Burberry, the British luxury apparel brand, posted an 18% increase in first-quarter comparable store sales on Friday, matching market forecasts thanks to China’s sustained comeback. Sales in its largest market, mainland China, increased 46% in the 13 weeks to July 1, reflecting the country’s exit from COVID-19 lockdowns last year. According to the FTSE 100…
The multibillionaire businessman Elon Musk unveiled his long-rumored artificial intelligence startup xAI on Wednesday. He also introduced a team of engineers from the same major American technology companies that he plans to compete against in his effort to create a ChatGPT competitor. Musk, who is now the CEO of the electric vehicle manufacturer Tesla, the…
Bill Gates, the co-founder of Microsoft, is a supporter of artificial intelligence and has frequently stated that he thinks models like the one behind ChatGPT are the most significant development in technology since the personal computer. He claims that the growth of the technology could result in problems like deepfakes, biassed algorithms, and academic fraud,…
After giving remedies to aid rival Marvell Technology, U.S. chipmaker Broadcom received EU antitrust permission on Wednesday for its $61 billion proposed takeover of cloud computing company VMware. The largest-ever deal for Broadcom will help the chip manufacturer expand into corporate software. The European Commission stated, confirming a Reuters report from last month, that Broadcom…
Walt Disney is looking into options to sell or find a joint venture partner for its India digital and TV company, according to reports quoting information from sources. No prospective partner or buyer has been approached thus far, and it is still unclear how the process would proceed, the individual added. The conversations are in…
A $27 billion energy agreement between Iraq and the French oil giant TotalEnergies was finally signed on Monday. The pact intends to expand oil output and improve the nation’s ability to create energy through four oil, gas, and renewable energy projects. The agreement, which was first signed in 2021 but delayed due to disagreements between…
For the first time ever, an online travel agency will take part in Prime Day on Tuesday thanks to a partnership between Amazon.com Inc. and the travel service Priceline. Although retail spending has decreased, Americans have continued to spend on experiences like travel. As travel providers scramble to fill hotel rooms, Amazon is expanding its…
As China’s $984 million sentence for Ant Group was perceived as the end of a regulatory crackdown on the country’s technology sector, shares of Alibaba Group and Tencent increased in Hong Kong on Monday. An up to $6 billion share repurchase was announced by Ant, an Alibaba affiliate created by Jack Ma on Friday in…
In a setback to Indian Prime Minister Narendra Modi’s intentions for Indian chip manufacturing, Taiwan’s Foxconn announced on Monday that it had left a $19.5 billion joint venture in the semiconductor industry with Indian metals-to-oil behemoth Vedanta. The largest manufacturer of contract electronics in the world, Foxconn, and Vedanta agreed to establish semiconductor and display manufacturing…
The second quarter’s gas trading results are anticipated to be “significantly lower” quarter over quarter, but in line with the second quarters of the previous two years, according to Shell, the largest trader of liquefied natural gas in the world. Because of maintenance in a major supplier, Norway, where Shell unexpectedly extended an outage at…
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