(Brands & Consumers)
Evergrande Group, the heavily indebted Chinese property developer, has finally released its long-delayed financial results, marking a crucial step in its debt restructuring, which is poised to become one of the largest in Chinese corporate history. According to a filing on Monday with the stock exchange, the company reported losses amounting to 476 billion yuan…
The anticipation to witness Lionel Messi’s highly awaited US debut comes with a hefty price tag. Tickets for his expected first match on Friday with Inter Miami in the Leagues Cup are being sold for as much as $110,000, according to a search on ticket reselling website Vivid Seats. This marks one of the highest…
AmeriCorps, the federal agency for volunteerism and national service, announced on Friday that it had recovered a record-breaking $84 million in overlooked deductions, credits, and tax breaks for low-income Americans during the 2023 tax season. Through its collaboration with local non-profit organizations, AmeriCorps assisted more than 113,000 taxpayers in over 130 cities, according to a…
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…
Tesla has finally completed the construction of its first Cybertruck, according to a tweet posted by the electric car company on Saturday. The long-awaited Cybertruck was built at Tesla’s Gigafactory near Austin, Texas, as depicted in the image shared in the tweet, showing workers wearing hard hats surrounding the sleek vehicle. The prototype for the…
Elon Musk, the billionaire owner of Twitter, has revealed via Twitter that the platform is still facing financial challenges due to a 50% drop in advertising revenue and a “heavy debt load,” resulting in negative cash flow. In response to a follower’s business advice, Musk tweeted, “Need to reach positive cash flow before we have…
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,…
A small vase, measuring only 10 centimetres (four inches), which was bought for a mere £2.50 ($3.30) from a thrift store in the southeastern county of Surrey, UK, is anticipated to be sold for up to £9,000 ($11,800) at an upcoming auction. Canterbury Auction Galleries revealed in a press release that the couple who spotted…
Wipro, one of India’s leading software services providers, has unveiled its ambitious plan to equip its entire workforce with artificial intelligence (AI) skills. The company announced on Wednesday that it will allocate $1 billion to enhance its AI capabilities over the next three years, ensuring that its 250,000 employees across 66 countries are well-versed in…
The ‘F1 in Schools’ competition, aimed at inspiring students to pursue science, technology, engineering, and math (STEM) subjects, is experiencing a surge in participation, thanks to the Netflix docu-series ‘Drive to Survive.’ Organizers of the global not-for-profit program have reported a record number of teams registered for this year’s finals in Singapore, scheduled for September….
Reports suggest that Brad Pitt is determined to oust the Russian vodka oligarch, Yuri Shefler, to whom Angelina Jolie allegedly sold her share of their French vineyard. Brad Pitt, 59, and Angelina Jolie, 48, purchased Château Miraval in 2008 and got married there in 2014, but their divorce in 2019 sparked a battle over the…
Jack Ma, once Asia’s richest person, has seen his fortune decrease significantly over the past three years, with his net worth estimated to be less than half of its peak value in 2020. The decline in Ma’s wealth is attributed to the falling valuation of Ant Group, the fintech giant he co-founded but no longer…
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,…
Chinese officials have revealed new details about their plans for a manned lunar mission, aiming to be the second nation to put citizens on the moon, with Zhang Hailian, deputy chief engineer of the China Manned Space Agency (CMSA), sharing the preliminary plan at an aerospace summit in Wuhan, according to state-run news agency Xinhua….
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…
Disgraced former Theranos CEO Elizabeth Holmes could be out of prison nearly two years earlier than expected, according to the projected release date posted by the Bureau of Prisons.Holmes reported to a Texas prison camp in late May after being sentenced to 11 years and three months in prison at the end of last year….
