Category: Companies

Branson’s Virgin Orbit Files Chapter 11 Bankruptcy Plan

April 20, 2023
bankruptcyBusiness & MarketsCompanieseconomic policieseconomyMarketsUSUS NewsVirgin Orbit
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Richard Branson’s Virgin Orbit Holdings Inc. and its subsidiaries in the United States filed a Chapter 11 bankruptcy plan with the U.S. Bankruptcy Court for the District of Delaware, the company said in a statement on Wednesday. Earlier this month, Virgin Orbit filed for Chapter 11 bankruptcy protection after the satellite launch company struggled to…

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Central Banks, Earnings Dampen Stocks’ Upbeat Mood

April 20, 2023
Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON—World stocks pulled further away from 2–1/2 week highs touched earlier this week, with sentiment dampened by expectations for further rate hikes from big central banks, and with the focus fixed on the earnings season. The pan-European STOXX 600 index, which hit 14-month highs on Tuesday, was down a third of a percent in early…

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Tesla Cuts US Prices for 6th Time This Year

April 20, 2023
Business & MarketsCompaniescutspricestesla
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Tesla Inc. cut prices for some of its Model Y and Model 3 vehicles in the United States for the sixth time this year to juice demand as competition among electric-vehicle makers heats up around the world. The cuts came ahead of Tesla’s first-quarter earnings. Tesla on Wednesday posted its lowest quarterly gross margin in two…

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Toyota to Invest $338 Million in New Hybrid, Flex Car in Brazil

April 20, 2023
BrazilBusiness & MarketsCompaniesinvestToyota
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SAO PAULO—Toyota Motor Corp. said on Wednesday it will invest 1.7 billion reais ($337.68 million) to manufacture a new hybrid, flex-fuel compact car in Brazil, which will run on both gasoline and ethanol in addition to its electric engine. The Japanese carmaker has been betting big on the segment in the South American country, where…

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Netflix Reports Mixed Earnings as Password Crackdown Set to Expand

April 20, 2023
Business & MarketsCompaniesearningsNetflixreports
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Netflix Inc. beat Wall Street earnings estimates for the first quarter but offered a lighter-than-expected forecast on Tuesday, demonstrating the challenges the mature streaming service faces in its pursuit of growth. The company said it shifted a wider launch of a plan to crack down on unsanctioned password sharing into the second quarter to make…

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Google Wins Appeal of $20 Million US Patent Verdict Over Chrome Technology

April 19, 2023
appealBusiness & MarketsChromeCompaniesGoogleMedia & Big Tech
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Alphabet’s Google LLC on Tuesday convinced a U.S. appeals court to cancel three anti-malware patents at the heart of a Texas jury’s $20 million infringement verdict against the company. The U.S. Court of Appeals for the Federal Circuit said that Alfonso Cioffi and Allen Rozman’s patents were invalid because they contained inventions that were not…

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United Airlines Warns of Macro Risks, Says Ready to Act If Economy Softens Further

April 19, 2023
airlinesBusiness & MarketsCompanieseconomyrisksUnited
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CHICAGO—United Airlines Holdings Inc. on Wednesday said macroeconomic risks have increased following turmoil in the banking industry last month that led to a sharp, brief drop in business travel demand. CEO Scott Kirby said while the company “feels good” about its full-year profit outlook, it stands ready to act if the economy softens further. United…

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Microsoft Agrees to Buy $50 Million Foxconn Parcel in Wisconsin

April 19, 2023
Business & MarketsCompaniesFoxconnMedia & Big TechmicrosoftWisconsin
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MADISON, Wis. (AP) — Microsoft has agreed to buy a $50 million parcel of land in southeastern Wisconsin meant for Foxconn after the world’s largest electronics manufacturer failed to fulfill grandiose promises to build a massive facility that would employ thousands of workers. Microsoft plans to build a $1 billion data center on the 315-acre…

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Google Spreads Its Wing Drone Deliveries in Australia

April 19, 2023
AustraliaBusiness & MarketsCompaniesdrone deliveryMedia & Big TechTechWorld
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Sushi will take to the skies over another 12 Queensland suburbs after Google’s drone division revealed plans to expand airborne deliveries in Australia. Wing, which operates drones in Canberra and Logan City in Brisbane’s south, will offer flying deliveries to residents in Ipswich for the first time on Thursday after establishing a launch pad at…

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House Advances Resolution to Restore Solar Panel Tariffs Targeting China

April 19, 2023
bidenBusiness & MarketsChinaChina Business & EconomyChina-Australia RelationsChinese RegimeCompaniescongressDefending Americaeconomic policieseconomyenergyEnvironmentExecutive BranchFeatured TopicsFinance & Business TiesGlobal ExpansionInfiltrating the WestInternational RelationsInvestmentMarketsNational SecurityPolicies & ImpactsPoliticsScienceSOLARSpecial TopicsTech CompetitiontechnologyThreat from Communist ChinaUSUS NewsUS-China relationsWays and Means CommitteeWorld
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The House Ways and Means Committee had a busy Wednesday morning focused on China, starting with a vote against the Biden administration’s emergency move to shield some Chinese-made solar panels from tariffs. “Congress must act in this instance to hold accountable bad actors in global trade, and in particular, Chinese wrongdoing,” said Rep. Jason Smith…

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