Economy

Apple to Maintain a Flat Rate iPhone Production in 2022

iPhone manufacturer Apple Inc. (AAPL) says that it will be keeping iPhone production at a flat rate of about 220 million units in 2022. The company cites the prolonged global computer chip shortage and China’s COVID-19 restrictions as the main reasons affecting the smartphone industry. A major outbreak of COVID-19 in china has left the […]

Pfizer Selling its Patented Drugs at Nonprofit Prices to Low Income Countries

Pharmaceutical and biotechnology company dedicated to discovering, developing, manufacturing and marketing prescription medications Pfizer Inc. (PFE) will be selling all of its patented drugs at a nonprofit making prices to 45 of the world’s poorest countries. The company made this announcement on May 25. These drugs will include COVID-19 treatment Paxlovid and big-selling breast cancer […]

Boohoo Agrees Settlement on a U.S Class Action Lawsuit

UK based online fashion retailer Boohoo Group plc. (LON: BOO) has agreed to a final settlement on a United States class action lawsuit in which the company is accused of running misleading promotions in California. Boohoo sells shoes, clothes, accessories and beauty products aimed at people aged between 16 to 40 years. The company is […]

Hyundai Will be Investing Over $10 Billion in the U.S Over the Next Three Years

South Korean auto manufacturer Hyundai Motor Group. (KRX: 005380) announced that it will be investing over $10 billion in the United States over the next three years in efforts to strengthen collaboration with U.S. firms in advanced technology. The announcement was made during the past weekend when U.S President Joe Biden visited South Korea. The […]

Google Paying More Than 300 European Union Publishers for News

Google’s parent company Alphabet Inc. (GOOGL) has inked a deal to pay over 300 publishers across Germany, France and four other European Union countries for their news. According to the deal goggle will roll out a tool to make it easier for other to sign up too. Three years ago, the EU adopted a game […]

Microsoft to Cover Travel Costs for Abortions for its U.S Employees

Technology company, software developer and manufacturer of consumer electronics Microsoft Corp. (MSFT) says that it will be extending its abortion and gender affirming care services for its United States workers by providing traveling expenses. “Microsoft will continue to continue to do everything we can under the law to protect our employees’ rights and support employees […]

Chipmaker Infineon Increases its 2022 Revenue Outlook

German based computer chip manufacturer Infineon Technologies AG (ETR: IFX) has raised its 2022 revenue outlook after posting a 22% revenue increase in the second quarter which it attributed to the increased demand of chips courtesy of the coronavirus pandemic. The company raised its 2022 revenue guidance by 500 million euros ($525.20 million) to around […]

Biden’s Administration to Spend Over $3 billion on EV Battery Manufacturing

United States officials from the White House have revealed that the administration of President Joe Biden will be spending more than $3 billion on in infrastructure funding to finance electric vehicle (EV) battery manufacturing. The money will be allocated by the Department of Energy from the $1 trillion infrastructure bill which was signed by President […]

Megan Markle’s Animated Series ‘Pearl’ Dropped by Netflix

Subscription streaming service and production company Netflix Inc. (NFLX) has dropped Markle’s family animated series ‘Pearl’ after reviewing its animated content. In a press statement, the company said it dropped several projects including Pearl as part of its strategic decisions on production of animated series. Two animated children’s series ‘Dino Daycare’ and ‘Boons and Curses’ […]

Russia Sues Apple for Withdrawing its Payment Service in the Country

Manufacturer of consumer electronics, software and online services Apple Inc. (AAPL) has been sued by Russia for withdrawing its payment service in the country. Late last week, a Russian law firm confirmed having filed a lawsuit against the iPhone manufacturer seeking $1.28 million in damages for consumers affected by the withdrawal. The law firm, Chernyshov, […]