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…
Apple has announced that the iPod Touch, a music player that was warmly hailed for revolutionising how people listen to music, will be discontinued. The initial iPod, released in 2001, had a 1,000-track capacity. Apple’s streaming service now has over 90 million songs available. The iPod Touch was created by the same team that eventually…
Panasonic Corp estimated flat operating profits this fiscal year on Wednesday, citing component shortages and increased material costs as risks to profitability. The Japanese company forecasted an operational profit of 360 billion yen for the fiscal year ending March 31, 2023, down from 357 billion the previous year. According to Refinitiv data, the prediction is…
Bitcoin investors are panicking as the terraUSD stablecoin continues to drift away from its intended $1 peg. Late Monday, TerraUSD, or UST, fell below 70 cents for the first time, as holders fled the token in what some have dubbed a “bank run.” According to Coinbase data, the coin plummeted as low as 62 cents…
Philip Morris International Inc is currently in negotiations for acquiring rival Swedish Match AB, as the Marlboro producer aims to expand its smoke-free options despite growing global scrutiny of traditional cigarette sales, according to statements issued by the companies. The businesses were in talks, but it was unclear whether they would make an offer, Philip Morris said in…
Demand for BioNTech’s COVID-19 vaccine, which it developed with Pfizer, more than tripled first-quarter revenues and earnings, but the German biotech business is still anticipating a full-year fall in vaccine sales. Revenues more than tripled from a year ago to 6.37 billion euros ($6.73 billion), while net income increased to 3.70 billion euros, according to…
According to a report from CNBC, Uber Technologies Inc will decrease recruiting and spend less on marketing and incentive programmes, citing a letter from Chief Executive Officer Dara Khosrowshahi. After Facebook-owned Meta Platforms Inc (FB.O) said last week that it will scale down its employee development, the ride-hailing business is the latest to cut expenditures…
Luxury car maker Bentley announced a 162 per cent increase in first-quarter operating profit over the same period last year, as rising vehicle prices offset the loss of certain vehicles at sea and pandemic-related delivery issues in China. High customer interest in new models led to a record order book of slightly under 10,000 vehicles…
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