Alphabet’s Google has filed a last-ditch attempt at Europe’s top court to reverse a 2.42 billion euro ($2.6 billion) EU antitrust fine levied for market abuse relating to its shopping business, claiming that authorities had not proven that its actions were anti-competitive. After the General Court dismissed Google’s appeal of the penalty imposed by EU…
According to an internal document seen by Reuters, UBS has noted at least four nations as being “slow” to provide the regulatory permissions required to complete its acquisition of Credit Suisse, including South Korea and India. The previously undisclosed letter, dated Sept. 6 and distributed to UBS personnel worldwide, also notes Ireland and Saudi Arabia…
The Wall Street Journal reported on Monday, citing persons with knowledge of the situation, that Saudi Arabia and American electric car manufacturer Tesla (TSLA.O) are in preliminary discussions about establishing a production facility in the country. According to the nation’s communications directorate, the report comes only hours after Turkish President Tayyip Erdogan requested Tesla CEO…
After narrowly avoiding default twice already this month, troubled Chinese real estate developer Country Garden will face yet another liquidity test on Monday with a deadline to pay $15 million in interest associated with an offshore bond. Country Garden will have a 30-day grace period to pay the penalty before it is deemed in default.…
Global luxury brands and Reliance Industries are looking to capitalise on robust economic growth and a sharp increase in the number of billionaires. As a result, Gucci, Cartier, and Louis Vuitton are among the names that have signed leases for stores at Indian tycoon Mukesh Ambani’s new Mumbai mall. The Jio World Plaza is housed…
The world’s second-largest apparel retailer, H&M, underperformed expectations with flat sales for its most recent quarter as it battled fierce competition from Inditex, the owner of Zara, and other brands. Shares of H&M dropped more than 4% after the firm revealed that local currency sales for the months of June through August, the most highly…
According to the EU’s top privacy watchdog, TikTok has been fined 345 million euros ($370 million) for violating the region’s laws on the handling of children’s personal data. According to a statement from Ireland’s Data Protection Commissioner (DPC), the Chinese-owned short-video platform violated a number of EU privacy laws between July 31, 2020, and December…
Arm Holdings’ stock market debut was a smashing success, making it considerably simpler for owner SoftBank Group to return to its original acquisition-hungry state. The British chip designer’s shares increased by about 25% on the first day of trading, more than doubling the $32 billion that SoftBank paid to purchase it in 2016. The massive…
On Wednesday, the European Commission started looking into whether to impose punitive tariffs to shield its manufacturers from imports of less expensive Chinese electric vehicles, which it claims receive state subsidies. The following are the key queries surrounding the action, which on Thursday caused a decline in shares of Chinese EV manufacturers: How Much Has…
Analysts say Inditex, the company that owns Zara, is in a good financial position as falling demand for apparel puts pressure on the industry to drop prices. Inditex was among the first fashion retailers to boost prices in reaction to increasing inflation. As the largest clothes retailer in the world successfully passed cost increases through…
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