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Grab launches new consumer financial services, including micro-investments and loans – TechCrunch

Grab announced today that its financial unit, which previously focused mainly on services for entrepreneurs and small businesses, is launching a slew of consumer products, including micro-investments, loans, health insurance and a pay-later program.

Based in Singapore, Grab began in 2012 as a ride-hailing company before expanding into on-demand deliveries and other services. In January 2019, it formed a joint venture with ZhongAn Insurance to build a digital insurance marketplace. Since then, its financial services portfolio has grown through a series of partnerships and the acquisition of Bento, which allowed it to offer investment and wealth management services as well.

In February, Grab announced that it had raised up to $856 million to speed up development of its payments and financial services.

Yesterday, Bloomberg reported that Grab raised $200 billion from South Korean private equity firm Stic, bringing its total funding so far to more than $10 billion at

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Pompeo says U.S. may take action against TikTok and other Chinese tech companies “shortly” – TechCrunch

Days after President Donald Trump announced he could use an executive order to ban TikTok from the United States, Secretary of State Michael Pompeo said the administration is “closing in on a solution and I think you’ll see the president’s announcement shortly.”

In an interview on Fox News’ “Sunday Morning Futures” host Maria Bartiromo, Pompeo also said that the Trump administration may take action against other Chinese tech companies doing business in the U.S., claiming that some are “feeding data directly to the Chinese Communist Party.”

Beijing-based ByteDance, TikTok’s owner, is currently in talks with Microsoft to sell its TikTok business in the U.S. and several other countries to the American tech giant. The negotiations have taken on more urgency over the last two weeks as the Trump administration issued escalating statements about the popular app.

Microsoft said on Sunday that it is in discussions to buy TikTok’s operations in

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Astronauts successfully depart the ISS aboard SpaceX Dragon, starting their trip home – TechCrunch

NASA astronauts Bob Behnken and Doug Hurley have successfully undocked from the International Space Station, which is the first crucial stage of their return to Earth. Next, they’ll travel on a coast phase that will take them on a descent course back through the atmosphere from space, shedding speed as they prepare to deploy the parachutes of the SpaceX Crew Dragon spacecraft and drop into the Atlantic Ocean for recovery.

The undocking, coast and splashdown phase are all meant to be performed entirely via automation, with the control systems SpaceX designed for Crew Dragon managing the entire process, including burns to control the capsule’s travel away from the Station and its controlled descent through the atmosphere. While re-entering the atmosphere, the Dragon will undergo tremendous stress, and its angle of descent is intended to slow its velocity to the point where it can safely deploy those parachutes to slow its

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Trump told reporters he will use executive power to ban TikTok – TechCrunch

President Donald Trump said he could act to ban the world’s most popular short video app TikTok from the US as early as Saturday, according to The Hill.

The president said he could use “emergency economic powers or an executive order” to bar TikTok from the US, he told reporters aboard Air Force One on Friday.

The news came hours after reports broke that Microsoft was in talks to buy TikTok. Investors are reportedly valuing three-year-old TikTok at $50 billion. In his remark on Friday, Trump signaled he was not supportive of allowing an American company to acquire TikTok.

On the same day, Bloomberg reported that Trump could order ByteDance to divest its ownership of TikTok.

In response to Trump’s decision, TikTok, as usual, tried to make a case that it’s in the interest of the US to keep the app and it poses no national security threat:

“100

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Ford Bronco reservations surpass 150,000 – TechCrunch

The reception to Bronco 2021 — Ford’s flagship series of 4×4 vehicles that were revealed earlier this month — surpassed expectations of the company’s most optimistic initial projections, CEO Jim Hackett said in an earnings call Thursday. 

More than 150,000 customers have plunked down $100 to reserve a spot to order one of the vehicles, according to Ford. 

“We think this family of vehicles has big upside potential in the growing off-road category and this is a category with a leading OEM has not been seriously challenged until now,” Hackett said.

These are, of course, mere reservations, not actual orders. The deposits are refundable. Now, Ford is focused on the due diligence required to determine how many of these reservations will be converted to orders as it lay outs its manufacturing strategy for the brand.

The Ford Bronco 2 and Bronco 4 will be built at Michigan Assembly Plant in

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Samsung’s second-quarter profit grew 23% year-over-year, thanks to strong chip demand – TechCrunch

Samsung Electronics sounded a cautiously optimistic note in its earnings report today. The company is continuing to deal with the fallout of the COVID-19 pandemic, but its memory business was fortified by demand for DRAM chips as data centers adapted to an increase in remote work and education.

Samsung Electronics will launch new models of its flagship smartphones, including the Galaxy Note and a foldable device, at its online Galaxy Unpacked event on August 5, but will also focus on increasing sales of low- to mid-priced phones, which it expects to drive revenue during the rest of the year.

Second-quarter operating profit grew 26% from the previous quarter, and 23% year-over-year to 8.15 trillion won (about $6.84 billion), due largely to more sales of DRAM chips. Revenue fell 4% from the previous quarter, and 6% year-over-year, to 53 trillion won, while net profit rose 7% to 5.6 trillion won.

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