BUSINESS - Page 11

Electric vehicle (EV) startup Fisker dealt a blow to the industry on Monday, filing for Chapter 11 bankruptcy protection in a Delaware federal court. This marks a sad end to months of struggle for the company, which has been grappling with financial woes and failed rescue attempts. The news comes as no surprise to many who have been following Fisker’s recent troubles. The company had paused production of its Ocean SUV earlier this year and halted development of its Pear

Chinese automakers are signaling a continued commitment to the European market, even as the European Union (EU) moves forward with an anti-subsidy investigation into Chinese electric vehicles (EVs). This investigation could lead to tariffs on Chinese EVs, potentially making them less competitive in the critical European market. According to a leading Chinese auto industry association, car manufacturers from China remain undeterred. Their plans for investment in Europe are on track, highlighting the long-term strategic focus on this region. This bullish

Shares in Southwest Airlines (LUV) took flight on Monday after a Wall Street Journal report revealed activist investor Elliott Investment Management had built a nearly $2 billion stake in the company. The news sent a wave of optimism through the market, with Southwest’s stock price jumping [percentage increase] in pre-market trading. Elliott, known for its aggressive approach in pushing for changes at companies it invests in, reportedly plans to engage with Southwest’s management. This news has investors speculating about potential

GameStop, the video game retailer at the center of the 2021 meme stock frenzy, demonstrated its resilience yet again this week. Despite a surprise announcement of a $3 billion share sale and a much-anticipated livestream from social media influencer Keith Gill (better known as “Roaring Kitty”), the company’s stock price experienced a significant dip of nearly 40%. This dip, while a challenge, is a testament to the ongoing volatility surrounding GameStop and the hurdles it is bravely facing in its

Tesla drivers in China are in for a smoother ride thanks to a recent software upgrade that brings a significant improvement to the in-car navigation system. The update, released last Friday, introduces lane-level guidance, a feature that displays lane markings on the car’s map that correspond to the actual lanes on the road. This enhanced visual aid promises to make navigating complex intersections and highways a breeze. While Tesla hasn’t revealed the specific provider of the lane data, reports suggest

In a significant move to ramp up production of its best-selling A320neo aircraft, Airbus has announced the establishment of a brand new assembly line. This expansion comes through a unique strategy – a historic hangar swap. Airbus will be taking over a previously used hangar at one of its existing facilities, creating space for the new A320neo assembly line. This strategic move signifies Airbus’s confidence in the continued demand for the fuel-efficient A320neo family. The A320neo, known for its new-engine

The European Union’s decision on potential tariffs for electric vehicles (EVs) imported from China looms large, with the head of German automaker Mercedes-Benz expecting a verdict soon. This news comes amidst a growing electric vehicle market and rising tensions over trade practices between the EU and China. A Charged Atmosphere The potential for tariffs stems from concerns within the EU about alleged unfair subsidies the Chinese government provides to domestic EV manufacturers. These subsidies can make Chinese EVs more affordable,

Agricultural machinery giant Deere & Company (Deere) announced job cuts on Wednesday in response to a slowdown in farm equipment demand. The exact number of positions affected remains undisclosed, but the company confirmed cuts will target both production and salaried roles. This move comes amid declining farm income and a cautious outlook for the agricultural sector. Deere cited “overlap and redundancy in roles and responsibilities” as justification for the workforce reduction. This suggests the company is streamlining operations to optimize

The iconic Big Mac has suffered a setback in a surprising legal battle. The European Union’s General Court has ruled that McDonald’s cannot hold the “Big Mac” trademark for chicken products. This decision, a victory for Irish fast-food chain Supermac, throws a wrench into McDonald’s trademark protections within the EU. The dispute originated in 2017 when Supermac, known for its burgers and fish and chips, challenged McDonald’s trademark on “Big Mac” for meat and poultry products. Supermac argued that McDonald’s

Ticketmaster, the world’s leading ticketing giant, has come under fire after its parent company, Live Nation, confirmed a significant data breach that may have compromised the personal information of a staggering 560 million users. The company revealed the attack in a filing with the U.S. Securities and Exchange Commission (SEC), sending shockwaves through the online ticketing community. According to Live Nation, the unauthorized activity was identified on May 20th, 2024, within a third-party cloud storage system housing user data. The