Business
Ever seen a villain with an iPhone? Not on Apple's watch
Apple’s iPhones are rarely seen in the hands of villains in movies and TV shows, and it’s no accident. According to director Rian Johnson, who revealed this in a 2020 Vanity Fair interview, Apple allows its devices to appear on screen under one key condition: villains can't use them. While Apple doesn't pay for product placements, it insists that its products are shown in a positive light and avoids any implication of endorsement.
Thyssenkrupp steel leadership steps down as crisis escalates
The chairman and CEO of Thyssenkrupp's steel division, along with five other board members, have resigned due to conflicts with the parent company over its future direction. This decision highlights the strategic differences and deepens the crisis at the German conglomerate as it plans to sell half of its steel business to Czech billionaire Daniel Kretinsky.
UK's Trans-Pacific free trade bloc pact in force by mid-December
The UK has secured its accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a significant free trade bloc. Peru's ratification was the final step, with the UK set to officially join in December. The agreement could boost the UK economy by GBP 2 billion annually.
Shell plans wide cuts in oil exploration division, sources say to Reuters
Shell is planning to reduce its oil and gas exploration and development workforce by 20% as part of a cost-saving initiative led by CEO Wael Sawan. The move will result in hundreds of job cuts globally, particularly in the UK and the Netherlands. Shell aims to save $2-3 billion by the end of 2025 through increased performance, discipline, and simplification.
China will not impose anti-dumping measures on EU brandy, for now
China has decided not to impose provisional tariffs on brandy imported from the European Union despite finding it was sold below market prices. This decision is seen as a negotiation tactic in ongoing trade talks, especially with EU's proposed duties on Chinese electric vehicles. The probe is expected to end by January 2025.
'Windfall' fees now less likely for lawyers who sued to cut Elon Musk's Tesla pay
Lawyers who successfully challenged Elon Musk's $56 billion pay package are seeking $6 billion in fees. Delaware's Court of Chancery Judge Kathaleen McCormick is considering both the fee request and the impact of a June shareholder vote that may have reinstated Musk's pay, potentially affecting the fee decision.
Wary of Donald Trump, US minerals projects rush to close government loans
US miners and battery recyclers are hurrying to secure billions in government loans before January, fearing a potential funding block if former President Donald Trump is reelected. The mining industry seeks Washington's support to counter China's market influence and bolster domestic supply of critical minerals for the energy transition.
Why Fed rate cuts are no magic fix for anemic hiring in US
Federal Reserve Chair Jerome Powell signaled a shift from inflation to employment, suggesting the Fed does not seek further cooling in the labour market. However, a slow hiring environment is expected to persist into next year. Factors impacting hiring include corporate cost management and sector-specific revenue pressures.
China's lending to Africa rises for first time in seven years, study shows
Chinese lenders approved $4.61 billion in loans to Africa in 2023, according to Boston University. This marks the first increase since 2016. The study suggests Beijing is balancing lending risks. Key recipients included Nigeria and Egypt for significant infrastructure and renewable energy projects, reflecting a strategic shift in China's approach.
As it reins in wasteful investment, China frets over growth
China's local governments are lagging in their debt issuance plans due to increased scrutiny over potentially wasteful infrastructure investments. With local governments having used just 45.5% of their special debt quota so far this year, discussions are underway to redirect funds to other areas to stimulate economic growth closer to the target.
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EU new car sales flat in July as battery-electric slumps, industry body ACEA says
New car sales in the European Union increased by 0.2% in July despite declines in France and Germany, with battery-electric vehicles losing market share. The total electrified vehicle sales accounted for 50.9% of new passenger car registrations. Major automakers such as Volkswagen, Stellantis, and Renault saw drops in registrations amid rising competition from China.
Chinese hacker group exploits startup bug to target US, Indian companies
Volt Typhoon has breached four US firms, including internet service providers, and another in India through a vulnerability in a Versa Networks server product, according to Lumen Technologies Inc's unit Black Lotus Labs. Their assessment, much of which was published in a blog post Tuesday, found with "moderate confidence" that Volt Typhoon was behind the breaches of unpatched Versa systems and said exploitation was likely ongoing.
New Hindenburg report claims $35 billion server maker Super Micro Computer engaged in 'accounting manipulation'
Hindenburg Research's latest report accuses Super Micro Computer of severe accounting manipulation and sanctions evasion, causing an 8% drop in its Nasdaq-listed shares. The investigation reveals ongoing issues despite a previous SEC settlement and highlights problematic related party transactions. Super Micro, a major Silicon Valley server manufacturer, faces renewed scrutiny over its financial practices and corporate governance.
Job Market Turmoil: European companies cut to the chase with layoffs
Rising inflation and the war in Ukraine have led European companies to freeze hiring or cut jobs. Key organizations such as TSB, PKP Cargo, and Siemens Gamesa are among many announcing job cuts across various sectors, including banking, industrials, consumer goods, pharmaceuticals, and telecoms.
Telegram founder Pavel Durov net worth: Detention in France puts freedom at risk
Telegram has been reluctant to remove all but the most violent content under Durov, who has a net worth of $9.2 billion, according to the Bloomberg Billionaires Index. The 39-year-old has styled himself as a radical libertarian and cultivates a look riffing off of Keanu Reeves’ Neo character in The Matrix, usually sporting an all-black wardrobe. With passports from the United Arab Emirates and France, he often documents his globetrotting life, recently posting pictures of his travels throughout Central Asia.
Bangladesh garment industry faces crisis amid political unrest and floods
The garment industry in Bangladesh has been severely affected by political turmoil and catastrophic flooding. Factories have faced closures, substantial financial losses, and significant disruptions in operations and logistics. The Bangladesh Garment Manufacturers and Exporters Association highlighted that export targets might not be met. Efforts are being made by the interim government to restore order and stability.
