Business
US restrictions slow down Huawei's AI chip ambitions
Huawei is designing its next two Ascend processors, its answer to Nvidia Corp.'s dominant accelerators, around the same 7-nanometer architecture that's been mainstream for years, people familiar with the matter said. That's because US-led restrictions prevent Huawei's chipmaking partners from procuring state-of-the-art extreme ultraviolet lithography systems from ASML Holding NV.
Nestle to cut costs by $2.8 billion, boost marketing under CEO Freixe
Nestle, aiming to revive growth, announced a $2.8 billion cost-cutting plan by 2027, alongside increased investment in advertising and marketing. The company projects a medium-term organic sales growth exceeding 4%, driven by a renewed focus on core brands and operational efficiency.
Sony in talks to buy media powerhouse behind 'Elden Ring' game, sources say
Tech giant Sony is in talks to acquire Japanese media company Kadokawa. Kadokawa is the company behind the popular game Elden Ring. Sony already owns a small percentage of Kadokawa and its subsidiary FromSoftware. FromSoftware developed Elden Ring. Kadokawa also owns popular franchises such as Re:Zero. Sony has been expanding its entertainment portfolio.
Nestle's game plan for growth under new leadership
Nestle, aiming to boost growth, announced a plan to increase advertising and marketing expenditure to 9% of total sales by 2025. The company will also cut costs by at least $2.8 billion by 2027 and create a separate global unit for its water and premium drinks businesses.
Apple offers $100 million to undo Indonesia's iPhone 16 ban
Apple has significantly increased its investment proposal to Indonesia, from nearly $10 million to almost $100 million over two years, in an attempt to overturn a sales ban on the iPhone 16. The Indonesian government, however, is requesting that Apple shift its investment focus towards research and development for smartphones within the country.
Trump to push self-driving vehicles in boost to Tesla
President-elect Donald Trump's transition team is prioritizing a federal framework for fully self-driving vehicles. This move would benefit Tesla CEO Elon Musk, as Tesla heavily invests in self-driving technology. While the Transportation Department can adjust regulations, Congress's action is needed for mass adoption. Potential policy leaders and a bipartisan legislative measure are under consideration.
Spirit Airlines files for bankruptcy as financial losses pile up, debt payments loom
Spirit Airlines, the largest US budget airline, has filed for bankruptcy protection after losing over $2.5 billion since 2020. The airline cited the pandemic's impact on travel, rising costs, and a failed merger attempt with JetBlue as contributing factors. Spirit plans to continue operating as normal during the Chapter 11 process.
Nomura expects Fed to pause rate-cut cycle in December
Nomura, a global brokerage firm, has made a significant prediction that the U.S. Federal Reserve will likely halt its interest rate cuts, marking a potential end to the current rate-cutting cycle. This shift comes in the wake of Donald Trump's election victory and expectations of increased inflation due to his proposed economic policies.
HSBC managers are competing to keep their jobs in CEO’s revamp
HSBC Holdings Plc has initiated a major restructuring within its corporate and institutional banking division, requiring hundreds of managers to reapply for positions. This move, part of CEO Georges Elhedery's efficiency drive, will lead to job cuts in the coming weeks as the bank aims to reduce costs and streamline operations amidst pressure on profit margins.
Price hikes offer chance for Guinness rivals as Diageo pushes zero alcohol brew
Guinness, Diageo's flagship stout, faces growing competition in the UK as pubs and drinkers seek alternatives due to price hikes. Rivals like Heineken's Murphy's are gaining traction, capitalizing on frustrations with Guinness' pricing and support. While Guinness remains dominant, the stout market is diversifying, with new entrants and non-alcoholic options like Guinness 0.0 attracting consumers.
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Goldman Sachs, Morgan Stanley downgrade China outlook
Goldman Sachs and Morgan Stanley downgraded their forecasts for Hong Kong and China stocks, citing economic concerns and potential political impacts. While bullish on mainland China, Goldman Sachs believes Hong Kong will see limited growth and recommends mainland investments due to lower global sensitivity.
Boeing issues layoff notices to 400-plus workers as it begins drastic cuts
Boeing has issued layoff notices to over 400 employees represented by the Society of Professional Engineering Employees in Aerospace (SPEEA). This action is part of a larger workforce reduction plan, affecting 17,000 jobs, driven by the company's financial challenges and the need to adjust staffing levels.
What exactly is Elon Musk and Vivek Ramaswamy's job at the Department of Government Efficiency?
President-elect Donald Trump appointed Elon Musk and Vivek Ramaswamy to lead a new Department of Government Efficiency (DOGE) tasked with streamlining government operations. While outsiders traditionally have limited government roles, Musk's appointment raises legal and ethical questions due to his business interests. Experts debate the extent of Musk's potential influence and the implications for government transparency and accountability.
McDonald's is investing $100 million to bring customers back after E. coli outbreak
McDonald's is investing \$100 million to revitalize sales after an E. coli outbreak linked to onions on Quarter Pounders. The outbreak, traced back to a California supplier, sickened over 100 people across multiple states. While the CDC has declared the outbreak over, McDonald's is offering financial aid to affected franchises and has since resumed selling Quarter Pounders with onions nationwide.
Slash first, fix later: How Elon Musk cuts costs
Elon Musk, a billionaire entrepreneur, is known for his extreme cost-cutting measures. He implemented these strategies at Tesla, SpaceX, and Twitter. Musk's methods often involved mass layoffs, cutting perks, and negotiating lower prices from vendors. He will now apply his cost-cutting approach to the US government as head of the Department of Government Efficiency.
End of a love affair: news media quit X over 'disinformation'
Major news outlets are leaving social media platform X. They say the platform is enabling the spread of disinformation. X's owner is Elon Musk. Musk is an ally of US President-elect Donald Trump. The Guardian, Dagens Nyheter and Vanguardia have already quit X. They say they will not publish on the platform. They say X promotes disturbing content.
