Citing “a profound effect on American life,” a group of TikTok producers filed a lawsuit in U.S. federal court on Tuesday, attempting to thwart a bill signed by President Joe Biden that would require the divestment of the 170 million-user app or outright prohibit it. A Texas Marine Corps veteran who sells ranch products, a…
According to private work by UN sanctions monitors reviewed by Reuters on Tuesday, North Korea laundered $147.5 million through virtual currency platform Tornado Cash in March after obtaining it from a cryptocurrency exchange last year. In a paper sent in on Friday, the monitors informed the sanctions committee of the U.N. Security Council that they…
Shell revealed a $7.7 billion first-quarter profit, significantly above analysts’ projections following interruptions in the Red Sea and Russia that boosted oil trading and refining. The business said that it will repurchase an additional $3.5 billion of its shares at a rate comparable to that of the previous quarter over the course of the following…
KFC Malaysia has temporarily closed its shops in the nation, claiming difficult economic conditions, after local media claimed that the closures were due to boycotts of the fast food chain’s alleged ties to Israel. Malaysia, a Muslim-majority country, is a passionate supporter of the Palestinians, and boycott movements have targeted various Western fast-food businesses in…
Shein, an online fast-fashion retailer, is pursuing brands such as toothpaste firm Colgate-Palmolive and toymaker Hasbro in an effort to sell more familiar names through its platform. Shein, best known for its low-cost own-brand apparel and accessories, is expanding into new categories and has already allowed brands and retailers access to its platform in nine…
When Hershey and Mondelez International announce first quarter earnings this week, investors will be keen to know how the chocolate manufacturers intend to address the recent spike in cocoa and sugar costs. In the last several quarters, many businesses have already struggled with increased costs, which they have partially transferred to customers by boosting prices.…
During a quick trip to Beijing that concluded on Monday, Elon Musk lobbied for China’s clearance for Tesla to roll out sophisticated driver-assistance systems, a move that might raise profits at a time when Chinese rivals are putting pressure on Tesla. According to a person with knowledge of the situation, Tesla CEO Elon Musk came…
The uncommon genetic bleeding condition treatment developed by Pfizer was cleared by the Food and Drug Administration on Friday, marking the company’s first clearance for gene therapy in the United States. The medication, which will be sold under the brand name Beqvez, was approved by the agency for use in people with moderate to severe…
The Chinese parent firm of TikTok, ByteDance, has stated that it has no plans to sell the company in the wake of a US law that requires it to sell the immensely popular video app or face bans in the US. “ByteDance has no plans to sell TikTok,” the firm stated on Toutiao, a social…
As Moscow tries to ease trade with India in the face of Western sanctions, three Russian insurance companies have received financial support from Russia’s state-owned reinsurer, enabling them to obtain Indian approval to offer marine insurance coverage to tankers, according to two sources. Due to a series of sanctions imposed by the United States and…
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