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Toshiba Reports A Surprising Quarterly Operational Deficit Due To Rising Costs

Toshiba Corp reported an unexpected operational loss in the first quarter on Wednesday, blaming it on rising logistical and raw material costs, as well as a global chip shortage.   Masayoshi Hirata, the conglomerate's chief financial officer, told reporters that the company's first quarterly...

Nikkei Says That Mitsui Sumitomo Insurance Will Pay $400 Million For A Reinsurance Broker In The United States

According to the Nikkei business daily, Mitsui Sumitomo Insurance Company, a part of Japan's MS&AD Insurance Group Holdings, will spend approximately $400 million to acquire US reinsurance broker Transverse.   According to the Nikkei, the Japanese property insurer intends to obtain...

Withdrawals Suspended By Singapore-Based Cryptocurrency Lender Hodlnaut

Hodlnaut, a Singapore-based cryptocurrency lender and borrower, announced that it had ceased withdrawals, swaps, and deposits, the latest symptom of stress in the cryptocurrency business.   In addition, the crypto lender announced that it would withdraw its application for a license from the...

Twitter Denies Musk's Allegations That He Was Duped

In a Delaware court filing, Twitter Inc denied Elon Musk's accusations that he was duped into accepting the deal to buy the social media business, calling them "implausible and contrary to truth."   Musk made the charges in a sealed countersuit filed last Friday that was made public on...

Uber Sells 7.8% Of Its Share In India's Zomato For $392 Million: Reports

According to two persons familiar with the situation, Uber Technologies sold its 7.8 per cent interest in Indian food delivery firm Zomato Ltd for $392 million in a block deal on local exchanges on Wednesday.   According to them, the transaction was completed at a price of 50.44 rupees per...

More Information Regarding Ford's Ambitious Electric Vehicle Aspirations Is Provided By Firm’s CEO

Electric vehicle batteries are in short supply, and elements such as nickel and cobalt are becoming increasingly expensive. Nonetheless, Ford Motor Company claims that it will be profitable to create millions of EVs per year in just four years.   This week, the Detroit carmaker provided...

Instagram Reverses Its TikTok-Style Redesign

Instagram has paused the deployment of new features on its app in response to online outrage from users, influencers, and celebrities. The new features included an increase in recommended video material, comparable to rival app TikTok.   People complained about the presentation and feeds...

Microsoft Accuses An Austrian Spy Business Of Developing A Hacking Tool For EU Member States

Microsoft said an Austrian firm built malicious software that was identified on the computer systems of some of its clients in at least three countries, but the espionage tool "Subzero" was solely for official use in EU states.   Microsoft stated that the spying software, or spyware, capable...

BNP Paribas Excelled In The Second Quarter, With Shares Increasing

BNP Paribas, a French bank, posted a better-than-expected profit in the second quarter as bad loan charges fell and activity remained strong in both investment and retail banking, despite volatile global markets and an economic downturn.   The net income of France's largest listed lender...

Hermes Reports A Significant Turnaround In China And A Record Margin

Hermes sales grew considerably in the second quarter, boosted by robust growth in Europe and the United States, as well as a solid resurgence in China in June.   Following Chinese lockdowns in April and May, the French leather goods company, which is particularly known for its silk scarves...

Analysts Predict Apple Will Encounter Tepid Demand In China Following A Dip In Quarterly Revenue

Some analysts warned on Friday that Apple should brace for a drop in Chinese demand as shoppers cut down on spending in anaemic conditions, following the iPhone maker's announcement that demand had risen in mid-June after COVID-19 lockdowns impeded sales.   The iPhone maker announced a 1 per...

Rio Tinto Reduces Dividend As Profits Fall; Shares Fall

Rio Tinto announced a 29 per cent decline in first-half profit and reduced its dividend for more than half on Wednesday, as the global mining giant was affected by lower iron ore prices owing to cooling demand from major client China, rising expenses, and labour shortages.   It is...
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