Seagate Technology Holdings PLC has agreed to pay a $300 million penalty in a settlement with U.S. authorities for shipping over $1.1 billion worth of hard disk drives to China’s Huawei in violation of U.S. export control laws, the Department of Commerce said. Seagate sold the drives to Huawei between August 2020 and September 2021…
Seagate to Pay $300 Million Penalty for Shipping Huawei 7 Million Hard Drives
Tobacco Company Settles With US Over Business in North Korea
WASHINGTON—A British tobacco company has agreed to pay more than $629 million to settle allegations that it did illegal business with North Korea in violation of U.S. sanctions, the Justice Department said Tuesday. British American Tobacco, one of the largest tobacco companies in the world, entered into a deferred prosecution agreement with the Justice Department,…
Joby Aviation Lands $55 Million Contract From US Air Force
Electric aircraft maker Joby Aviation will deliver up to nine air taxis to the U.S. Air Force under a $55 million contract extension that marks the company’s first revenue-generating operations, the company announced on Tuesday. Joby will deliver the first two aircraft to Edwards Air Force Base in California by March 2024 for field exercises…
EU Singles Out 19 Tech Giants for Online Content Rules
BRUSSELS—Five Alphabet subsidiaries, two Meta Platforms units, two Microsoft businesses, Twitter, and Alibaba’s AliExpress are among 19 companies subject to landmark EU online content rules, EU industry chief Thierry Breton said on Tuesday. The rules known as the Digital Services Act (DSA) require the companies to do risk management, conduct external and independent auditing, share…
UBS Reaps $28 Billion in New Money Amid Credit Suisse Fallout
GENEVA—Swiss banking giant UBS said Tuesday that it took in $28 billion in new money from wealthy clients in the first three months of the year, with $7 billion of that coming in the 10 days after the announcement it was taking over ailing rival Credit Suisse. Zurich-based UBS, which is set to become Switzerland’s…
Netflix to Invest $2.5 Billion in South Korea to Make TV Shows, Movies
Netflix Inc. said on Tuesday it will invest $2.5 billion in South Korea over the next four years to produce Korean TV series, movies, and unscripted shows, doubling its investment in the market since 2016. The U.S. streaming service made the announcement after a meeting between South Korean President Yoon Suk Yeol and Netflix co-CEO…
Hyundai Motor Bolsters US Presence With $5 Billion EV Battery Venture
April 25, 2023
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SEOUL0—South Korea’s Hyundai Motor Co. said on Tuesday it had finalized a $5 billion electric vehicle (EV) battery joint venture in the United States, boosting electrification efforts in its largest market. Hyundai also reported its first-quarter net profit had more than doubled, exceeding expectations. Its shares rose as much as 5 percent to a seven-month…
Tucker Carlson’s Speech After Final Fox News Show Goes Viral
In the wake of Tucker Carlson’s departure from Fox News, a speech that he gave after his final show aired drew attention on social media. During the Heritage Foundation’s 50th-anniversary celebration on Saturday, Carlson gave a speech about society-wide moral decay. During the speech, the former Fox News host did not indicate he would be departing…
Standard Chartered CEO Warns Banking Sector Risks Will ‘Come Home to Roost’
April 25, 2023
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Standard Chartered CEO Bill Winters warned that the U.S. banking sector may face another crisis after avoiding a near collapse last month. He spoke with CNBC’s Joumanna Bercetche on April 24 to discuss the future outlook of the industry. Regulators intervened in March to prevent mass panic after the collapse of Silicon Valley Bank, Signature Bank,…
Tucker Carlson’s Fans Say They’re Leaving Fox News and Fox Nation Streaming Service
After Fox News announced it had parted ways with primetime host Tucker Carlson on Monday, numerous people took to social media to announce they would stop watching the cable news network and cancel their subscriptions to its streaming service—Fox Nation. Carlson, who had led a popular primetime show on the network called “Tucker Carlson Tonight”…
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