(Brands & Consumers)
Electronics giant Samsung says it plans to invest around 300tn won ($230.8bn; £189.6bn) over 20 years in the South Korean government’s push to develop a mega semiconductor hub in the country. This will be put towards building five chip factories, the firm told the BBC. Samsung is the world’s biggest maker of memory chips, smartphones…
AI-generated videos on YouTube are spreading malware. According to a research team at CloudSEK, there has been a 200-300% month-on-month increase in YouTube videos that contain links to stealer malware, a Trojan that gathers information like usernames and passwords from unsuspecting users. The videos spotted by researchers are masked as tutorials on ways to download…
OpenAI has released GPT-4, the latest version of its hugely popular artificial intelligence chatbot ChatGPT. The new model can respond to images – providing recipe suggestions from photos of ingredients, for example, as well as writing captions and descriptions. It can also process up to 25,000 words, about eight times as many as ChatGPT. Millions…
A US court has ruled that “gig” economy giants including Uber and Lyft can continue treating their workers as independent contractors in the state of California. As reported on BBC, the California appeals court found that a labour measure, known as Proposition 22, was largely constitutional. Labour groups and some workers had opposed the measure,…
Investors and depositors tried to pull $42 billion from Silicon Valley Bank on Thursday in one of the biggest US bank runs in more than a decade, according to a Friday regulatory filing. At the close of business on March 9, the bank had a negative cash balance of $958 million, according to an order…
Former Shell boss Ben van Beurden received a pay package of £9.7m last year, up more than 50% from 2021. As reported on BBC, his pay was revealed in the oil and gas giant’s annual report and accounts. Shell reported the highest annual profits in its 115-year history last year after a surge in energy…
Adidas has warned that it could suffer its first annual operating loss in more than three decades this year, mostly because it may have to write off the entire range of Yeezy-branded clothing and sneakers. The German sportswear maker said Wednesday that it would face an operating loss of €700 million ($736 million) this year—…
Twitter chief executive Elon Musk has apologised over an exchange he had on the platform with an employee. It came after worker Halli Thorleifsson tweeted to Mr Musk saying: “Your head of HR is not able to confirm if I am employed or not”. Mr Musk responded by asking: “What work have you been doing?”…
US airlines are being called out for their family seating fees as calls grow from the Biden administration to cut back on so-called junk fees. As reported on BBC, the Department of Transportation (DoT) has launched a new dashboard in an attempt to put public pressure on airlines to address customer concerns. It shows American,…
A painting by Russian Modernist Wassily Kandinsky that once belonged to victims of the Nazi Holocaust, has sold for £37.2 million ($44.55 million) at Sotheby’s in London. As reported on CNN, part of the auction house’s Modern & Contemporary Evening Auction on Wednesday, “Murnau mit Kirche II” (“Murnau with Church II”; 1910), was the most…
The boss of one of the UK’s largest business groups has stepped aside while an investigation takes place into complaints about his conduct at work. As reported on BBC, the CBI said it took all matters of workplace conduct “extremely seriously”, but would not comment further until the probe was complete. In a tweet, Tony…
Apple’s biggest supplier Foxconn says its revenue last month fell by 11.65% compared to the same period in 2022 due to weaker demand for electronics. However, February revenue was more than $13bn (£10.8bn), the second highest figure on record for the month. Foxconn added that operations at the world’s biggest iPhone factory in the Chinese…
Toblerone bars, sold in over 100 countries, can no longer be called Swiss chocolate because the brand’s US owner is moving some production out of Switzerland. As reported on CNN, the peak-shaped treat made with honey and almond nougat will also lose the iconic Matterhorn mountain from its packaging after Mondelez (MDLZ), which makes Toblerone,…
Starbucks plans to open 100 new stores across the UK this year, while investing millions of pounds in upgrading existing cafes. As reported on BBC, it comes as the world’s largest coffee chain reported a big jump in sales in the UK for 2022, continuing its recovery from the pandemic. Last year the firm was…
Reports have it that ₦2,949,557,867 has been illegally transferred from the accounts of African fintech unicorn, Flutterwave. As reported on PUNCH, the tech giant’s counsel, Albert Onimole, reported the case to the Deputy Commissioner of Police, State Criminal Intelligence Department, Panti, Yaba, Techcabal reported. According to Onimole’s letter, the hack on Flutterwave’s accounts occurred about…
Rihanna is an uncontested musical talent, her discography known and well-remembered by millions upon millions. And after entertaining much of the world during the Super Bowl LVII Halftime Show, she’s set to reprise yet another past effort: her collaborative FENTY line with PUMA. Alongside producing some of the most iconic songs of all-time, Rihanna has…
