Home rental firm Airbnb Inc. laid off 30 percent of its recruiting staff this week, a company spokesperson said on Friday, noting that it’s not an indication of more widespread layoffs. The decision, first reported by Bloomberg News, affected less than 0.4 percent of the San Francisco-based company’s total workforce of about 6,800, the spokesperson…
Ericsson to Pay $206 Million for Breaking US Deal in Bribery Case
STOCKHOLM—Swedish telecom equipment maker Ericsson has agreed to plead guilty to U.S. foreign corruption violations and pay more than $206 million for breaking a deal with the Justice Department over charges of bribery and falsifying records in countries from China to Kuwait. The U.S. Justice Department said the company, based in Stockholm, violated a 2019…
Volkswagen’s Scout to Build $2 Billion Plant in South Carolina
WASHINGTON/FRANKFURT—Volkswagen’s off-road brand Scout Motors said on Friday it would build a $2 billion manufacturing plant near Columbia, South Carolina, for trucks and SUVs. The investment could potentially create 4,000 or more permanent jobs and more than 200,000 Scout vehicles could be produced annually at the facility. In May, VW said it would reintroduce the…
Tesla Says South Australia ‘Represents the Future’ for Battery Production
South Australia is now on the world map after Tesla’s senior executive said the Australian state was “the future” for renewable energy technologies. This comes as South Australia opened its first 12 out of 140 border-to-border electric car charging networks. “Australia is a little bit of a special case; they represent the future—South Australia in…
Nevada Approves $330 Million in Tesla Tax Abatements Over Gigafactory Expansion
Tesla Inc. will receive more than $300 million in tax abatements over the next 20 years, a Nevada board approved on Thursday, commending the automaker’s investment in an existing manufacturing site in Storey County that is projected to create thousands of jobs. In a statement on Mar. 2, Nevada Gov. Joe Lombardo announced the tax deal, which…
Mississippi Senate Passes Bill Banning Direct Sale of Electric Vehicles
The Mississippi Senate on Mar. 2 voted to approve a bill clarifying the state’s franchise laws as they pertain to vehicles in a move that could restrict the electric vehicle (EV) industry from expanding. The legislation, House Bill 401 (pdf), was introduced by Republican Rep. Trey Lamar of Senatobia and passed by a vote of 38–14….
FDA Rejects Request to Authorize COVID-19 Treatment
The U.S. Food and Drug Administration (FDA) has rejected a request to authorize a drug as a COVID-19 treatment for hospitalized patients. Florida-based Veru said March 2 that the FDA informed the company it would not grant emergency use authorization (EUA) for sabizabulin, the drug. Veru asked in 2022 for authorization for the drug as a…
Washington Restricts US Exports to 28 Chinese Entities, Citing Alleged Ties to Iranian Military
March 3, 2023
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The U.S. Commerce Department on March 2 announced export restrictions for a string of Chinese entities. The United States added 28 Chinese firms and individuals to its Entity List (pdf), citing concerns regarding national security risks, including through their alleged dealings or attempted dealings with an Iranian electronics company, Paradazan System Namad Arman (PASNA), which has been sanctioned by…
Wall Street Opens Higher as Yields Pull Back
Wall Street’s main indexes opened higher on Friday as Treasury yields took a breather from a week-long rally sparked by worries that the Federal Reserve would keep interest rates higher for longer. The Dow Jones Industrial Average rose 72.76 points, or 0.22 percent, at the open to 33,076.33. The S&P 500 opened higher by 16.67…
Discover Credit Cards Will Track Gun Purchases From April
Credit card provider Discover Financial Services will soon allow its network to track purchases made using payment cards at gun stores—triggering criticism that such activity leads to targeting gun owners. In September, the International Organization for Standardization (ISO) had launched a Merchant Category Code (MCC) for gun retailers. ISO is the organization responsible for classification…
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