Indonesia’s commerce minister said on Wednesday that he expects cooking oil prices to stabilise after a subsidised supply scheme reaches 10,000 outlets across the country. On Tuesday, the commerce ministry and state food corporation ID Food began a programme that allows low-income households to purchase up to two litres of cooking oil each day for…
Sony Group Corp., a Japanese conglomerate, said it is well-positioned to take a major role in the metaverse, or immersive virtual worlds, which analysts predict would disrupt industries and create new powerhouses. The phrase “metaverse” refers to the assumption that people will spend more time in online virtual worlds. While the concept is still emerging,…
According to media reports, Netflix is cutting off roughly 150 people across the organisation. The job losses affect less than 2% of the streamer’s 11,000 employees, with the majority of the cuts occurring in the United States. “As we explained on earnings, our slowing revenue growth means we are also having to slow our cost…
Renault is reportedly selling its majority ownership in Avtovaz (AVAZI p.MM) to a Russian science institute for one rouble, with a six-year option to buy it back, leaving the door open for the French automaker to return. To save thousands of jobs, Moscow Mayor Sergei Sobyanin announced that Renault’s plant in the city would be…
According to a majority of economists surveyed by Reuters, India’s central bank, the Reserve Bank of India (RBI), would follow up its surprise rate hike in May with another raise at its meeting next month. The scale of the move was extremely split. In April, India’s retail inflation surged to an eight-year high, staying beyond…
The amount of short-term financial assistance is still being determined, but two people familiar with the talks told Reuters that it is likely to cover Ukraine’s financial needs for two months, primarily through loans. A third official said the cash will come from the EU budget and EU countries, refuting prior speculation that the funds…
Elon Musk announced on Friday that his $44 billion cash purchase for Twitter Inc is “temporarily on pause” till the social media company provides statistics on the proportion of fraudulent accounts. Twitter shares plunged more than 20% in premarket trade, although they recovered some ground after Musk, the CEO of the electric vehicle market Tesla…
Tesla Inc has put plans to sell electric vehicles in India on hold, abandoned a search for showroom space, and transferred some of its domestic staff after failing to achieve reduced import duties, according to a report published by Reuters based on sources familiar with the matter. The decision comes after more than a year of impasse…
Foxconn, an Apple supplier, warned that revenue for its electronics sector, which includes smartphones, could fall in the current quarter as growth slowed owing to rising inflation, cooling demand, and escalating supply chain challenges, partly due to Chinese lockdowns. Like other worldwide manufacturers, the Taiwanese firm, the world’s largest contract electronics manufacturer, has been dealing…
Walt Disney Co soothed fears about the future of streaming television by adding 7.9 million new Disney+ subscribers, though the firm warned that supply chain interruptions and rising salaries could put financial strain on the company. From January to March, Wall Street expected 5.3 million additional Disney+ subscribers. Disney still has a long way to…
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