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Foxconns Stock Takes a Hit Amidst Chinese Investigation Turmoil

Only months before Taiwans elections, Taiwans Foxconn, a significant Apple supplier, witnessed a 3% decline in shares due to rumours of tax audits and

Only months before Taiwans elections, Taiwans Foxconn, a significant Apple supplier, witnessed a 3% decline in shares due to rumours of tax audits and land use inquiries in China. According to Chinas statebacked Global Times, key Foxconn companies were the subject of tax audits, and the natural resources department in multiple regions was looking into their land use. No Chinese government agency made an official announcement about these investigations. Foxconn emphasised its dedication to following the law and working with the appropriate authorities. These events occur in tandem with Taiwans impending elections, in which Terry Gou, the founder of Foxconn, is contesting as an independent. Read More..

B2B Tech News | 2 years ago        

Cryptos See Gains Amidst Fed Chairs Comments

Bitcoin and other cryptocurrencies saw rises after US Federal Chair Jerome Powell declared that existing interest rates would be maintained. While Eth

Bitcoin and other cryptocurrencies saw rises after US Federal Chair Jerome Powell declared that existing interest rates would be maintained. While Ethereum increased by 2% but stayed below $1,600, Bitcoin saw a brief decline before rising by almost 3% to recapture the $29,000 mark. Altcoins gained as well. Meanwhile, a lawsuit alleging fraud surpassing $1 billion was filed in New York against Digital Currency Group, its subsidiary Genesis Global Capital, and cryptocurrency exchange Gemini. In a single day, the value of the global cryptocurrency market rose by 3% to $1.11 trillion despite a 7% increase in trading volumes. Read More..

B2B Tech News | 2 years ago        

Big Changes Coming to South Africa Amidst Bridgestones Retail ShakeUp

The biggest tyre company in the world, Bridgestone, is considering closing many of its retail locations in South Africa. Out of its 22 retail location

The biggest tyre company in the world, Bridgestone, is considering closing many of its retail locations in South Africa. Out of its 22 retail locations in South Africa, Eswatini, and Zambia, the Japanese multinational may close 14 of them 11 of these closures would affect South Africa and potentially affect 290 employees. The company attributed the possible closures to a challenging business environment, including falling tyre demand, lower import prices, power outages, and increased operating expenses. Bridgestone is also looking into merging its Supa Quick franchise with its commercial retail division to strengthen its competitive position. Despite the closures, Bridgestone underlined its dedication to supporting local manufacturing in South Africa. Read More..

B2B Tech News | 2 years ago        

Graphite Exports Tighten China Grip Amid Security Fears

In an attempt to protect national security, China, the worlds largest producer and exporter of graphite, has announced that some graphite goods must h

In an attempt to protect national security, China, the worlds largest producer and exporter of graphite, has announced that some graphite goods must have export licences. The European Union is considering imposing tariffs on electric vehicles EVs manufactured in China, while the United States government is imposing more limitations on Chinese companies access to semiconductors. These developments contribute to Chinas growing criticism from other countries about its industrial practices. With effect for essential graphite commodities starting on December 1, Chinas Commerce Ministry emphasised the measures significance for the countrys national security and global supply chain. This action might impact South Korean businesses that import a lot of graphite from China, which could raise expenses. Japan may request information regarding the measures operational policies by using WTO regulations. Read More..

B2B Tech News | 2 years ago        

Coverage Chaos Hits Israeli and Lebanese Airplanes

Due to the ongoing conflicts in the area, a number of aviation war insurance providers have initiated the cancellation of coverage for airlines headqu

Due to the ongoing conflicts in the area, a number of aviation war insurance providers have initiated the cancellation of coverage for airlines headquartered in Israel and Lebanon. During significant disputes that are judged to represent longterm danger, insurers based in Europe, America, and Lloyds of London may give a sevenday notice of cancellation or other changes to insurance conditions. These notifications have been sent to Israeli carriers, such as Arkia, Israir, and El Al Airlines. Concerns about the effects of the conflict and the Israeli governments assurance of insurance against war risks impact the cancellation of coverage. Middle East Airlines, a Lebanese airline, has remained silent about the situation. Different restrictions apply to other airlines outside the crisis zone, but cancellations are not one of them. Read More..

B2B Tech News | 2 years ago        

Tesla CEO Musk Highlights Financial Stress on Everyday Americans

During an earnings call, Tesla CEO Elon Musk voiced concerns about workfromhome policies, consumer problems, and highinterest rates. He underlined how

During an earnings call, Tesla CEO Elon Musk voiced concerns about workfromhome policies, consumer problems, and highinterest rates. He underlined how Americans who live paycheck to paycheck are under financial difficulty due to loans such as mortgages and credit card debt, which makes buying electric vehicles more expensive. Musk brought up the effects of high credit card interest rates and the state of the economy. He talked about his caution stemming from previous financial crises. He said that Teslas costcutting measures were a problematic undertaking. Musk chastised proponents of working from home, claiming that they ignore the necessity of specific inperson jobs, such as food service and manufacturing. Read More..

B2B Tech News | 2 years ago        

Ford Motors Concerns Over Fuel Efficiency Standards

The plan by President Bidens administration to raise car fuel economy standards has prompted Ford Motor Co. to express concerns, citing the possibilit

The plan by President Bidens administration to raise car fuel economy standards has prompted Ford Motor Co. to express concerns, citing the possibility of "substantial economic hardship." The National Highway Traffic Safety Administration unveiled a strategy in July that seeks to increase fuel efficiency in passenger cars by 2% each year and in pickup trucks and SUVs by 4% per year between 2027 and 2032. The plan, a component of efforts to combat climate change and reduce fuel consumption, might result in an average fleetwide efficiency of 58 mpg. By 2032, Ford implied it might be subject to $1 billion in civil penalties. Other automakers and producers of electric vehicles have also provided feedback on the suggested guidelines. Read More..

B2B Tech News | 2 years ago        

TSMC Outperforms Expectations with 25% Profit Drop

After a yearlong downturn, Taiwanese chipmaker TSMC revealed a betterthanexpected 25% fall in Q3 net profit, suggesting a possible rebound in the glob

After a yearlong downturn, Taiwanese chipmaker TSMC revealed a betterthanexpected 25% fall in Q3 net profit, suggesting a possible rebound in the global semiconductor market. This is consistent with a pattern observed in rival Samsungs Q3 earnings. But heed the warning supplier ASML predicted flat revenues in 2024 due to chipmakers reluctance to make fresh expenditures. Surpassing projections, TSMCs net profit decreased to T$211 billion. Of total sales, 42% came from highperformance computing. Notwithstanding obstacles posed by a complicated geopolitical environment and the companys lower capital spending, its shares have increased 22% this year, increasing its market worth to $432.3 billion. Read More..

B2B Tech News | 2 years ago        



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