Chipmaker TSMC, a major Apple supplier, forecast a 16% plunge in sales for the second quarter as consumers grapple with an inventory glut while a weakening global economy clouds demand outlook. The world’s largest contract chipmaker, Taiwan Semiconductor Manufacturing Co Ltd (TSMC) , said industry inventory levels were currently higher than expected and would only […]
American Express Co’s profit missed Wall Street estimates on Thursday despite higher spending by its customers as the credit card giant kept aside a large sum to cover potential defaults and spent more on promotions. Shares fell as much as 7% to a near three-month low of $154.01 as expenses surged 22% to $11.1 billion in […]
he COVID-19 Public Health Emergency declaration expires in less than a month. When it does, it will have broad-sweeping effects, and one of the most significant is little known: It could begin undoing the expansion of mental health care access for millions of Americans. Prior to the pandemic, over 95 percent of outpatient mental health services were […]
The European Union agreed a 43-billion-euro ($47 billion) chip subsidies plan on Tuesday but the relatively modest budget, lack of a domestic market for cutting-edge chips and red tape could hamper efforts to catch up with the United States and Asia. The size of subsidies under the EU Chips Act, which aims to tempt the world’s top chipmakers […]
WhatsApp and other messaging services have united to oppose Britain’s plan to force tech companies to break end-to-end encryption in private messages in its proposed internet safety legislation. Meta-owned WhatsApp, Signal and five other apps signed an open letter saying the law could give an “unelected official the power to weaken the privacy of billions of […]
About 300 people queued at Apple’s store in Mumbai on Tuesday, as fans took selfies with Chief Executive Tim Cook, who inaugurated the first retail store run by the tech giant in India, underscoring the importance of its market. “The energy, creativity, and passion in Mumbai is incredible!” Cook, who is making his first visit to […]
Alphabet’s Google LLC on Tuesday convinced a U.S. appeals court to cancel three anti-malware patents at the heart of a Texas jury’s $20 million infringement verdict against the company. The U.S. Court of Appeals for the Federal Circuit said that Alfonso Cioffi and Allen Rozman’s patents were invalid because they contained inventions that were not included in […]
Top shareholder of HSBC renewed its call for breaking up of the Asia-focused bank on Tuesday, saying the lender has failed to address key business model challenges which has resulted in deterioration in its operating performance. Ping An Asset Management Company (Ping An AMC) said in a statement HSBC has “drained” its Asia unit of dividends […]
Microsoft Corp is developing its own artificial intelligence chip code-named “Athena” that will power the technology behind AI chatbots like ChatGPT, the Information reported on Tuesday, citing two people familiar with the matter. The company, which was an early backer of ChatGPT-owner OpenAI, has been working on the chip since 2019 and it is being […]
Consumers are starting to fall behind on their credit card and loan payments as the economy softens, according to executives at the biggest U.S. banks, although they said delinquency levels were still modest. Profits at Bank of America Corp , JPMorgan Chase & Co, Wells Fargo & Co and Citigroup Inc beat analyst forecasts as lending giants earned […]
