Kroger Co, the US supermarket chain, reported a drop in its main measure of profitability on Friday. It blamed discounts, wastage, and the significant squeeze on global supply chains as being the causes of the drop in profitability. This plunge sent Kroger’s shares plummeting by 6.4 per cent. US retailers spent more this year on…
Ford Motor Company was one of the first carmakers to enter India’s market after liberalization in 1991. And now it is the latest one to leave the market in terms of local production. According to the American company, it had suffered losses exceeding $ 2 billion over the past 10 years and that approximately 4,000…
In a statement Chevron Corp and Delta Air Lines said, the former plans on producing a test batch of sustainable aviation fuel (SAF) and sell the same to Delta Air Lines at the Los Angeles International Airport, as part of a partnership the companies announced with Google to track SAF test batch emissions data using cloud-based technology.…
The city of Taylor, Texas plans on offering a large piece of real estate to Samsung Electronics for its potential $17 billion chip plant in the state. Taylor is one of the two locations in the state under consideration by Samsung. Taylor plans on providing Samsung tax breaks if it is chosen it rather than…
On Monday, in a statement Qualcomm Inc said, it will supply a key chip for the dashboard of Renault SA’s new electric vehicle. Qualcomm, the world’s biggest supplier of key semiconductors in mobile phones, has expanded into vehicles with chips that can power dashboards and infotainment systems at the same time. Earlier this year Qualcomm Renault…
Ericsson is now completely focused on getting back market share in China which the Swedish firm lost since Chinese suppliers were blocked by Sweden from the 5G roll-out in the country, the company’s top executive has said. The exclusion of Chinese companies angered Beijing and has impacted the business in China of the telecom equipment…
The global shortage of semiconductor chips for cars has hit General Motors Co which has announced it will cut down production of vehicles at most of its North American assembly plants this month. This is expected to hit the production of the highly profitable truck and sport utility vehicles, the company said on Thursday. Production…
Social media company Facebook participated in an effort to help 175 Afghan citizens to leave the country following te Taliban taking over the country, the company has informed BBC. Some employees of the company were also on the flight to Mexico City, the company said. That claim was later confirmed by the Mexican government,…
In a statement the SEC said it has sued the founder of a now-defunct cryptocurrency exchange platform BitConnect over the alleged role of the founder’s role in fraudulently raising nearly $2 billion from thousands of retail investors. The SEC expanded its civil lawsuit against BitConnect founder Satish Kumbhani, which it had announced in May, with…
A letter from the U.S. Securities and Exchange Commission (SEC) produced by a short seller shows that the regulator has opened a probe into electric vehicle maker Workhorse Group Inc. In its letter dated June 30, the SEC disclosed that its enforcement division had been investigating Workhorse and that the probe is “still active”. A…
