Inditex, the company that owns Zara, reported on Wednesday that sales of the spring/summer collection accelerated to increase 16% in May as the retailer offsets increasing labour expenses and retains customers amid a crisis in the cost of living. The largest fast-fashion retailer in the world announced a better-than-anticipated 54% increase in net profit of…
Sergio Ermotti, chief executive officer of UBS, cautioned on Friday of difficult decisions regarding layoffs following the acquisition of Credit Suisse, which he said he hoped would be finalised in the coming days. “We won’t be able to create, short term, job opportunities for everybody. Synergies is part of the story,” Ermotti said at an…
One day after the creator of the software reported that a security issue had been detected, U.S. security researchers claimed that hackers had stolen data from the systems of a number of users of the well-known file transfer tool MOVEit Transfer. After revealing the flaw on Wednesday, software developer Progress Software Corp warned that it…
The privacy authority in Japan said on Friday that it had cautioned OpenAI, the Microsoft-backed business that created the ChatGPT chatbot, not to gather private information without people’s consent. The Personal Information Protection Commission stated in a statement that OpenAI should limit the sensitive data it gathers for machine learning, adding that it may take…
Boeing Co. CEO Dave Calhoun brushed down rumours that the duopoly now maintained by the American aircraft manufacturer and its European rival Airbus SE may expire after China’s first commercial flight of its homegrown C919 narrowbody jet. A C919 carrying passengers from Shanghai to Beijing on Sunday by China Eastern Airlines 600115.SS marked a significant…
After months of collapsing demand, better cost controls enabled Dell Technologies Inc to surpass expectations for first-quarter profit on Thursday. However, a full rebound is still some time away because Dell predicted current-quarter revenue below Wall Street forecasts and cautioned that IT investment would remain conservative. The results contrasted with rivals HP Inc. and Lenovo…
In an overvalued market, seasoned tech investors are looking for inexpensive chances. The question is how to invest in the promise of artificial intelligence (AI), which advanced in November with the introduction of the ChatGPT bot by Microsoft-backed OpenAI, without entering a bubble. Since the introduction of ChatGPT, the stock price of Nvidia, a manufacturer…
According to academics from the London School of Economics and other universities, Britain’s exit from the European Union is responsible for nearly a third ($316) of the rise in family food expenses since 2019. Britain has been fighting inflation for more than a year, which has been exacerbated by food costs, which have increased by…
Chinese automakers, not American leader Tesla or neighbouring foe General Motors, are Ford Motor’s biggest rivals in the electric vehicle market, according to CEO Jim Farley. Farley claimed that when it comes to electric vehicles, notably battery chemistry and other cutting-edge technology, Chinese firms, like the BYD company financed by Warren Buffett, are ahead of…
When discussing Asia’s tourism rebound, the reemergence of Chinese tourists is typically regarded as being the most important. However, more Indian travellers than any other market in the globe are looking for overseas travel, according to Omri Morgenshtern, CEO of Agoda. “The entire thing is booming,” he said. “India outbound [travel] is growing much faster…
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