The UK government aims to boost the economy by leveraging the country’s pension savings, with nine major pension providers agreeing to increase investments in high-growth UK companies, potentially unlocking £50 billion ($64.5 billion) of funding. Under the agreement, firms like Aviva, Legal & General, and Mercer have committed to allocating at least 5% of assets…
Foxconn has decided to withdraw from a $19.4 billion joint venture with Vedanta to build a chip factory in India, dealing a blow to the country’s ambitions of becoming a tech manufacturing powerhouse. The Taiwanese tech giant, known for its role as a top supplier for Apple, cited a “mutual agreement” as the basis for…
Comedian Sarah Silverman and authors Christopher Golden and Richard Kadrey have filed separate lawsuits against Meta and OpenAI, alleging that the companies used copyrighted materials from their books to train their AI language models without permission. The lawsuits were filed in a San Francisco federal court and seek class action status.Concerns have been raised about…
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…
Ant Group, co-founded by Jack Ma and affiliated with Alibaba Group, has announced a share buyback valued at $78.5 billion, a significant decline from its previous valuation before its IPO was halted by Chinese regulators. The combination of losses in market capitalization for Ant and Alibaba amounts to approximately $877 billion, attributed to the regulatory…
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,…
Roc Nation Sports International (RNSI), owned by American billionaire hip-hop mogul Jay-Z, has completed the acquisition of Brazilian football agency TFM Agency. The acquisition, we gathered, was part of RNSI’s expansion into the South American football market. TFM Agency is home to global football stars including Vinicius Jr, Martinelli, and Endrick. With the acquisition, the…
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…
A Canadian farmer owes $82,000 for breach of contract after using a “thumbs-up” emoji in a text. According to court documents from the King’s Bench for Saskatchewan in March 2021, grain purchasers with South West Terminal, Ltd., sent a text message to grain suppliers wanting to buy flax for $17 per bushel for delivery in…
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…
Entertainment company, Amazon, is seeking the dismissal of a suit against the controversial movie, Gangs of Lagos. It should be recalled that the movie, which was released in April, clearly portrays the violent and thuggery lifestyle of some parts of Lagos, hitting close with Lagos politics and revealing the greater weight behind street power. Expressing…
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,…
Hong Kong stocks suffered their worst day in four months on Thursday, with the Hang Seng (HSI) Index dropping 3%, the largest decline since March, as a result of Goldman Sachs downgrading major Chinese banks due to local government debt risks and the US Federal Reserve’s hawkish outlook. Financial shares led the sell-off after Goldman…
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…
“Just weeks after hugely disruptive protests and strikes over pension reforms in France finally died down, businesses in the country are grappling with the fallout from a week of rioting,” reports CNN. According to the French business association, MEDEF, the riots, sparked by the fatal shooting of a teenager by a police officer, have caused…
“The Federal Aviation Administration (FAA) has certified for testing a vehicle that a California startup describes as a flying car — the first fully electric vehicle that can both fly and travel on roads to receive US government approval,” reports Alef Automotive. According to Alef Automotive, their vehicle/aircraft called the “Model A” is unique as…
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…
Saudi Arabia and Russia announced Monday that they would make additional cuts to oil supply as a global economic slowdown hangs over the outlook for energy demand. “Saudi Arabia will extend a cut of 1 million barrels a day in its oil production at least until the end of August,” said the world’s biggest exporter…
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…
The largest tobacco manufacturers will be required to prominently display warning signs about the dangers of cigarette smoking in over 200,000 stores across America startinon July 1, 2023. This was revealed by a representative from a consortium of anti-smoking groups, which marks the final major milestone in a lawsuit initiated by the Justice Department against…
Jack in the Box has introduced a temporary pop-up restaurant in Inglewood, California, themed after iconic rapper Snoop Dogg, but contrary to expectations, the menu will not feature gin and juice. Operating exclusively during the July Fourth holiday weekend, the San Diego-based fast-food chain’s pop-up restaurant, named Dogg in tha Boxx, will be open until…
San Francisco’s Bar Crenn has officially introduced cultivated chicken, made from lab-grown cells, to its menu, marking a milestone in the cultivated meat industry; however, the chicken cannot be ordered by walk-in customers. Upside Foods and Good Meat, two companies recently granted approval by the US Department of Agriculture, will begin producing and selling their…
United CEO Scott Kirby has issued an apology to customers and employees after facing backlash for taking a private jet while the airline was in the midst of canceling numerous flights. The airline confirmed that Kirby flew privately from Teterboro Airport in New Jersey to Denver, Colorado, during a week when United faced significant disruptions….
