Spain’s antitrust regulator, known as CNMC, has levied substantial fines on tech giants Amazon and Apple, totalling €194.1 million ($218 million), for colluding to limit competition on the Amazon platform in Spain. The fines were imposed due to anti-competitive clauses present in two contracts signed by the companies on October 31, 2018, which granted Amazon…
Meta’s Twitter competitor, Threads, has introduced a significant update to the app, aiming to maintain its momentum since its launch two weeks ago. The latest features include a translation button and a dedicated tab in users’ activity feed, showing who has followed them. Cameron Roth, a software engineer working on Threads, announced the updates, assuring…
Egyptian cashless payments app, Flash, has successfully raised $6 million in a funding round led by Addition, with participation from Flourish Ventures and several strategic angel investors. The fresh capital injection will be utilized to bolster the company’s product development efforts and expand its customer base in Egypt. Additionally, Flash has secured approval from the…
In one of the largest shareholder settlements of its kind, Tesla directors have agreed to return $735 million to the company to resolve claims of grossly overpaying themselves. According to a court filing in a Delaware court on Monday, the settlement stems from a 2020 lawsuit brought by a retirement fund holding Tesla (TSLA) stock,…
A first-edition 2007 Apple iPhone has fetched an astounding $190,372.80 at auction, surpassing initial estimates and earning the title of “Holy Grail” by auctioneer LCG Auctions. The 4GB model, considered an extraordinary collectible, was initially expected to sell for around $50,000 to $100,000. However, a bidding war ensued during the online auction, attracting 28 bids…
Federal Appeals Court Clears the Way for Microsoft’s Acquisition of Activision BlizzardIn a significant setback for the Federal Trade Commission (FTC), a federal appeals court has decided not to block Microsoft (MSFT) from finalizing its $69 billion acquisition of Activision Blizzard. This ruling marks the second major defeat for the FTC this week in a…
Chinese fast-fashion giant Shein is facing a lawsuit filed by three graphic designers who accuse the company of “egregious” copyright infringement and racketeering. The lawsuit was filed in a California federal court on Tuesday, claiming that Shein produced and sold exact copies of the designers’ work. The plaintiffs argue that Shein relies on “secretive algorithms”…
According to an estimate from Anderson Economic Group, a Michigan-based economic research firm, a 10-day strike by UPS workers could potentially cost the US economy a staggering $7.1 billion. If this were to occur, it would become the most expensive work stoppage in US history, causing significant and lasting harm to small businesses, household workers,…
The board of The Walt Disney Company has unanimously voted to extend CEO Bob Iger’s contract by two years, until the end of 2026. When Iger returned to the CEO position in 2022, he had initially planned to stay for two years while a replacement was sought. In a statement, Iger acknowledged the challenging decisions…
Elon Musk has announced the establishment of a new company, xAI, focusing on artificial intelligence, in his ongoing efforts to create a competitor to ChatGPT. The newly unveiled xAI company has launched a website and assembled a team of twelve employees, with Musk at the helm, and plans to collaborate closely with X (Twitter), Tesla,…
Google, its parent company Alphabet, and its AI subsidiary DeepMind are facing a proposed class-action lawsuit in California, filed by Clarkson Law Firm, alleging that the tech giant scraped data from millions of users without consent and violated copyright laws to train its AI products. The complaint claims that Google secretly stole data from Americans…
Elon Musk’s persistent Twitter foe, Jack Sweeney, has migrated to Meta’s competing platform, Threads, after launching an account named “elonmusksjet” last week. Sweeney gained attention for his ElonJet Twitter account, which used a bot to track Musk’s private jet, leading to Musk offering him $5,000 to stop posting the jet’s location. In December, Musk permanently…
Modelo Especial, a Mexican-made beer, has reclaimed the title of the top-selling beer in the United States for the second consecutive month, surpassing Bud Light. According to data from NIQ provided to consulting firm Bump Williams, Modelo Especial secured 8.7% of overall beer sales for the four-week period ending on July 1, surpassing Bud Light’s…
