Genesis, a cryptocurrency brokerage in the United States, said it was attempting to avoid bankruptcy after Bloomberg reported on Tuesday that the firm’s creditors were organizing with restructuring lawyers to avoid insolvency. According to the report, creditor groups are consulting with law firms Proskauer Rose and Kirkland & Ellis in order to avoid a situation…
Within the last few weeks, tens of thousands of employees had left the world’s largest iPhone factory in Zhengzhou, central China, and violent protests had flared up over a COVID-19 lockdown and uncertainty over hiring bonuses. According to reports, the Foxconn factory in Zhengzhou is Apple’s largest iPhone manufacturer, producing approximately 70% of iPhones globally. A Foxconn source told…
According to a Reuters report citing people familiar with the matter, Microsoft is likely to offer remedies to EU antitrust regulators in the coming weeks in order to avoid formal objections to its $69 billion bid for “Call of Duty” maker Activision Blizzard. The deal was announced in January by the US software giant and…
Rolls-Royce has announced that it has run an aircraft engine on hydrogen, a world first for the aviation industry, which is considering using the fuel to decarbonize air travel. In a joint project with the airline easyJet, the FTSE 100 engineering firm said the ground test was a “major step towards proving that hydrogen could…
Disruptions at Apple Inc.’s key manufacturing hub of Zhengzhou are likely to result in a production shortfall of close to 6 million iPhone Pro units this year, according to a Bloomberg report quoting people familiar with assembly operations. The situation at the plant is still fluid, and the estimate of lost production could change, according to…
Elon Musk said in a tweet Friday that Twitter’s delayed “Verified” service would be available next week, with different colored checks depending on the type of account. The Twitter CEO stated that there would be a “gold check” for businesses, a grey check for government accounts, and the existing blue check for individuals, whether celebrities…
Jaguar Land Rover (JLR) is reducing output at its Solihull and Halewood factories until the spring due to ongoing issues obtaining enough computer chips for new vehicles. The action is expected to have an impact on the output of models like the Jaguar F-Pace and the Land Rover Discovery Sport. According to the Guardian, the…
According to Reuters, International Holding Company (IHC) plans to sell 20% of its technology unit in an initial public offering next year, with the UAE’s IHC aiming for a first quarter IPO of Pure Health to raise more than $1 billion. IHC has been on a consolidation and acquisition spree since rising from relative obscurity…
Are you put off by Elon Musk’s commanding management style? Come with us! That’s the pitch being used by talent-starved technology firms to entice thousands of former Twitter employees who were laid off by the social media company’s new owner. Following Musk’s tumultuous takeover of the social media platform, Twitter has fired top executives and…
Some Google employees are concerned that they will be the next victims of industry-wide layoffs. While Google has so far avoided the widespread job cuts that have afflicted other tech companies, particularly those bolstered by a slumping ad market, internal anxiety is rising, according to documents obtained by CNBC and employees who spoke on the…
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