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…
Investors increased their bets on the Bank of England stopping its historic run of interest rate hikes as soon as Thursday after the surprisingly high inflation rate in Britain unexpectedly declined in August. Consumer price index fell from July’s 6.8% to 6.7% on Wednesday, the lowest level since February 2022, contrary to predictions by economists…
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…
The Wall Street Journal reported on Monday, citing persons with knowledge of the situation, that Saudi Arabia and American electric car manufacturer Tesla (TSLA.O) are in preliminary discussions about establishing a production facility in the country. According to the nation’s communications directorate, the report comes only hours after Turkish President Tayyip Erdogan requested Tesla CEO…
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.…
Arm Holdings’ stock market debut was a smashing success, making it considerably simpler for owner SoftBank Group to return to its original acquisition-hungry state. The British chip designer’s shares increased by about 25% on the first day of trading, more than doubling the $32 billion that SoftBank paid to purchase it in 2016. The massive…
On Wednesday, the European Commission started looking into whether to impose punitive tariffs to shield its manufacturers from imports of less expensive Chinese electric vehicles, which it claims receive state subsidies. The following are the key queries surrounding the action, which on Thursday caused a decline in shares of Chinese EV manufacturers: How Much Has…
Analysts say Inditex, the company that owns Zara, is in a good financial position as falling demand for apparel puts pressure on the industry to drop prices. Inditex was among the first fashion retailers to boost prices in reaction to increasing inflation. As the largest clothes retailer in the world successfully passed cost increases through…
In a move regarded as a threat to China’s regional economic ambitions, a multinational rail and shipping project connecting India with the Middle East and Europe was revealed on the fringes of the G20 meeting in New Delhi. The corridor, which would connect India, Saudi Arabia, the United Arab Emirates, Jordan, Israel, and the European…
Following news that iPhone use has been prohibited for Chinese government employees, Apple stock has dropped for a second straight day. Over the last two days, the company’s stock market worth has decreased by more than 6%, or about $200 billion. The third-largest market for the IT giant is China, which contributed 18% of its…
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