Twitter’s future hangs in the balance as the launch of rival app Threads from Meta threatens its already struggling business, with the new app surpassing 100 million users in less than a week, raising concerns about Twitter’s ability to retain its audience. Recent data from Cloudflare and Similarweb shows a noticeable decline in Twitter usage,…
Celsius Holdings, known for its calorie-burning energy drinks, has often been dubbed a “baby Monster” in reference to its rival, Monster Beverage. However, with Celsius experiencing significant growth and stock appreciation, Monster is taking notice. In a reactionary move, Monster has announced its acquisition of Vital Pharmaceuticals, the maker of Bang energy drinks. While some…
Mercedes-Benz has announced that starting next year, its electric vehicle drivers will be able to use Tesla’s superchargers, with plans to fully adopt Tesla’s charging standard by 2025. This move by Mercedes-Benz follows similar agreements made by other automakers, further solidifying Tesla’s position as a widely accepted standard in the electric vehicle industry. As part…
Last year brought a series of challenges for Meta CEO Mark Zuckerberg, from the Facebook Papers revelations to skepticism surrounding the company’s rebranding as Meta. However, an unexpected turn of events involving Elon Musk and Twitter shifted the spotlight onto a new battleground, with Zuckerberg emerging as the victor. In the ever-evolving landscape of social…
In less than 48 hours, Meta’s Twitter rival Threads has gained over 70 million sign-ups, prompting concerns about the accumulation of power for Meta and CEO Mark Zuckerberg, as some users worry about a potential monopoly. The success of Threads can be attributed to the dissatisfaction with Elon Musk’s ownership of Twitter and the integration…
Samsung Electronics reported a predicted 96% drop in second-quarter operating profit, estimating it to be 600 billion won ($459 million), largely in line with forecasts and the company’s lowest profit for any quarter since 2009. The profit estimate aligns with a 555 billion won Refinitiv SmartEstimate, with Samsung shares falling 1.4% in early trade. Losses…
Twitter is considering legal action against Meta, the parent company of Facebook, following the launch of Meta’s new Twitter competitor, Threads, signaling Twitter’s view of the app as a significant rival. In a letter sent to Meta CEO Mark Zuckerberg by Twitter’s attorney, it is alleged that Meta engaged in trade secret theft by hiring…
Tommy Hilfiger’s President and Chief Brand Officer, Avery Baker, has announced her departure after 24 years with the luxury fashion brand. The company has not yet revealed who will succeed Baker, who made the announcement on LinkedIn and highlighted her role in guiding the brand through the challenges of the COVID-19 pandemic. Baker expressed her…
Meta’s newly-launched Threads app attracted 30 million users 24 hours after it was launched, according to Mark Zuckerberg, the CEO of Meta, who described the app as a “friendly” competitor to Twitter, owned by Elon Musk since October; experts believe Threads could appeal to dissatisfied Twitter users due to recent changes on the platform. “Wow,…
Meta, the parent company of Facebook, has launched its latest app, Threads, in a direct challenge to Twitter’s real-time conversation space. The app, which bears many similarities to Twitter in terms of layout and features, aims to provide a platform for real-time conversations and connecting with like-minded people. Meta CEO Mark Zuckerberg expressed his vision…
The rivalry between Mark Zuckerberg and Elon Musk escalates as Zuckerberg’s Meta teases Threads, a new app challenging Twitter’s real-time conversation space, set to launch on Thursday.Threads, resembling Twitter, emphasizes conversations, building a following, and connecting with like-minded people, according to the App Store description. The App Store description of the app offers a clear…
An Australian project management firm has filed a lawsuit against Twitter in a US court seeking cumulative payments of about A$1 million ($665,000) over alleged non-payment of bills for work done in four countries, court filings showed. Sydney-based private company Facilitate Corp on June 29 filed the suit in the United States District Court for…
With just five words, a recent tweet from Kraft Heinz sparked a bit of a debate about how you should store your ketchup. “FYI,” began the tweet from the United Kingdom-based branch of the food and beverage company. “Ketchup. Goes. In. The. Fridge!!!” Kraft Heinz, whose ketchup is among its popular condiments, shared the heavily…
BYD outpaced Tesla in the second quarter as the Chinese carmaker posted record sales of hybrid and electric vehicles. Between April and June, BYD (BYDDF) sold more than 700,000 vehicles, almost double the number sold in the same quarter last year and setting a new quarterly record. On Sunday, Tesla (TSLA) announced it had achieved…
