Posts by Mark Darwin
Brazil judge seizes US$3 million from Musk to pay X fines
Brazil’s Supreme Court said on Friday (Sep 13) that a judge has ordered the transfer of some US$3 million from Elon Musk’s companies to pay fines incurred by his social network X, which has been suspended in the country. Judge Alexandre de Moraes last month ordered X shut down in Brazil after Musk refused to…
Read MoreEven Facebook couldn’t compete with Google, ex-ad chief says
Meta Platforms entered into a 2018 deal with Google after concluding internally that it couldn’t successfully compete against the search giant, because of its monopoly over the technology undergirding online display advertising, a former Facebook advertising executive testified as part of a US Justice Department antitrust trial. Brian Boland, who headed Facebook’s advertising technology between…
Read MoreCop29 to call for sixfold increase in global energy storage
The hosts of this year’s global climate talks will ask over 190 countries to back a Group of Seven target to increase global energy-storage capacity more than sixfold by 2030. The draft proposal seen by Bloomberg, called the Global Green Energy Storage Pledge, will be presented at the Cop29 summit in Baku, Azerbaijan, in November.…
Read MoreSeven & i proposal fuels rally in Japan retailers like Aeon
The drama over a takeover proposal for Seven & i has gotten investors interested in other Japanese retailers such as Aeon, boosting their share prices. Shares of Aeon, Japan’s third-biggest retailer in terms of market value, have extended their gains to about 25 per cent this year and reached a record high this week. The…
Read MoreTrump Media shares soar after Trump says ‘I’m not selling’
Donald Trump sent shares of his social media startup soaring on Friday (Sep 13) after he said he has “absolutely no intention of selling” his stake when a lockup period is set to expire late next week. Trump Media & Technology Group, parent of Truth Social, surged as much as 30 per cent immediately following…
Read MoreBoeing strike could exacerbate global jetliner shortage, experts say
Boeing’s first strike in 16 years could further compound global shortages of jetliners that have been pushing up airfares and forcing airlines to keep older jets flying longer, industry executives and analysts said. The US planemaker’s West Coast workers went on strike at midnight on Friday (Sep 13) after overwhelmingly rejecting a contract deal, halting…
Read MoreUS: Wall Street advances as traders’ bets rise for bigger Fed rate cut
Wall Street’s main indexes closed higher on Friday (Sep 13) as investors honed in on the chance of a bigger interest rate cut by the Federal Reserve next week, with rate-sensitive small cap stocks outperforming. Bets on the size of the Fed’s cut have been volatile and were roughly even by late Friday. Expectations for…
Read MoreHSBC in talks to sell South African unit to FirstRand
HSBC Holdings is in talks to sell its South African corporate banking unit to FirstRand’s Rand Merchant Bank, people with knowledge of the matter said, as the UK lender sells non-core assets. A deal has not yet been finalised and there is no guarantee that the transaction will close, said the people, who asked not…
Read MoreUS to boost scrutiny on tax-free imports over China worries
THE United States government said on Friday (Sep 13) it will work to curb the “overuse and abuse” of a mechanism allowing lower-value imports to enter the country duty free, as concerns grow over Chinese shipments. Under a new regulatory effort, US officials will be seeking to disqualify certain products from this trade exemption –…
Read MoreChinese EV giant BYD ramps up hiring as Beijing prioritises employment
BYD has significantly ramped up hiring, increasing its workforce to more than 900,000 people as at Friday (Sep 13), a senior manager said, making the Chinese electric vehicle giant one of the largest employers in the country. The move comes as the Chinese government has been prioritising a push to create more jobs, for college…
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