Tesla founder Elon Musk regained his title as the world’s richest person on Monday. This was reported by Bloomberg. In December 2022 he was dethroned by Louis Vuitton CEO Bernard Arnault, but the rise in value of Tesla shares brought him back to the top of the rankings. As reported on MARCA, Musk’s net worth…
The foldable smartphone market is expanding. Foldable phone fans have already seen a couple of premium smartphones, from Samsung Galaxy Z Fold 4 to Xiaomi Mix Fold 2, Honor’s Magic Vs, and Vivo X Fold+. Now, Tecno’s first foldable – the Phantom V Fold – has been unveiled at the Mobile World Congress (MWC) 2023…
Starbucks illegally fired six workers in New York state in a pushback against unions, a US National Labor Relations Board (NLRB) judge has ruled. As reported on BBC, the judge says the firm committed “egregious and widespread” violations of federal labour law at its stores in cities of Buffalo and Rochester. The coffee chain has…
Manufacturers in Asia’s two biggest economies are performing very differently after the pandemic. As reported on BBC, factory activity in China expanded last month at the fastest pace in more than a decade, official figures show. However, in Japan manufacturing activity shrank in February at the fastest pace in over two years.Firms around the world…
TikTok announced Wednesday that every user under 18 will soon have their accounts default to a one-hour daily screen time limit, in one of the most aggressive moves yet by a social media company to prevent teens from endlessly scrolling. As reported by CNN, teenage TikTok users will be able to turn off this new…
Nokia redesigned its logo for the first time in decades to distance itself from its public image as a phone company. As reported on CNN, the new logo, announced on Sunday, features five different shapes coming together to spell NOKIA. The font is sleeker and the classic shade of blue associated with the brand is…
Florida Governor Ron DeSantis warned people to “buckle up” as he signed a bill giving the state control over Disney’s sprawling Orlando theme parks. As reported on BBC, the bill strips power uniquely held by Disney for over 50 years and enables more oversight by Mr DeSantis’ Republican-led legislature. The move is seen as retaliation…
Elon Musk has reclaimed the title of the richest person in the world, per Bloomberg’s tally. As reported on CNN, the Tesla CEO was unseated from the top spot by Bernard Arnault, CEO of French luxury brand LVMH (LVMHF), in December of last year, making Musk No. 2 on the list for more than two…
Shortly after NFL star Michael Vick was indicted in July 2007 for running a dog fighting operation, Nike suspended the release of his signature shoe line. Vick went on to plead guilty and have his contract suspended, but less clear is what exactly happened to all those sneakers. Nike would not say, but industry analyst…
A popular auto dealer and Chairman of Lanre Shittu Group, Alhaji Rasaq Olanrewaju Shittu, is dead. Alhaji Shittu’s death was confirmed by his son, and Executive Director of the Group, Taiwo Shittu. who disclosed that the auto business tycoon died Monday morning. The late started his auto business in the early 1980s at the then…
The encrypted-messaging app Signal has said it would stop providing services in the UK if a new law undermined encryption. If forced to weaken the privacy of its messaging system under the Online Safety Bill, the organisation “would absolutely, 100% walk” Signal president Meredith Whittaker told the BBC.The government said its proposal was not “a…
Netflix has cut prices of its subscription plans in some countries as the streaming giant looks to maintain subscriber growth amid stiff competition and strained consumer spending. As reported on CNN, the stock fell nearly 5% on Thursday, underperforming the broader market and putting it on course for its worst day in more than two…
Elon Musk’s Twitter Inc laid off dozens of employees on Saturday in what is at least the eighth round of job cuts since Musk took over the social network in late October, the Information reported. As reported on Reuters, the job cuts impacted multiple engineering teams, including those supporting advertising technology, the main Twitter app…
A US billionaire financier who helped pioneer the debt-fuelled corporate acquisition known as a leveraged buyout has been found dead, his family says. In a statement, Thomas H Lee’s family said they were “extremely saddened” by the 78-year-old’s death. The New York Post reports that he died from a self-inflicted gunshot wound at his Manhattan…
Sarita, 24, was shocked rather than pleased when she received an email recently about her new job with a top tech firm in India. As reported on BBC, the annual salary package she was being offered now had been revised; it was 50% less than before, having gone from 650,000 rupees ($7,849; £6,484) to 350,000…
The world’s largest coffee chain Starbucks says it is launching a line of olive oil-infused drinks in Italy. Chief executive Howard Schultz says olive oil’s “unexpected, velvety, buttery flavour… enhanced the coffee and lingers beautifully on the palate.” Starbucks is among the major US businesses that have faced obstacles as they tried to expand into…
A new online shopping platform linked to one of China’s top retailers has quickly become the most downloaded app in the United States, surpassing Amazon and Walmart. Now it’s looking to capitalize from an appearance on America’s biggest stage. Temu, a Boston-based online retailer that shares the same owner as Chinese social commerce giant Pinduoduo,…
