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H&M Shutters Its Flagship Shop In Shanghai, Citing Lockdowns And Consumer Reaction

H&M has closed its main Shanghai shop, the fast-fashion brand's fourth closure in China, where consumer demand has fallen due to COVID-19 lockdowns and the fast-fashion retailer has bore the brunt of a backlash against companies that refuse to use Xinjiang cotton.   Despite having opened...

Harmony, A Crypto Business In The US, Was The Victim Of A $100 Million Robbery

The latest in a run of cyber heists on a sector long targeted by hackers, U.S. crypto company Harmony announced on Friday that criminals took about $100 million worth of digital currency from one of its core products.   Harmony creates blockchains for decentralised finance - peer-to-peer...

Celsius Network Employs Experts To Help It Prepare For Bankruptcy

Celsius Network LLC has hired restructuring advisors from Alvarez & Marsal to assist on a prospective bankruptcy file, according to the Wall Street Journal, citing people familiar with the case.   The bitcoin lending company based in New Jersey banned withdrawals and transfers earlier...

Barclays Agrees To Acquire Kensington Mortgage For $2.8 Billion.

Barclays has agreed to buy specialty lender Kensington Mortgage Company for approximately 2.3 billion pounds ($2.8 billion), expanding its presence in the UK property sector.   The acquisition is one of Barclays' largest recent investments and a significant gamble on the real estate market....

Twitter Is Testing A 2,500-Word-Limit 'Notes' Feature

Twitter is testing a new feature that will allow users to share "notes" of up to 2,500 words. Normally, posts on the social media site are limited to 280 characters.   Twitter stated that the change was made in response to people using the platform to share images of longer announcements and...

New Car Factories Of Tesla 'Losing Billions Of Dollars', Says Musk

Tesla Inc's new car facilities in Texas and Berlin are "losing billions of dollars" as they struggle to raise production due to a battery shortage and China port concerns, according to Chief Executive Elon Musk in an interview published on Wednesday.   "Both Berlin and Austin factories are...

Sports Apparel Maker Nike Will Exit Russian Market Completely

Nike, the world's largest sportswear corporation, announced its entire pullout from Russia on Thursday, three months after stopping operations there.   Nike announced on March 3 that it will temporarily close all of its Nike-owned and -operated stores in Russia in response to Moscow's...

Sony And Honda Form A JV For Making And Selling Electric Cars By 2025

Sony and Honda Motor of Japan have officially agreed to form an evenly owned joint company that will begin selling electric vehicles in 2025.   Honda, like its larger rival Toyota Motor, has been slower to transition to electric vehicles (EV) than other global manufacturers and is under...

Case Filed By Tesla Investor Against Firm, Musk And Company Board Over Charges Of Workplace Discrimination

A Tesla Inc shareholder has filed a law suit the electric car company, Chief Executive Elon Musk, and its board, accusing them of failing to address workplace discrimination and harassment allegations and creating a "toxic working atmosphere."   The lawsuit filed on Thursday is the...

Tesla To Raise Car Prices In The United States Due To Inflation Hit

Tesla Inc has once again increased pricing for all of its car models in the United States again again in response to ongoing global supply-chain issues and rising raw material costs.   The electric carmaker raised the price of its Vehicle Y long-range model to $65,990 from $62,990 on...

Shareholder Takes Unilever To Court Over Boycott Of Israel By Ben & Jerry

On Wednesday, Unilever Plc was sued by a U.S. shareholder who said the corporation bungled its Ben & Jerry's unit's decision to stop selling ice cream in Israeli-occupied Palestinian territories.   According to the proposed class action in federal court in Manhattan, Unilever wrongfully...

Toyota Claims That Consumer Preference Determines The Rate Of Electrification

Toyota Motor Corp rebuffed critics who claimed it was reluctant to embrace battery electric cars (BEV), stating that it needed to offer a variety of car options to cater to diverse markets and customers.   At its annual general meeting on Wednesday, the world's largest automaker by sales...
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