The tragic passing of the legendary Kobe Bryant, his daughter Gigi, and the helicopter crew in 2020 sent shockwaves through the world. As fans mourned the loss of the basketball icon, there was an unprecedented surge in demand for his sneakers. Finding a pair of Kobe sneakers at a reasonable price became nearly impossible. The…
Apple has once again achieved a remarkable milestone by becoming the only company ever to reach a market value of $3 trillion. On Friday, Apple’s shares rose 1%, reaching a record price of $191.34. With 15.7 billion shares outstanding, this surge in stock price propelled Apple to its historic market value. Although Apple had briefly…
In response to the increasing demand for transparency in artificial intelligence, Meta has unveiled a range of tools and information designed to help users understand how AI influences the content they see on its apps. The social media giant has introduced nearly two dozen explainers that focus on various features of its platforms, including Instagram…
Pepsi, known for being a popular beverage accompaniment to hot dogs, is breaking tradition with its latest creation, “Pepsi Colachup,” a condiment infused with Pepsi. Developed in collaboration with the Culinary Institute of America, this limited-edition sauce aims to enhance the flavor of hot dogs by incorporating the rich caramel notes and citrusy pop of…
Diageo, the spirits maker, has terminated its 15-year partnership with Sean “Diddy” Combs, following a recent racial discrimination lawsuit and allegations of neglect and underpromotion of his DeLeón tequila, which he claimed was labeled as an “urban” product in marketing. Diageo, based in London and known for brands like Smirnoff and Johnnie Walker, countered the…
Sony opted for plastic material in the construction of the WH-100XM4 headphones, weighing 254g, while Apple used premium materials for the AirPods Max, resulting in a weight of 385g.However, Apple seems to have overlooked this lesson when it comes to the $3,500 Apple Vision Pro “spatial computer,” which is reported to be on the heavier…
British ultra-luxury sports car manufacturer Aston Martin has partnered with California-based electric luxury car startup Lucid Group, whereby Lucid will supply electric motors and battery systems for Aston Martin’s upcoming electric vehicles. Aston Martin aims to release its first fully electric model by 2025 and has Saudi Arabia’s Public Investment Fund as its largest shareholder,…
Leading African payments technology company, Flutterwave has announced it is working with Microsoft to build its next generation platform on Microsoft Azure, powering payments infrastructure across the African continent and beyond. Through this engagement, Flutterwave will support the accelerated growth of transactions processed on Flutterwave platform for global clients like Uber, Netflix, and Microsoft, solidifying…
Toyota, known for pioneering lean car manufacturing, now faces the challenge of catching up to electric vehicle leaders like Tesla, which has found success in producing EVs efficiently and profitably. Tesla’s unconventional approach to both factories and vehicle designs has surpassed Toyota’s traditional methods, prompting Toyota’s deputy chief of global production, Yoshio Nakamura, to acknowledge…
Bentley, the renowned British luxury car brand, is entering the world of electric vehicles (EVs) with its first pure electric car, equipped with advanced self-driving technology. The electric Bentley will feature Mobileye’s SuperVision system, consisting of 11 cameras, also to be used in Porsche’s upcoming Macan EV, allowing for partial autonomous driving on highways with…
Tesla CEO Elon Musk expressed his intention to invest in India “as soon as humanly possible” following a meeting with Indian Prime Minister Narendra Modi in New York. Musk emphasized Modi’s interest in India and the push for significant investments from Tesla, stating that they are determining the right timing for the move. While Musk…
Gannett, the largest newspaper publisher in the US, has filed a lawsuit against Google, claiming that the tech giant has a monopoly over the digital ad market. The lawsuit was filed in a New York federal court, and Gannett is seeking unspecified damages, arguing that Google and its parent company, Alphabet, control the buying and…
Alibaba, the Chinese tech giant, is undergoing its largest shakeup in history with the announcement of leadership changes. Daniel Zhang, the current chairman and CEO, will be replaced by Joseph Tsai as chairman and Eddie Wu as CEO, effective from September. Zhang will continue to serve as the chairman and CEO of Alibaba’s cloud unit….
