BUSINESS Archives - Page 55 of 68

China Surges Ahead as Saudi Arabia's Top Greenfield Investor 2024.04.11 China emerges as the largest greenfield investor China emerged as Saudi Arabia’s largest greenfield investment country last year. This signifies a deepening relationship between the two nations. According to the Institute for International Economic Policy, on the 10th, China invested $16.8 billion in Saudi Arabia last year, securing its position as a major greenfield foreign […]

Apple's Diversification Strategy: 1 in 7 iPhones Now Made in India 2024.04.11 Apple diversifies production basesiPhone sales in China down 24% YoY As Apple’s iPhone production in China decreases, its production in India significantly increases. This shift is attributed to the struggles faced by China’s lockdown policies during the COVID-19 pandemic and a significant drop in iPhone sales due to competition from local companies like Huawei. Bloomberg […]

China's Economic Outlook Darkens as Fitch Downgrades Its Credit Rating 2024.04.11 AP and Yonhap Fitch, an international credit rating agency, has downgraded China’s national credit rating outlook. The agency cited the country’s struggle to extricate itself from a real estate-driven economic crisis. According to Bloomberg News, on the 10th, Fitch downgraded China’s national credit rating outlook from stable to negative. Fitch explained the reason for the […]

Pay Gap between CEO and Employees Widens at Chevron 2024.04.11 The wage gap between Chevron’s CEO and its employees has widened. According to a securities report released on the 10th (local time), Chevron’s CEO, Michael Wirth, was paid $26.5 million in 2023. This represents a 12.2% increase from the previous year, exceeding the average pay increase of the employees. Additionally, the second-highest-paid executive, Mark Nelson, […]

Middle East Tensions Ease, Oil Prices Fall 2024.04.11 The price of oil, nearing $90, has started to decline. Oil prices fell from a five-month high on the 8th (local time) after Israel announced it would withdraw some of its troops from Gaza, helping to cool some of the geopolitical gains from last week. Brent crude futures plummeted by 2.6% before recovering some losses, […]

Italy to Invest $1.1 Billion in AI Over the Next Five Years 2024.04.10 Italy is moving towards becoming an economic powerhouse through investments in AI and cybersecurity. On the 8th (local time), Italy’s state-run lending institution announced that the venture capital division of the Italian Cassa Depositors’ Association (Cassa Depositi e Prestiti, CDP) would invest 1 billion euros ($1.1 billion) in AI and cybersecurity over the next five […]

Elon Musk Predicts AI Supremacy Over Humans in Just a Year 2024.04.10 Replies during an interview with Norway wealth fund CEO Elon Musk, the CEO of American electric vehicle company Tesla, predicted that an AI surpassing human intelligence could emerge within the following year. This outlook suggests a more rapid development of AI than the prediction made by Jensen Huang, CEO of leading AI chip manufacturer Nvidia, […]

China's EV Bubble Bursts: Xiaomi and Evergrande Grapple with Bankruptcy Threats 2024.04.09 Fierce competition in China’s global EV marketXiaomi and Evergrande EV struggle Chinese electric vehicle (EV) companies, once heralded for their global market dominance, are recently facing a crisis with a wave of bankruptcies. Unless the authorities intervene, there is a possibility that the entire market may wobble. This is a view of an EV company […]

Kia's EV9 Selected as 'Best New Car of 2024' by Auto Trader 2024.04.09 Another win after Women’s World Car of the Year (WWCOTY) and World Car of the Year Kia’s flagship large electric Sports Utility Vehicle (SUV), the EV9, has once again been recognized for its value in the United States. Following its win last month as the World Car of the Year at the World Cars Awards […]

US Bolsters Semiconductor Production with Massive TSMC Funding 2024.04.09 The U.S. government has announced it will provide up to $6.6 billion in support to the Taiwanese semiconductor company TSMC. On the 8th (local time), the U.S. Department of Commerce pledged to provide up to $6.6 billion to expand the facilities that TSMC is constructing in Arizona and to enable the production of cutting-edge semiconductors […]

