Assa Abloy AB has announced that it will sell its Yale and Emtek lock brands, as well as its residential businesses in the United States and Canada, to Fortune Brands Home & Security in an all-cash $800 million transaction as it seeks to overcome antitrust opposition in the United States to its acquisition of a…
Adidas is down to three of its seven sponsored teams in the World Cup, but the German sportswear company is sticking to its sales forecast for the tournament, according to a spokesperson on Friday following Germany’s shock exit. According to the spokesperson, the company still expects World Cup sales of around 400 million euros ($421…
The largest contract manufacturer of iPhones, Foxconn, is stepping up efforts to recruit workers following unrest at the world’s largest iPhone factory. Employees who successfully refer a friend or family member to work at its Zhengzhou, China plant will receive a $1,000 yuan ($141) bonus. It comes after video of enraged protests at the factory…
After missing earlier deadlines, Elon Musk has announced that a wireless brain chip developed by his company Neuralink will begin human clinical trials in six months. The company is working on brain chip interfaces that it claims will allow disabled patients to move and communicate again, with Musk adding on Wednesday that it will also…
Twitter Inc has reversed a policy aimed at combating COVID-19 misinformation on the social media platform, increasing the risk of a surge in false claims even as cases rise in China and other parts of the world. The move also comes amid concerns about Twitter’s ability to combat misinformation after the company laid off roughly…
Genesis, a cryptocurrency brokerage in the United States, said it was attempting to avoid bankruptcy after Bloomberg reported on Tuesday that the firm’s creditors were organizing with restructuring lawyers to avoid insolvency. According to the report, creditor groups are consulting with law firms Proskauer Rose and Kirkland & Ellis in order to avoid a situation…
Within the last few weeks, tens of thousands of employees had left the world’s largest iPhone factory in Zhengzhou, central China, and violent protests had flared up over a COVID-19 lockdown and uncertainty over hiring bonuses. According to reports, the Foxconn factory in Zhengzhou is Apple’s largest iPhone manufacturer, producing approximately 70% of iPhones globally. A Foxconn source told…
According to a Reuters report citing people familiar with the matter, Microsoft is likely to offer remedies to EU antitrust regulators in the coming weeks in order to avoid formal objections to its $69 billion bid for “Call of Duty” maker Activision Blizzard. The deal was announced in January by the US software giant and…
Rolls-Royce has announced that it has run an aircraft engine on hydrogen, a world first for the aviation industry, which is considering using the fuel to decarbonize air travel. In a joint project with the airline easyJet, the FTSE 100 engineering firm said the ground test was a “major step towards proving that hydrogen could…
Disruptions at Apple Inc.’s key manufacturing hub of Zhengzhou are likely to result in a production shortfall of close to 6 million iPhone Pro units this year, according to a Bloomberg report quoting people familiar with assembly operations. The situation at the plant is still fluid, and the estimate of lost production could change, according to…
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