Apple, Inc. is facing a lawsuit over an unintended consequence of its AirPods. Parents of a minor boy, identified as B.G., alleged in a complaint filed with the U.S. District Court of Northern District of California that defective AirPods worn by B.G. in his right ear produced ear-shattering sound levels that ruptured his right eardrum…
Twitter Gives Its Version of Events: Elon Musk Didn’t Carry out Due Diligence in Rush to Grab $44 Billion Deal
Details surrounding Elon Musk’s deal to take Twitter, Inc. private are getting murkier each passing day. A new SEC filing by the social media platform to highlight its version of events suggests Musk jumped the gun in his quest to quickly lap up the company. What Happened Musk was apparently in a hurry to get the deal…
Australia’s Largest Home Builder Rebuts Insolvency Reports
Australia’s largest home building company Metricon Homes has announced that it is still in a strong position when confronted with reports about its insolvency. The company officials had a meeting with Victorian Treasurer Tim Pallas on May 19, and Metricon chief executive Peter Langfelder affirmed that everything was normal. “We’re always in contact with government,”…
Global Bond ETF Industry to Triple to $5 Trillion by 2030: BlackRock
LONDON—Assets under management held by global fixed income exchange traded funds are expected to triple to $5 trillion by 2030, according to the world’s largest asset manager, BlackRock. BlackRock said it believes the global bond ETF industry is poised to reach $2 trillion in 2023, despite currently “challenging macroeconomic conditions”. Bonds have come under pressure…
Ericsson Chalks Out Restructuring Plans
Ericsson disclosed plans to restructure its operating units to focus on mobile infrastructure and business customers, effective June 1. EVP Arun Bansal and Peter Laurin, head of the business area managed services, will leave the company. Ericsson created a new business unit by merging digital services and managed services to increase its cloud expertise and build…
Australian Billionaire Cannon-Brookes Settles 11.3 Percent Stake Buy in AGL Energy
Australian tech billionaire Mike Cannon-Brookes’ firm Grok Ventures said on Wednesday it settled an 11.28 percent stake purchase in AGL Energy worth A$650 million ($455.33 million) with J.P. Morgan. Cannon-Brookes, the co-CEO of software firm Atlassian and a vocal climate activist, had gained the AGL stake earlier this month by converting a part of his…
JPMorgan Says It Has Resigned as Depositary for Rosneft GDRs
May 19, 2022
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Business & EconomyCompanieseconomic policieseconomyEuropeInternationalJPMorganMarketsResignRosneft depositRussia-Ukraine WarWorld
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JPMorgan & Chase has resigned as a depositary of global depositary receipts (GDR) of Russia’s largest oil producer Rosneft on May 13, the U.S. bank said on its website. Last month, JPMorgan & Chase started to allow holders of depositary receipts in Russian companies to cancel them, two sources familiar with the matter said, giving…
JPMorgan Shareholders Reject Jamie Dimon’s $50 Million Bonus
Jaime Dimon, the CEO of JPMorgan Chase & Co., suffered a rebuke on May 18 after shareholders voted against a controversial $52.6 million one-time retention bonus, after key investors objected to the bank’s compensation plan for its long-serving chief who has been in charge since 2005. This is the first time an executive pay package…
Your iPhone Is Susceptible to Malware Attack Even When Switched Off
Apple Inc.’s iPhone is not immune to malware attacks when it is switched off, researchers at the Technical University of Darmstadt, Germany said in a research paper titled “Evil Never Sleeps.” A new type of malware developed by researchers at the university can infest the iPhone. Even with a user-initiated shutdown, the iPhone can be located through the…
Netflix Lays Off About 150 Employees, Mostly in the US
May 19, 2022
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Business & EconomyCompanieseconomic policieseconomyEuropelayoffsMarketsNetflixRussia-Ukraine WarWorld
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Netflix on Tuesday said it has laid off about 150 people, mostly in the United States, as the streaming service company faces slowing growth. The layoffs represent approximately 2 percent of the company’s workforce in the United States and Canada. “These changes are primarily driven by business needs rather than individual performance, which makes them…
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