Toyota engineers are working on a unique feature for electric cars – a realistic fake manual transmission. Although a manual transmission on an electric vehicle serves no functional purpose, it is being developed as an add-on for those who enjoy shifting gears in gasoline-powered cars. Toyota, known for its skepticism towards electric vehicles, is planning…
BMW recently unveiled an exhibit called “The Electric AI Canvas” at Art Basel. An extension of the “The Ultimate AI Masterpiece,” it marks the first time the virtual work is transformed into a physical art experience. Featuring the BMW i5 as a dynamic canvas for generative art, the exhibition includes works by contemporary artists and…
YouTube has announced that it is relaxing the rules for its partner program, allowing new creators to start earning money from their video-making careers at an earlier stage. Despite this positive change, the situation is not entirely favorable for new content creators.YouTube is a popular platform for video content and has played a significant role…
Mercedes-Benz and Microsoft have reached an agreement to incorporate Microsoft’s ChatGPT, a generative artificial intelligence software, into Mercedes-Benz cars in the United States. The addition of ChatGPT aims to enhance the voice-command capabilities already present in Mercedes vehicles, allowing for more natural and fluid interactions with the driver. Currently, Mercedes drivers can use voice commands…
Many top business leaders are expressing serious concerns about the potential existential threat posed by artificial intelligence (AI) in the near future. According to survey results exclusively shared with CNN from the Yale CEO Summit, 42% of CEOs believe that AI has the potential to destroy humanity within the next five to ten years. This…
A Reddit blackout that began as a two-day voluntary shutdown has entered its third day, with no signs of ending soon. Over 6,000 subreddits, including popular communities like r/aww, r/videos, and r/music, remained inaccessible and in private mode. This prolonged protest is in response to changes in Reddit’s data policies, specifically the decision to introduce…
A jury has delivered a verdict in favor of former Starbucks regional director Shannon Phillips, who filed a lawsuit against the company alleging wrongful termination based on her race as a White employee. Phillips, who had been employed by Starbucks for approximately 13 years and managed a region of stores, was fired following the arrest…
In a significant shift, Modelo Especial, the Mexican lager brewed by Constellation Brands near Mexico City, has emerged as the top-selling beer in May, dethroning Bud Light from its longstanding position. This development further highlights the challenges faced by the Anheuser-Busch brand, particularly after a transgender influencer’s Instagram post featuring a customized Bud Light can…
A US judge has granted the Federal Trade Commission’s (FTC) request to temporarily block Microsoft Corp’s acquisition of Activision Blizzard, a video game maker. The judge, Edward Davila, scheduled a two-day evidentiary hearing on the FTC’s request for a preliminary injunction to take place on June 22-23 in San Francisco. Without the court order, Microsoft…
When Tim Cook took over as Apple CEO from Steve Jobs nearly 12 years ago, there were doubts about whether the company had reached its peak. However, under Cook’s leadership, Apple’s market cap has skyrocketed by over 700%, reaching almost $3 trillion. The iPhone business has continued to thrive, driven by innovative features and pricing…
