KFC Malaysia has temporarily closed its shops in the nation, claiming difficult economic conditions, after local media claimed that the closures were due to boycotts of the fast food chain’s alleged ties to Israel. Malaysia, a Muslim-majority country, is a passionate supporter of the Palestinians, and boycott movements have targeted various Western fast-food businesses in…
Shein, an online fast-fashion retailer, is pursuing brands such as toothpaste firm Colgate-Palmolive and toymaker Hasbro in an effort to sell more familiar names through its platform. Shein, best known for its low-cost own-brand apparel and accessories, is expanding into new categories and has already allowed brands and retailers access to its platform in nine…
When Hershey and Mondelez International announce first quarter earnings this week, investors will be keen to know how the chocolate manufacturers intend to address the recent spike in cocoa and sugar costs. In the last several quarters, many businesses have already struggled with increased costs, which they have partially transferred to customers by boosting prices.…
During a quick trip to Beijing that concluded on Monday, Elon Musk lobbied for China’s clearance for Tesla to roll out sophisticated driver-assistance systems, a move that might raise profits at a time when Chinese rivals are putting pressure on Tesla. According to a person with knowledge of the situation, Tesla CEO Elon Musk came…
The uncommon genetic bleeding condition treatment developed by Pfizer was cleared by the Food and Drug Administration on Friday, marking the company’s first clearance for gene therapy in the United States. The medication, which will be sold under the brand name Beqvez, was approved by the agency for use in people with moderate to severe…
The Chinese parent firm of TikTok, ByteDance, has stated that it has no plans to sell the company in the wake of a US law that requires it to sell the immensely popular video app or face bans in the US. “ByteDance has no plans to sell TikTok,” the firm stated on Toutiao, a social…
As Moscow tries to ease trade with India in the face of Western sanctions, three Russian insurance companies have received financial support from Russia’s state-owned reinsurer, enabling them to obtain Indian approval to offer marine insurance coverage to tankers, according to two sources. Due to a series of sanctions imposed by the United States and…
If ByteDance, the company that owns TikTok, uses all of its legal options to oppose legislation that would remove the platform from U.S. app stores, the Chinese business would sooner close down its loss-making app than sell it, according to four people. According to people close to ByteDance, the algorithms TikTok uses to run its…
Although there isn’t much competition in India’s electric vehicle market now, foreign automakers like Tesla will level the playing field, according to MG Motor India CEO Emeritus Rajeev Chaba. Currently, there isn’t much competition. Because consumers don’t have many attractive options, numbers are still limited, Chaba said to CNBC’s Sri Jegarajah in Gurugram, India. About…
As consumers brushed aside concerns of a weakening economy to swipe cards on everything from travel to dining out, Visa’s second-quarter profits blew past Wall Street estimates on Tuesday, sending its shares up 2.7% after the bell. Despite higher loan rates for longer periods of time, U.S. consumer spending has been impressively robust, with consumers…
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