Commerzbank, a German financial institution, announced that it would suffer a 490 million euro ($471 million) loss in operating profit for the third quarter as a result of its Polish mBank unit booking additional provisions for its Swiss franc loans. The German lender stated that despite this, it still anticipated achieving its net profit goal…
The news that FTX, the bitcoin exchange founded by billionaire Sam Bankman-Fried, is set to acquire the company’s assets after winning a bankruptcy auction may provide some comfort to customers of struggling cryptocurrency lender Voyager Digital. The companies said in a statement late Monday that FTX’s U.S. subsidiary was chosen as the highest bidder for…
The British manufacturer of the orange carbonated beverage Irn Bru warned on Tuesday that rising costs and consumers’ reduced spending would hurt its second-half margins. A.G. Barr imports raw materials like mangoes and aluminum, but CEO Roger White dismissed any immediate or direct effects from the volatile British markets’ depreciating pound. “We will just see…
Small video sharing platform TikTok could be hit with a £27 million fine, over alegations of not being able to protect children’s privacy while they use the platform. According to the UK’s Information Commissioner’s Office (ICO), the video-sharing website may have processed underage users’ data without getting their consent. The watchdog stated that the breach…
In an effort to move some production away from China, Apple announced on Monday that it is assembling its flagship iPhone 14 in India. “The new iPhone 14 lineup introduces groundbreaking new technologies and important safety capabilities. We’re excited to be manufacturing iPhone 14 in India,” the company said in a statement. The devices are…
Alphabet’s unit Google rejected an attempt by European telecoms operators to persuade Big Tech to contribute to network costs, arguing that the idea was outdated and harmful to consumers and that the company was already making significant investments in internet infrastructure. The European Commission announced that it would seek input from the telecoms and tech industries…
Volkswagen, the latest European automaker to bring battery supplies closer to home in the shift to electric vehicles, announced on Monday a $2.9 billion joint venture with Belgian materials company Umicore. While the majority of the raw materials, such as lithium, cobalt, nickel, and manganese, will still be sourced from around the world, the joint…
In response to accusations that it misled investors about two fatal 737 Max crashes, Boeing will pay $200 million. The US stock market watchdog claimed that the aviation giant and its former CEO Dennis Muilenburg misrepresented safety-related issues. In an effort to improve its reputation, Boeing “put profits over people,” according to the Securities and…
Google’s CEO Sundar Pichai is finding himself on the defensive as the serch engine giant tries to navigate a new environment of slowing growth, cost-cutting, and employee discontent over cultural changes. According to a CNBC report, Pichai was asked challenging questions by staff this week at an all-hands meeting for the entire company about budget cuts…
Because the window automatic reversal system may not respond appropriately after detecting an obstruction, increasing the risk of injury, Tesla is recalling nearly 1.1 million U.S. vehicles. The manufacturer of electric vehicles informed the National Highway Traffic Safety Administration (NHTSA) that it would update the automatic window reversal system’s software over the air. Some Model…
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