A move to completely block the Chinese telecom company Huawei, blacklisted by the United States government, from chip supplies was initiated by the Trump administration which ignited fears of a Chinese retaliation and pulling down shares of chipmaking equipment makers of the US. The authority of the Trump administration to require licenses for sales to…
A significant drop in demand for its main client Apple and a forced closure of manufacturing at its main production unit in China because of the novel coronavirus outbreak resulted in the Taiwanese firm Foxconn reporting the lowest first quarter profit in at least two decades. In fact, its profits have all but but wiped…
On Saturday, the United States and Japan agreed to start a dialogue on economic security which includes 5G mobile networks as well as the export of civilian technology that also has military use, reported Japan’s Yomiuri newspaper. On Friday, the U.S. administration moved to block the global supply of chips to Chinese 5G equipment giant…
Riders are now going to get a new experience of availing am Uber ride. Uver has made it mandatory from its drivers to take selfied in the app to verify they are wearing a mask or face covering, starting this Monday, before they pick up any passenger, the company has announced. Drivers will also need…
The hit from the coronavirus pandemic has put the German economy – the largest in Europe, into a technical recession. In the first quarter of 2020, there was a contraction 2.2 per cent in the German economy which was the worst since the global financial crisis of 2007-08. Experts had expected a contraction to be…
The largest cruise ship company of the world Carnival announced its plans for wide spread axing of jobs and pay cuts in its efforts to cut down on costs as its business is hit by the novel coronavirus pandemic. After implementing the job and salary cuts, the company would be able to save “hundreds of…
Brazil’s oil producing giant Petrobras has warned of the likelihood of the changes in consumer demand and behavior because of the novel coronavirus pandemic to be permanent, even as the company took a 65.3 billion real ($11.2 billion) impairment on its exploration and production assets on Thursday. The company, which is formally known as Petroleo…
Despite facing intense scrutiny from global regulators, Facebook’s Libra project saw Singapore state investor Temasek Holdings joining the cryptocurrency project. Financial regulators are worried that the Libra project when launched could erode national control over money. Late on Thursday, Switzerland-based Libra Association, which manages the Facebook-backed digital currency project, announced Temasek entry into the project.…
On Friday, Taiwan Semiconductor Manufacturing Co Ltd announced it will build a $12 billion chip factory in Arizona with the company saying it reflects a “strong partnership” with the U.S. government. The development coincides with the Trump Administration’s efforts to bring in more manufacturing activity to the United States. The chip factory will create 1,600…
The first annual loss in its 48 year history was reported by Singapore Airlines on Thursday. the airline blamed the crippling of demand for air travel because of the novel coronavirus pandemic,. The national carrier of Singapore also said that internal task force to review its operations has been set up by it which will…
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