The stock of Virgin Orbit fell in trading on Monday evening after the company confirmed that its first launch from the United Kingdom did not reach orbit. Virgin Orbit shares fell as much as 30% in after-hours trading from their previous close of $1.93 per share. The company sends satellites into space by dropping a…
More on the mainland According to an investment fund manager, Chinese electronics manufacturers are poised to eat into market share held by Taiwanese rivals such as Foxconn and Pegatron. “Chinese companies are getting pretty competitive for iPhone assemblers. China is doing quite well in pretty much everything, except semiconductors,” Kirk Yang, chairman and CEO of…
Rolls-Royce reported record sales last year despite a luxury car average price of around $534,000 and a drop in Chinese demand, with orders stretching into 2023. The British carmaker, which began nearly 120 years ago as Rolls-Royce in Manchester, England and is now owned by Germany’s BMW, announced that it sold 6,021 vehicles in 2022,…
Short sellers targeting Tesla Inc’s stock are piling more pressure on the electric vehicle maker led by Elon Musk, fresh off their most profitable year ever. According to data from analytics firm S3 Partners, traders who aim to profit by selling borrowed shares and hoping to buy them back later at a lower price have…
Renault is thinking about setting up an electric vehicle for the mass market in India, according to a report by Reuters quoting information from people familiar with the ongoing review. This is a part of a renewed push of the French carmaker into a market where EV adoption is expected to grow quickly from a low base. The Renault study…
First Abu Dhabi Bank (FAB), the largest lender in the UAE, said on Thursday that it had considered a bid for London-listed Standard Chartered but had decided against it. Bloomberg previously reported that FAB was considering an offer for Standard Chartered as part of a plan to build an emerging markets bank, sending StanChart shares…
On Thursday, Silvergate Capital Corp reported a sharp drop in fourth-quarter crypto-related deposits, as investors alarmed by the collapse of FTX withdrew more than $8 billion in deposits, sending shares down more than 42%. The crypto-focused bank also announced that it would reduce its workforce by 40%, or approximately 200 employees, in order to cut…
According to a report published in the Financial Times, Apple Inc is set to sign a contract with Chinese contract manufacturer Luxshare Precision Industry Co Ltd to produce premium iPhone models. Luxshare has been producing small quantities of the iPhone 14 Pro Max at its Kunshan plant to compensate for lost production at Foxconn’s Zhengzhou plant…
Google has told an Indian tribunal that the country’s antitrust investigators copied parts of a European ruling against the company for abusing its market dominance with its Android operating system, arguing that the decision should be overturned, according to court documents. The Competition Commission of India (CCI) fined Alphabet Inc’s Google $161 million in October…
Sam Bankman-Fried pleaded not guilty on Tuesday to criminal charges that he defrauded investors in his now-defunct FTX cryptocurrency exchange and caused billions of dollars in losses in a “epic” fraud, according to prosecutors. He entered his plea in federal court in Manhattan, where he faces eight criminal charges, including wire fraud and money laundering…
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