Samsung's Texas Chip Factory: A $7 Billion Vote of Confidence from U.S. Government 2024.04.09 Samsung Electronics is building a foundry factory in Taylor, Texas, reportedly receiving up to $7 billion in subsidies from the U.S. government. On the 8th (local time), Reuters reported, citing sources, that the U.S. government will announce a subsidy of $6 to $7 billion for Samsung Electronics next week under the semiconductor support law. One […]

Yellen's Battle Cry: US New Industries Won't Fall Like Steel 2024.04.09 During her visit to China, U.S. Treasury Secretary Janet Yellen emphasized that new American industries will not follow the same path to decline as the steel industry due to Chinese subsidies. According to foreign media outlets such as Reuters and The Washington Post on the 8th (local time), Secretary Yellen, who wrapped up a series […]

Musk's Surprise Announcement: Tesla's Robotaxis Coming This August 2024.04.09 Elon Musk, CEO of Tesla, announced plans to unveil self-driving robot taxis in August. This move is seen as a strategy to stimulate new growth amid disappointing first-quarter sales, which fell short of market expectations. On May 5 (local time), Musk posted on his X (formerly Twitter) account, “The Tesla robot taxi will be unveiled […]

Paramount Global Considers Potential Acquisition of Skydance for $5 Billion 2024.04.08 A major media corporation is seemingly considering the acquisition of an independent studio. The Wall Street Journal reported on the 6th that Paramount is poised to acquire Skydance for approximately $5 billion. Reuters reported that Paramount’s board members have opted for exclusive merger negotiations with the independent studio Skydance Media rather than a $26 billion […]

Tesla Faces $5 Million Lawsuit Over Alleged Wage Law Violations in California 2024.04.08 Tesla faces a new class-action lawsuit over alleged wage law violations in California amid ongoing workplace bias and union-busting allegations. According to Reuters, on the 6th (local time), two former employees of Tesla’s Fremont assembly plant in California filed a lawsuit in a Sacramento federal court on behalf of thousands of Tesla workers statewide, seeking […]

Saudi Arabia's Futuristic City Dream Faces Reality Check 2024.04.08 The Saudi Arabian government is expected to slow down the development of the Neom City project, a key initiative of Crown Prince Mohammed bin Salman. This has diminished expectations for a construction boom in our industry. Bloomberg reported on the 8th, citing sources, “Saudi Arabia has scaled back the midterm goals for Neom City, the […]

FAA Investigates Southwest Airlines Incident: Engine Falls Off Boeing 737-800 Mid-Flight 2024.04.08 Southwest Airlines is experiencing repeated returns to the airport. The Federal Aviation Administration (FAA) in the United States announced on the 7th (local time) that it would investigate an incident in which a Southwest Airlines Boeing 737-800 engine fell off during takeoff and hit the wing flap, originating from Denver. Flight Southwest 3695, carrying 135 […]

Spotify to Appoint a New Chief Financial Officer from Saab 2024.04.06 Swedish music streaming company Spotify is appointing a new veteran Chief Financial Officer (CFO) to improve profitability. Spotify announced on the 4th (local time) that it had appointed Christian Luiga, the former CFO of Saab, as Paul Vogel’s successor. Vogel left in March after about eight years of service. For about four years, Luiga served […]

Tesla Raises AI Engineer Salaries in Fierce Tech Competition 2024.04.06 Elon Musk, CEO of Tesla, announced that he is raising the salaries of artificial intelligence (AI) talent. This move comes amid fierce competition among global big tech companies to recruit AI professionals. According to the Wall Street Journal (WSJ), Musk conveyed this stance on his X (formerly Twitter) on the 4th (local time). In a […]

CrowdStrike Soars High in IT Security Sector 2024.04.06 CrowdStrike (CRWD) has been named a “Top Pick” in the global IT security center. CrowdStrike has expanded its market share with an integrated endpoint security solution named Falcon. Falcon, a first-of-its-kind single platform, single console (interface) security solution, is praised for its ability to solve the complexities and operational difficulties at a time when businesses […]

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