The ripple effect on business is accelerating as China’s massive wave of COVID-19 infections starts its march across a nation roughly the size of Europe. COVID-19 infections are affecting workers in manufacturing belts, including the Yangtze River Delta, close to Shanghai, as they spread throughout the country from their original epicentre in the north, which…
One of the largest investors in Elon Musk’s $44 billion purchase of Twitter Inc., Aliya Capital Partners LLC, stated on Tuesday that despite the social media company’s issues, it expects to make up to five times its money. After firing more than half of Twitter’s 7,500 employees and alienating some users with his swiftly changing…
Early on Tuesday, US lawmakers added a provision to a crucial spending bill that would prevent federal employees from using the Chinese app TikTok on equipment owned by the government. Last week, the Senate approved a measure introduced by Republican Senator Josh Hawley that would forbid federal employees from using the ByteDance-owned short video app…
The Financial Conduct Authority and the Bank of England announced on Tuesday that British lender TSB had been fined £48.65 million ($59.07 million) for a botched IT platform migration in 2018. The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) reported that the IT upgrade “immediately experienced technical failures,” causing “significant disruption” to TSB’s…
Following a review, cryptocurrency company Voyager Digital Ltd announced on Monday that it will sell its assets to Binance.US in a deal worth about $1 billion. Binance.US, based in Palo Alto, California, which is a separate legal entity from Binance.com and has a licensing agreement with it, will deposit $10 million and reimburse Voyager for…
Goldman Sachs Group Inc is planning to lay off thousands of employees in order to navigate a difficult economic environment, according to a source familiar with the matter. The layoffs are the latest indication that layoffs are spreading across Wall Street as dealmaking slows. Investment banking revenues have fallen this year due to a slowdown…
PepsiCo plans to deploy 100 heavy-duty Tesla Semis in 2023, when it will begin using the electric trucks to deliver to customers such as Walmart and Kroger, according to the soda maker’s top fleet official, who spoke to Reuters on Friday. PepsiCo Inc, which ordered the large trucks in 2017, is buying them “outright” and…
HSBC will stop funding new oil and gas fields and will seek more information from energy clients about their carbon-cutting plans, the banking giant announced on Wednesday as part of a broader update to its sector policy. Activists who have been critical of HSBC in recent years have mostly praised the move by one of…
Binance CEO Changpeng Zhao said on Wednesday that the situation at his cryptocurrency exchange has “stabilized,” attempting to assuage investors’ concerns after the company was forced to halt withdrawals of a stablecoin. Zhao stated that approximately $1.14 billion in net withdrawals occurred on Tuesday, but added that this was “not the highest withdrawals we processed,…
Twitter relaunched its updated Twitter Blue subscription service on Monday, two months after Elon Musk, the company’s new owner, pulled and delayed the launch in November. The service costs $8 per month for web users and $11 per month for iOS users who buy it from Apple’s App Store. Musk’s recent complaints about Apple’s 30%…
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