BUSINESS - Page 43

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

On Friday, U.S. memory chipmaker Micron said it was committed to China. It would invest 4.3 billion yuan ($603 million) over the next few years in its chip packaging facility in the Chinese city of Xian. The company did not disclose the value of the investment or how many jobs it would create. Micron is the world’s biggest maker of DRAM and NAND chips and derives more than 10% of its global revenue from China. Micron said it would buy

Bill Gates is in China, marking his first trip to the country since 2019. He tweeted that he would meet with partners associated with the Bill and Melinda Gates Foundation who have been working on global health and development challenges. Gates’ visit will likely include a meeting with Chinese President Xi Jinping. According to two people who know the matter, it will mark Xi’s first encounter with a foreign private entrepreneur in recent years. The encounter may be one-on-one, the

German engineering and technology group Siemens (SIEGn.DE) will spend 2 billion euros ($2.16 billion) on a new global investment plan as it gears up to meet increased demand triggered by global stimulus packages. The company will build new factories, research and development centers, and training sites worldwide, Siemens said in a statement on Thursday. The investment program will boost capacity for high-tech manufacturing, including constructing a new plant in Singapore for its industrial automation division and expanding at the site

A vital component of the Tesla Model Y is a single giant casting that replaces thousands of individual stamped metal parts. It helps simplify the vehicle’s design, reduce weight, and boost efficiency. In addition, the process cuts assembly time and costs. It is not surprising that other automakers are chasing this breakthrough. Toyota Motor (7203.T) said this week it would adopt a technology Tesla (TSLA.O) pioneered known as “Gigacasting.” Toyota is not alone in following Tesla’s breakthrough. Several other EV

ON MONDAY, the US Federal Trade Commission asked a court to temporarily block Microsoft Corp’s (MSFT.O) acquisition of Activision Blizzard (ATVI.O), arguing the deal would harm the video game industry. The agency urged a judge to issue a temporary restraining order and preliminary injunction to prevent the companies from consummating the deal until it can challenge it in an administrative court. A trial for that proceeding is scheduled to begin Aug. 2. The FTC, the government’s antitrust enforcement arm, said

San Francisco, a city already grappling with the aftermath of the pandemic, is now faced with another blow as the owners of the iconic Westfield San Francisco Centre mall have decided to cease loan payments and relinquish control of the property to lenders. This development adds to the city’s mounting real estate challenges, further complicating efforts to revive its economy and attract workers and tourists. The Westfield San Francisco Centre Mall, located in the heart of downtown San Francisco, has

SoftBank Group Corp., the Japanese conglomerate known for its ambitious investments and technology-focused Vision Fund, is reportedly facing significant challenges that have prompted the company to initiate a round of layoffs within its Vision Fund division. The move comes as SoftBank grapples with various issues, including underperforming portfolio companies and the need to reassess its investment strategies. In this article, we explore the circumstances surrounding SoftBank’s decision to implement layoffs and the potential impact on the company’s future. SoftBank’s Vision

UBS (UBSG.S) said on Monday it had completed its emergency takeover of embattled local rival Credit Suisse (CSGN.S), creating a giant Swiss bank with a balance sheet of $1.6 trillion and more significant muscle in wealth management. The $3.3 billion deal, arranged hastily in March by the government and regulators after Credit Suisse’s shares plunged and jittery depositors pulled out their money, was designed to stem upheaval in global financial markets. The merger gives the combined group control of $5

JPMorgan, the largest financial institutions in the world, has reached a settlement agreement with the victims of the late financier Jeffrey Epstein. The settlement marks a significant step towards providing restitution and closure to the victims who suffered harm due to Epstein’s heinous actions. This article delves into the details of the settlement, its implications, and the importance of accountability in the pursuit of justice. After engaging in extensive negotiations, JPMorgan has agreed to a settlement to resolve the claims