Saudi Prince Alwaleed bin Talal optimistic about Twitter investment: CNBC

RIYADH (Reuters) – Saudi Prince Alwaleed bin Talal, who owns investment firm Kingdom Holding, said in an interview with CNBC on Monday that he was optimistic about his investment in Twitter.

FILE PHOTO: Saudi Arabian Prince Al-Waleed bin Talal arrives at the Elysee palace in Paris, France, to attend a meeting with French President, September 8 , 2016. REUTERS/Philippe Wojazer

“It’s not going to be easy because they face some difficulties, but our entry point was very reasonable, so right now it’s holding on a breakeven point,” he said.

Reporting by Katie Paul; Editing by David Goodman

Our Standards:The Thomson Reuters Trust Principles.

Tech

Netflix fends off criticism over Canada investment

(Reuters) – Netflix Inc (NFLX.O) said on Tuesday it had received formal approval to set up a C$ 500 million production unit in Canada and sought to quell talk it had sought special tax benefits for investing in its first such unit outside the United States.

The maker of Emmy winning shows like The Crown and Black Mirror last month announced the agreement with the Canadian government of an investment spread over a minimum of five years. (bit.ly/2k4cBWh)

The company has since faced criticism in Canada that it does not pay taxes there. (bit.ly/2wLo4Ma)

On a blogpost, Netflix said its Canadian investment was approved under the Investment Canada Act, and that no tax deals were part of the approval to launch our new Canadian presence. But is also said it was not paying sales tax in line with existing Canadian legislation.

“Netflix follows tax laws everywhere we operate. Under Canadian law, foreign online services like Netflix aren’t required to collect and remit sales tax,” the company said.

Reporting by Nivedita Bhattacharjee; editing by Patrick Graham

Our Standards:The Thomson Reuters Trust Principles.

Tech

Samsung says new U.S. offices are its ‘biggest investment in Silicon Valley’ to date

samsung-new-office-silicon-valley

Samsung officially opened the doors to its new 1.1-million-square-foot Silicon Valley offices Thursday, more than 30 years after its arrival in the San Jose tech corridor in 1983.

The building will house various research labs dedicated to semiconductors, LEDs and displays, staff in sales and marketing, and other support areas, the company said.

“[We are] laying the groundwork for a more aggressive pace of growth over the next several decades,” said Samsung’s chief executive, Dr. Oh-Hyun Kwon, at the grand opening ceremony.

Meanwhile, the company’s president of its U.S.-based device solutions operations, Jaesoo Han, said that the move “represents a major milestone as we open our most strategically important Samsung facility in the U.S., and also our biggest investment in Silicon Valley.”

samsung-office

Samsung also said that it has established a $ 1 million STEM College Education Scholarship Fund. In its own words:

Deserving university students who are currently enrolled in STEM-focused programs at a California State or University of California school will benefit from this program, beginning with a $ 50,000 gift to San Jose State University this year. Each scholarship will cover tuition and living expenses for one year.

But the announcement of the new office has been largely overshadowed by news in virtual reality today: we reported that the Samsung Gear VR will launch as a consumer product this November for $ 99. (You can also read our roundup from that event here.)

Earlier this week, Samsung unveiled its new fonts-inspired Serif TVs, and shared more about how it relies on startups to stay ahead on technological innovation.

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