The U.S. Commerce Department is releasing final regulations on Friday to stop China and other nations that are considered to be a threat to American national security from using subsidies for semiconductor manufacture. Before the Biden administration can start distributing $39 billion in subsidies for semiconductor production, the regulation must be passed. $52.7 billion is…
Rupert Murdoch has resigned from his position as chairman of Fox Corporation and News Corporation, capping a career spanning more than seven decades during which he built a media empire that stretched from Australia to the United States. The firms said on Thursday that Lachlan Murdoch, his son, will continue to serve as chairman and…
Exxon Mobil Corp anticipates its motor fuels and chemicals earnings to reach $16 billion by 2027, up approximately $4 billion from current levels as demand rises, sccording to the company’s officials. The largest American oil business has seen great profits from refining this year, thanks in part to a significant increase in processing capacity and…
In order to revive a two-year-old initiative, Unilever Plc has hired investment banks Morgan Stanley and Evercore Inc to sell a collection of non-core beauty and personal care brands, including Q-Tips and Impulse. Hein Schumacher, who took over as Unilever’s chief executive in July with a focus to streamline the business as it battles inflation,…
According to U.S. Commerce Secretary Gina Raimondo, there is no proof that Chinese company Huawei can mass-produce smartphones with cutting-edge technology. Recently, Huawei began selling the Mate 60 Pro phone, which features a processor said to have been created using a technological advancement by the Chinese chip foundry Semiconductor Manufacturing International Corp (SMIC). “We don’t…
Alphabet’s Google has filed a last-ditch attempt at Europe’s top court to reverse a 2.42 billion euro ($2.6 billion) EU antitrust fine levied for market abuse relating to its shopping business, claiming that authorities had not proven that its actions were anti-competitive. After the General Court dismissed Google’s appeal of the penalty imposed by EU…
According to an internal document seen by Reuters, UBS has noted at least four nations as being “slow” to provide the regulatory permissions required to complete its acquisition of Credit Suisse, including South Korea and India. The previously undisclosed letter, dated Sept. 6 and distributed to UBS personnel worldwide, also notes Ireland and Saudi Arabia…
After narrowly avoiding default twice already this month, troubled Chinese real estate developer Country Garden will face yet another liquidity test on Monday with a deadline to pay $15 million in interest associated with an offshore bond. Country Garden will have a 30-day grace period to pay the penalty before it is deemed in default.…
Global luxury brands and Reliance Industries are looking to capitalise on robust economic growth and a sharp increase in the number of billionaires. As a result, Gucci, Cartier, and Louis Vuitton are among the names that have signed leases for stores at Indian tycoon Mukesh Ambani’s new Mumbai mall. The Jio World Plaza is housed…
The world’s second-largest apparel retailer, H&M, underperformed expectations with flat sales for its most recent quarter as it battled fierce competition from Inditex, the owner of Zara, and other brands. Shares of H&M dropped more than 4% after the firm revealed that local currency sales for the months of June through August, the most highly…
business-gurus.com 