Business
Newly privatised Toshiba to cut 4,000 jobs in restructuring drive
Toshiba announces plans to cut up to 4,000 jobs in Japan as part of restructuring efforts following its takeover by a consortium led by Japan Industrial Partners. The move aims to accelerate the turnaround of the conglomerate, reflecting a broader trend of companies resorting to job cuts amid economic challenges.
Reliance faces many hurdles in getting crucial crude delivered as global market struggles
Reliance Industries Ltd., India’s largest private refiner, faces challenges in getting shipments of heavy crude delivered due to sanctions and OPEC+ cuts. To secure needed barrels, it purchased 2 million barrels of Canada’s Access Western Blend crude, embarking on a complex journey involving ship-to-ship transfers and a long voyage to India via the Pacific.
'Applied extra control measures': UK tightens scrutiny of all Indian spice imports amid contamination allegations
Britain's food watchdog imposes stricter controls on all spice imports from India following contamination concerns raised by MDH and Everest brands. Hong Kong and Singapore have suspended sales of certain spice blends due to pesticide concerns. India, US, Australia, and New Zealand are investigating the matter. Indian exporters face scrutiny globally.
Microsoft asks hundreds of China staff to relocate as tensions with US simmer
Amid strained US-China relations, Microsoft asks 700-800 Chinese engineers in its China-based cloud and AI operations to consider relocating outside the country, offering transfers to the US, Ireland, Australia, and New Zealand. This move follows US scrutiny on Chinese imports. Microsoft reaffirms commitment to China while navigating regulatory challenges.
Mission impossible? Next Boeing CEO faces pile of problems
On Tuesday night, the Department of Justice said Boeing had breached a 2021 criminal settlement over the 737 MAX crashes, opening the company up to possible prosecution. Faced with these challenges, Boeing's next chief will need to be a kind of corporate magician capable of turning around troubled operations, resetting bruised relations with airline clients and redefining the company's public identity following scandal and missteps.
Japan suffers worse-than-expected contraction of 0.5%
Gross domestic product in the world's fourth-biggest economy was expected to have shrunk by only 0.3 percent from the previous quarter, according to economist forecasts. Exports shrank 5.0 percent, after growing 2.8 percent the previous quarter, while imports fell 3.4 percent, data from the cabinet office showed. Compared with the first quarter of 2023, GDP fell 2.0 percent compared with a forecasted drop of 1.2 percent, according to Bloomberg News.
Netflix hits 40 million users for ad-supported plan
Netflix's ad-tier plan costs $6.99 per month, compared with monthly plans of $9.99 from Warner Bros Discovery's streaming service Max and $7.99 for Walt Disney's Disney+. Last month, Comcast-owned streaming service Peacock said it would raise prices of its plans, that would take its ad-supported plan to $7.99 per month.
Realty mogul Frank McCourt plans bid for TikTok in US
Frank McCourt, a former owner of the Los Angeles Dodgers and executive chairman of investment firm McCourt Global, is an unlikely contender for the ByteDance Ltd-owned app . TikTok's US assets were valued at $35 billion to $40 billion by Bloomberg Intelligence analysts.
Airbus unveils half-plane, half-copter for more speed
Airbus Helicopters debuted a hybrid aircraft called the Racer, blending helicopter and plane features to enhance speed and stability for critical missions like search-and-rescue. The demonstration, witnessed by industry officials and politicians, was supported by the EU's Clean Sky 2 initiative. This innovation follows a collaboration between Italy's Leonardo and U.S. manufacturer Bell on tilt-rotor technology.
IEA lowers global oil-demand growth forecast for 2024
IEA forecasts slower global oil demand growth in 2024 due to mild winter and declining diesel car fleet in developed economies. China to lead demand gains in 2024 and 2025. Structural headwinds like rising vehicle efficiencies also impact demand.
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Brazil government announces dismissal of Petrobras chief
Jean Paul Prates, a former state senator and an ally of President Luiz Inacio Lula da Silva, "has been dismissed," a presidential spokesman said.
Huawei flagship store surge in China signals showdown with Apple
Huawei aggressively revamps retail strategy with flagship stores near Apple shops in China, aiming to reclaim premium electronics market share. New stores, including one opposite Apple's Shanghai flagship, boast expansive layouts and diverse amenities. Huawei rebounds from U.S. sanctions, aggressively recruits distributors, challenges Apple's dominance in China with premium products.
Anglo American Plc to exit diamonds, platinum and coal mining
Anglo's hand was forced by BHP's bid - which it has twice rejected - but the move also responds to pressure from shareholders to shed less profitable businesses and focus on the copper assets that are the envy of the industry. It leaves a much simpler company - though also a potentially more attractive one to suitors.
Walmart to lay off hundreds of corporate staff, relocate others, source says
Workers at the U.S. retail giant's smaller offices in Dallas, Atlanta and Toronto are being asked to move to other central hubs such as Walmart's corporate base in Bentonville, Arkansas, as well as Hoboken, New Jersey, or Sunnyvale, California, the source told Reuters. Walmart will close those smaller hubs later this year, the source added.
Biden sharply hikes US tariffs on Chinese chips, cars & other items worth billions
President Joe Biden announced a significant increase in tariffs on various Chinese imports, including electric vehicles and medical products, to address what the White House deems unfair trade practices. The move aims to bolster U.S. economic security but risks straining relations with Beijing ahead of the upcoming election.
Melinda Gates to resign from Bill & Melinda Gates Foundation; to use $12.5 billion for own philanthropy
Melinda Gates (Google Trends): On Monday, Melinda French Gates declared her intention to resign as co-chair of the Bill & Melinda Gates Foundation. Her final day of service at the foundation is scheduled for June 7. Following Melinda's departure, CEO Mark Suzman revealed that the Bill & Melinda Gates Foundation will undergo a name change to the Gates Foundation, as a tribute to Bill Sr.'s legacy and Melinda's significant contributions.
