H&M, the budget apparel retailer, said on Wednesday that it plans to raise prices further this year after announcing forecast-beating profits with margins boosted by fewer discounts. H&M boosted prices in the first half of the year in response to higher transportation and raw material costs, and Chief Executive Officer Helena Helmersson told Reuters that…
The global shortfall of semiconductor chips will endure through this year and into 2023, according to the CEO of premium German carmaker Mercedes-Benz. “The semiconductor situation is very present and will be a challenge for the industry throughout this year and into next year,”CEO Ola Kaellenius said at the Reuters Automotive Europe conference in Munich.…
In the United Kingdom, the term “electric vehicle” brings up visions of a Tesla or another similar car, but in Asia, the war for EV dominance is being fought on motorcycles. When you visit most Asian countries, you’ll notice that motorcycles swarm and buzz around everywhere. It’s not uncommon to see a two-wheeler carrying a…
In a pricing disagreement, Kraft Heinz, the business behind some of the UK’s most popular food brands, has ceased providing Tesco with most of its products. “We’re sorry that this means some products aren’t available right now,” a Tesco spokesperson said. Baked beans, ketchup, and tomato soup are among the products that have been identified…
Airbnb Inc announced on Tuesday that it will make its ban on parties in houses listed on its site permanent, citing a significant decrease in reports of unauthorised gatherings since the ban was implemented in August 2020. Since instituting the strategy, the corporation has reported a 44 percent year-over-year decrease in the rate of party…
CoinFlex, a cryptocurrency exchange, introduced a new token on Tuesday to gather funds in order to resume withdrawals for its users after one client failed to repay a significant debt. CoinFlex announced it would issue a $47 million digital coin with a 20% interest rate called Recovery Value USD, or rvUSD. It comes after the…
The Japanese government has asked residents of Tokyo and its surrounding areas to consume less power on Monday, warning that supply will be limited due to the country’s heatwave. The Ministry of Economy, Trade, and Industry anticipates “extreme” electricity demand this afternoon local time. It advised people to turn off superfluous lights while still using…
Switzerland’s Federal Criminal Court found Credit Suisse and a former employee guilty of not being able to prevent money laundering in what is the country’s first criminal trial of one of its biggest banks. The trial, which included testimony about deaths and cash stashed into bags, is considered as a litmus test for prosecutors considering a harder…
The Bank for International Settlements (BIS), the world’s central bank umbrella organisation, has urged for interest rates to be hiked “soon and firmly” to avoid inflation from worsening. The Swiss-based BIS recently conducted its annual meeting, where senior central bankers convened to discuss their present challenges and one of the most tumultuous beginnings to a…
The hacking tools of an Italian company were used to spy on Apple and Android handsets in Italy and Kazakhstan, Alphabet’s Google reported on Thursday. According to the article, the Milan-based RCS Lab, whose website lists European law enforcement agencies as clients, built tools to eavesdrop on the targeted devices’ private communications and contacts. Google’s…
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