Meta is testing a subscription service which will allow Instagram and Facebook users to pay to get verified, Mark Zuckerberg announced on Instagram. “Meta Verified” will start at $11.99 a month on the web or $14.99 a month on iOS, and the company will begin releasing it in Australia and New Zealand this week and…
For the moment at least, Elon Musk is working at Tesla for free. Depending on how you look at it.Musk still has the potential to continue pulling in staggering sums of money, thanks to Tesla, but not in the way that his regular workers make their money. That’s because the CEO hasn’t taken any kind…
Amazon will require all office staff to work in-person at least three days a week, ending a policy that left remote work decisions up to team directors. As reported on BBC, boss Andy Jassy informed staff of the change on Friday, saying it would take effect on 1 May. The company is joining others such…
YouTube CEO Susan Wojcicki is stepping down after nine years in the role. In a blog post, she said she had “decided to start a new chapter focused on my family, health and personal projects I’m passionate about.” As reported on BBC, YouTube’s chief product officer, Neal Mohan, will take over as head of the…
When Roger Federer made the decision to hang up his tennis racket last year at the age of 41, he did so as one of the most influential figures to have played the game. Federer was dominant on the court, winning 20 grand slam singles titles between 2003 and 2018 and spending a total of…
Shares of Barclays tumbled nearly 10% Wednesday after the British bank reported a sharp drop in profit, driven by increased provisions for bad debts and huge fines for wrongly sold securities in the United States. Barclays (BCS) reported a net profit of £5.97 billion ($7.2 billion) for 2022, a 15% decline on the previous year….
A Boeing 747 configured as a private VIP jet is being scrapped after having spent just 30 hours in service over 16 flights. As reported on CNN, the aircraft, originally intended for a Saudi royal, sat on the ground for almost 10 years at EuroAirport Basel Mulhouse Freiburg, located at the border between France, Switzerland…
Tesla chief executive Elon Musk says he donated around $1.95bn (£1.6bn) worth of shares in his electric carmaker to charity last year. As reported on BBC, the donation of 11.6 million shares was described in a filing with US regulators as “a bona fide gift”. The filing did not name the recipient, or recipients, of…
Curtis “50 Cent” Jackson has found a new TV partner for his G-Unit Film & Television company. As reported on The Hollywood Reporter, the rapper and producer has signed a non-exclusive, broadcast direct deal with Fox. As part of the deal, Jackson and G-Unit will develop scripted series, both live-action and animated, for the network….
German airline Lufthansa is ‘stabilizing’ its flight operations at Frankfurt airport after a company-wide IT outage led to a raft of flight cancellations and delays that stranded thousands of passengers in airports on Wednesday. “Lufthansa’s flight operations are currently stabilizing. Departures are also possible again in Frankfurt. The company expects the situation to ease further…
Indian tax agents conducted what they called “surveys” of BBC offices in Delhi and Mumbai for a second consecutive day Wednesday, just weeks after the British broadcaster aired a documentary critical of Prime Minister Narendra Modi. As reported on NPR, more than a dozen income tax officials first entered BBC newsrooms early Tuesday, seizing accounts,…
People in Nigeria have taken to sleeping outside banks. They want to be among the first in line to get notes from the cash machine once it is loaded up in the morning. A lack of newly designed naira notes has led to a cash shortage and a growing sense of anxiety among those desperate…
A proposal to ban TikTok in the United States “should be looked at,” according to US Senator Chuck Schumer. “We do know there’s Chinese ownership of the company that owns TikTok. And there are some people in the Commerce Committee that are looking into that right now,” Schumer, the Senate majority leader, told George Stephanopoulos…
Yahoo has said that it will cut 20% of its total workforce by the end of this year as it restructures its advertising unit, just the latest example of the layoffs spreading throughout the tech and media industries. A Yahoo spokesperson told CNN that the company’s legacy ad tech division, Yahoo for Business, will be…
Adidas’ breakup with Ye, formerly known as Kanye West, is a pricey one. As reported on CNN, the company warned Thursday that it’s expected to lose $1.3 billion (1.2 billion euro) in revenue this year because it’s unable to sell the designer’s Yeezy clothing and shoes. Adidas ended its nine-year partnership with the rapper last…
More than half of Twitter’s top 1,000 advertisers in September were no longer spending on the platform in the first weeks of January, according to data provided to CNN by digital marketing analysis firm Pathmatics, in a striking sign of how far reaching the advertiser exodus has been following Elon Musk’s acquisition of the company….
Hermès has secured the bag. The French fashion house has prevailed in its fight against an artist who was selling NFTs of the iconic Birkin bag, The Wall Street Journal reported on Wednesday. Mason Rothschild was ordered to pay the the brand $133,000—although the long-term implications may be much more valuable than that sum. “Great…
