Foxconn will invest $600 million in two projects in India’s Karnataka to make casing components for iPhones and chip-making equipment, signaling its growing interest in the south Asian nation as it spreads bets beyond China. Some $350 million will go towards setting up the iPhone component facility, which will generate 12,000 jobs, while Foxconn will tie […]
CVS Health said on Wednesday it has eliminated about 5,000 non customer-facing roles as it seeks to rein in costs after a recent spree of acquisitions. CEO Karen Lynch said on an earnings conference call that the $496 million restructuring charge recorded during the second quarter was related to the job cuts and certain impairment charges. […]
Deep trade agreements are widely used by governments in developing countries to boost their firms’ exports. This column combines data on firm-level exports for a large set of developing countries with detailed information on the content of trade agreements to investigate these effects. It shows that deep trade agreements boost overall firm exports, but this […]
Lumen Technologies reported a massive quarterly net loss of $8.74 billion on Tuesday, hurt by an impairment charge of nearly $9 billion in the second quarter. Shares of the Monroe, Louisiana-based company, which has lost more than 61% of their value this year, dropped more than 8% in trading after the bell. The company, whose second-quarter […]
Progress towards SDG 4, which aims to provide high-quality education and lifelong learning opportunities for all children, was severely disrupted by COVID-19. Even prior to the pandemic, most countries were not on track to achieve this goal with over half of children in low- and middle-income countries experiencing learning poverty, that is, being unable to […]
Meta Platforms is preparing to launch a range of artificial intelligence (AI) powered chatbots that exhibit different personalities as soon as September, the Financial Times reported on Tuesday. Meta has been designing prototypes for chatbots that can have humanlike discussions with its users, as the company attempts to boost its engagement with its social media platforms, according to […]
Shares of cryptocurrency and blockchain related companies fell in early trading hours on Tuesday, as bitcoin hit a six-week low following a hack at Curve Finance, a platform where users can borrow and trade in crypto. Bitcoin, the world’s biggest cryptocurrency, fell about 2% to $28,870. Curve Finance was the victim of a hack, the […]
Tech giants Apple and Microsoft remained the top two global companies by market capitalisation at the end of July after riding this year’s rally in technology shares. Apple last month became the first company in the world to reach a market value of $3 trillion, buoyed by hopes over its expansion in new markets and expectations for […]
It is gone. A giant, glowing X no longer marks the spot on the San Francisco high-rise that is headquarters to Elon Musk’s messaging company X, formerly known as Twitter. The city building department logged 24 complaints after a weekend of the big X, which on Friday was erected on the roof of the company’s […]
Uber Technologies on Tuesday forecast third-quarter operating profit above Wall Street expectations as it sees growing demand for ride hailing due to strong leisure travel trends and gradual return to in-office work. The San Francisco-based company’s shares rose about 4% in premarket trading, while rival Lyft’s shares increased 2%, as Uber also reported a surprise second-quarter […]
