that we all saw in the first half of 2021 is slowing down.
As for the number of jobs added to the United States economy in June, the number stood at 850,000.
Warning! Microsoft Operating System has a Security Flaw, Says the Software Giant
Do you own a PC or laptop with Windows 10 or Windows 7 operating system? Here’s something that you should know.
Microsoft rang a warning bell on its Windows 10 and Windows 7 OS.
The software behemoth has asked PC owners with Windows 10 and Windows 7 OS users to update their PCs ASAP.
Sangrof, a cybersecurity firm, found a flaw in Windows 7 & Windows 10 operating systems, specifically in the Windows Print Spooler program.
It allows users to connect their computers to a printer.
Finding a flaw is good as Microsoft could have rectified it before any hackers could have explored it.
But Sangrof researchers accidentally made the instructions to attack the Windows Print Spooler program public.
Damage Already Done!
The tweet was taken down quickly, but the damage was already done.
The instructions were already published on scores of websites. Microsoft has warned that the users that do not update their systems may be susceptible to cyberattacks.
If the hackers want, they could use this information to pull off “remote code with elevation of system privileges.” It will enable them to change your user accounts, install spyware programs, and access all your private information.