BUSINESS - Page 42

The once-celebrated fugitive former Nissan chairman has hit back at his ex-employer with a massive lawsuit. The businessman is seeking compensation, accusing Nissan of defamation, slander, libel, and fabrication of material evidence. The suit was filed in Lebanon, where Ghosn has been based since fleeing Japan after his arrest on allegations of financial misconduct. He is demanding more than 5% of the company’s current market value in his bid for compensation, according to a report in the BBC. Ghosn’s legal

South Korea’s Hyundai Motor Co (005380. KS) said on Tuesday it plans to invest about 109.4 trillion won in the period through to 2032, allocating around a third of that amount to meet a “seismic change” in the industry toward electric vehicles (EVs). The world’s third-biggest automaker, in tandem with affiliate Kia Corp, also among the world’s ten biggest automakers by sales, has set a goal to lift annual EV production to 1.51 million units and its global volume to

Carmaker Stellantis (STLAM.MI) and iPhone assembler Foxconn (2317. TW) have formed a 50-50 joint venture to design and sell semiconductors for the auto industry from 2026. The new company, SiliconAuto, will supply Stellantis, including its new ‘STLA Brain’ electronic and software architecture, and Foxconn and other customers, the two companies said in a statement. “SiliconAuto will provide customers an auto industry-centric source of semiconductors for the growing number of computer-controlled features and modules, particularly those needed for electric vehicles,” the

Japanese automaker Suzuki Motor Corp 7269.T said on Tuesday it had agreed with SkyDrive Inc to make “flying cars,” using a factory in central Japan to make electric vertical take-off and landing (VTOL) aircraft. The companies aim to begin production by around spring next year, Suzuki said in a statement. SkyDrive will establish a wholly-owned subsidiary to make the aircraft, and Suzuki will help with preparations for the manufacturing, including securing human resources, the company added. Amid global urban congestion

China’s second-largest economy is facing growing turbulence as it struggles with a slowdown in its property market and persistently weak confidence. As a result, the Asian nation’s economic growth is expected to slow in the third and fourth quarters, according to Goldman Sachs (GS.N). According to a note published late Sunday, the Wall Street investment bank has lowered its full-year accurate gross domestic product growth forecast for the world’s second-biggest economy from 6% to 5.4%. It also lowered its 2024

The world’s largest cryptocurrency exchange, Binance, faces regulatory challenges in multiple jurisdictions. The US Securities and Exchange Commission (SEC) filed 13 charges against the company and its CEO Changpeng Zhao, accusing them of a series of violations, including artificially inflating trading volumes, commingling customer assets, misleading investors about market surveillance controls, and operating as an unregistered securities broker. Binance has fought against those claims and is working to ensure that all its operations are transparent and compliant with applicable rules.

The Insider reported that software firm Oracle has laid off hundreds of employees, rescinded job offers, and cut back open positions within its health unit. The move comes amid thousands of cuts in corporate America as companies wrestle with elevated inflation levels and rising interest rates. The tech giant’s layoffs reportedly affect its Cerner division. The layoffs will likely result from Cerner’s troubled work with the Department of Veterans Affairs, which hired the company to replace its homemade medical records

The CEO said he is close to developing technology that will make all Tesla cars capable of driving themselves, repeating claims he has made for years but which he has yet to deliver. Tesla shares rose by 3% to their highest level more than eight months after the announcement, taking the company’s market capitalization to around $800 billion. That makes it the world’s most valuable automaker, ahead of Alphabet and Facebook. Based in Palo Alto, California, Tesla uses a different

The Bank of England looks set to raise rates by a quarter point to a 15-year high of 4.75% on June 22, its 13th straight rate rise, as it fights unexpectedly sticky inflation that risks making the U.K. a global outlier. Inflation accelerated last month, but the central Bank’s policymakers will be encouraged by signs that higher energy costs are easing and the impact of a slump in global food prices is wearing off, boosting its chances of hitting its