Kroger Co, the US supermarket chain, reported a drop in its main measure of profitability on Friday. It blamed discounts, wastage, and the significant squeeze on global supply chains as being the causes of the drop in profitability. This plunge sent Kroger’s shares plummeting by 6.4 per cent. US retailers spent more this year on…
Ford Motor Company was one of the first carmakers to enter India’s market after liberalization in 1991. And now it is the latest one to leave the market in terms of local production. According to the American company, it had suffered losses exceeding $ 2 billion over the past 10 years and that approximately 4,000…
In a statement Chevron Corp and Delta Air Lines said, the former plans on producing a test batch of sustainable aviation fuel (SAF) and sell the same to Delta Air Lines at the Los Angeles International Airport, as part of a partnership the companies announced with Google to track SAF test batch emissions data using cloud-based technology.…
In a significant development U.S.-headquartered digital currency exchange CrossTower has set up a local unit in India and has launched a trading platform to increase its traction in the burgeoning domestic crypto market. The development comes at a time when the fate of cryptocurrency is still unclear in India. CrossTower India has hired 35 people…
On Monday, Oliver Blume, the CEO of luxury sports car maker Porsche AG said, the carmaker is attracting huge demand for its all-electric coupe Taycan model, causing wait times to stretch to up to six months. “Our original production capacity for the Taycan was 20,000 units this year – we’ve sold that many in the…
The city of Taylor, Texas plans on offering a large piece of real estate to Samsung Electronics for its potential $17 billion chip plant in the state. Taylor is one of the two locations in the state under consideration by Samsung. Taylor plans on providing Samsung tax breaks if it is chosen it rather than…
On Monday, in a statement Qualcomm Inc said, it will supply a key chip for the dashboard of Renault SA’s new electric vehicle. Qualcomm, the world’s biggest supplier of key semiconductors in mobile phones, has expanded into vehicles with chips that can power dashboards and infotainment systems at the same time. Earlier this year Qualcomm Renault…
Ericsson is now completely focused on getting back market share in China which the Swedish firm lost since Chinese suppliers were blocked by Sweden from the 5G roll-out in the country, the company’s top executive has said. The exclusion of Chinese companies angered Beijing and has impacted the business in China of the telecom equipment…
On Friday, China’s Semiconductor Manufacturing International Corp said, it will invest $8.87 billion to build a chip plant in Shanghai. The development underscores Beijing’s efforts to boost its independence in the chip manufacturing sector. The development comes at a time when global chipmakers are struggling to fulfill orders from the electronics and automotive industries triggering new…
The global shortage of semiconductor chips for cars has hit General Motors Co which has announced it will cut down production of vehicles at most of its North American assembly plants this month. This is expected to hit the production of the highly profitable truck and sport utility vehicles, the company said on Thursday. Production…
