BUSINESS - Page 23

Alphabet’s Google has agreed to pay $700 million for greater competition in its Play app store, resolving antitrust claims from US states and consumers. The deal, awaiting final approval from a judge, includes $630 million in consumer compensation and $70 million that states will use. The company will also change its app distribution and billing policies to encourage more developers to compete with the market leader. The settlement, announced Monday in a San Francisco federal court, settles claims that the

India’s Siemens Ltd will explore a spin-off of its energy business at the behest of some of its stakeholders, sending its shares to a record high. Its board also approved the incorporation of a unit in the financial hub of Mumbai if and when it decides to implement the demerger. The Munich-based company will set up a wholly-owned subsidiary in India to take forward the proposed separation of its energy business, it said in a release. The move reflects the

As Wall Street frets about a global economic slowdown, Tesla and SpaceX boss Elon Musk is making moves to raise cash for his key businesses. It may indicate that the maverick billionaire is concerned about a credit crunch wreaking havoc on trading partners in China, which he knows will likely have a knock-on effect worldwide. The world’s second most valuable closely-held startup, which currently has a value of about $150 billion, will sell insider shares at $97 apiece in a

On Tuesday, the fashion brand Zara expressed regret for the “misunderstanding” surrounding an advertising campaign that depicted statues wrapped in white, leading to calls for a boycott from certain pro-Palestinian activists. The company acknowledged the controversy, stating that it had taken down the images and offered an apology for the “distress” they may have caused. Thousands of complaints flooded Zara’s Instagram account, often accompanied by Palestinian flags, while the hashtag #BoycottZara gained traction on the messaging platform X. The images

JPMorgan Chase & Co is set to outsource the operations of its local custody business in Hong Kong and Taiwan, with Citigroup, HSBC, and Standard Chartered in the race for the mandate. The Wall Street Bank, the world’s third-largest global custodian, is selecting another bank to take over the local custodian operations in Hong Kong and Taiwan, with financial details of the deal not immediately apparent. The move to exit the low-margin local custodian business in the Asia Pacific is

Tucker Carlson has priced his subscription-based streaming service at $9 per Month as the former Fox News host looks to capitalize on his popularity among conservative viewers. The Tucker Carlson Network features interviews, behind-the-scenes footage, and commentary from the host, as well as early access to tickets for future live events, its website showed on Monday. The site says that subscribers will also have access to members-only content, a “bonus FREE month added to your subscription,” and the ability to

With the COP28 climate talks entering crunch time, U.N. climate chief Simon Stiell urged countries to come together to reach a final deal for the summit that will keep temperatures from rising more than 1.5 degrees Celsius. “It’s essential that the last day of negotiations results in a strong package of measures to deliver on the Paris Agreement,” Stiell said, as reported by Reuters. This means setting targets and timelines to end unabated fossil fuel use, supported by plans and

The angular design of Tesla’s Cybertruck has safety experts concerned the electric pickup truck’s stiff stainless-steel exoskeleton could hurt pedestrians and cyclists and damage other vehicles on roads in the event of a collision. Six safety professors and officials who viewed videos of crash tests conducted by Tesla on its first new vehicle in nearly four years and shown during a webcast delivery event last week expressed severe concerns to Reuters. The videos, shared by Tesla on November 30, showed

The feud between billionaire entrepreneur Elon Musk and the CEO of Disney has escalated, with the former demanding Iger’s firing. This comes in response to Disney’s decision to pull advertisements from the X, formerly Twitter-like social media platform that Musk owns and where he frequently voices his opinions. The move by Disney was a direct result of a post on the platform that Musk made endorsing an anti-Semitic conspiracy theory. In the since-deleted post, Mr. Musk shared a meme that

The rise of inexpensive Chinese electric vehicles (EVs) has put pressure on legacy automakers who have turned to suppliers, from battery materials makers to chipmakers, to squeeze out costs and develop affordable EVs quicker than planned. Until now, many established car brands have focused on developing high-end models with advanced features to attract the earliest EV adopters. But with prices for the latest offerings falling to a fraction of what early movers paid, many buyers are ready to wait for