The parent company of Facebook, Meta, has agreed to pay $725 million to resolve a class action lawsuit alleging that the social media behemoth provided user data to third parties without their consent. According to Keller Rohrback L.L.P, the plaintiffs’ legal team, the settlement is the “largest recovery ever achieved in a data privacy class…
The latest illustration of how a slowdown in the technology sector is affecting employment is the announcement made on Wednesday by semiconductor manufacturer Micron that it will cut its headcount by roughly 10% in 2023. In late trading, shares of Micron decreased by more than 1%. Approximately 48,000 people work for Idaho-based Micron, according to…
It is almost certain that the Chinese economy of 2023 will not resemble that of 2019. The crackdown by Beijing has caused a decline in real estate. After a spike, exports have slowed. The largest non-state-owned company in China by revenue this year was JD.com, a Chinese e-commerce giant, which took the place of Huawei,…
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…
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