Electric vehicle maker Tesla is establishing its global engineering headquarters in California, CEO Elon Musk announced on Feb. 22. In a joint press conference with California governor Gavin Newsom, Musk said the new engineering headquarters will be at the former offices of Hewlett-Packard in Palo Alto. Musk called the move “a poetic transition from the company that founded…
Tesla Moves Global Engineering Headquarters to California
February 23, 2023
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Global Stocks Mixed After Fed Officials Support Higher Rates
February 23, 2023
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BEIJING—Global stock markets were mixed Thursday after notes from a Federal Reserve meeting showed officials expect more U.S. interest rate hikes to fight stubborn inflation. London, Shanghai, and Hong Kong declined. Frankfurt and Wall Street futures advanced. Japanese markets were closed for a holiday. Notes from the latest Federal Reserve board meeting showed members expect…
Qualcomm Announces Software Business Around Its Supply Chain Chips
Qualcomm Inc. on Tuesday said it is launching a paid cloud software service to help companies that use its chips keep tabs on goods as they move through the supply chain. The San Diego, California company is the world’s biggest provider of chips that help smartphones connect to mobile data networks. But Qualcomm has used…
Australian Miner Gains Control Over US Lithium Giant’s China Assets
February 23, 2023
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U.S. lithium giant Albemarle will deepen control of Australian lithium mining assets after revamping its joint venture with Mineral Resources (MinRes). In turn, the Australian Mineral Resources will also gain partial control of two Chinese mining plants operated by Albemarle. In the new deal announced on Feb. 22, Albemarle will initially deepen control over two spodumene…
Inflation Heats Up Despite Easing Supply Chain Pressures
February 22, 2023
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U.S. inflation is heating up despite improvements in supply chain pressures. This comes as business activity in the United States picked up in February, according to the latest U.S. Purchasing Managers’ Index (PMI) Composite Output Index from S&P Global on Feb. 21. Although supply chain disruptions showed signs of easing, inflation remain stubbornly elevated, as…
Intel Slashes Dividend by 65 Percent as It Pushes to Cut Costs After Big Loss
February 22, 2023
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Intel Corp. slashed its quarterly dividend by almost two-thirds, as it proceeds to cut costs after major losses. The U.S.-based chip manufacturer will reduce its fourth quarterly dividend from $0.365 to $0.125, a loss of more than 65 percent, the chipmaker announced on Feb. 22. This comes after the company announced the implementation of a series of…
Biden Declines to Veto Apple Watch Import Ban
February 22, 2023
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The Biden administration declined to veto a trade court’s decision that could block imports of Apple Watches. The U.S. International Trade Commission (ITC) announced a ban on imports of Apple’s watch products for infringing on AliveCor patents related to heart monitoring, on Feb 21. The ITC case was filed under Certain Wearable Electronic Devices With ECG…
2023 Tech Layoffs on Pace to Surpass 2022 by 300 Percent
Around 109,000 tech industry employees from 392 different technology firms have been laid off since the start of 2023, according to the industry employment tracking website Layoffs.Fyi. Earlier this month, the computer company Dell announced plans to cut about 6,650 employees, in a plan to reduce its workforce by about five percent. Last month Google…
2023 Tech Layoffs on Pace to Surpass Last Year’s by 300 Percent
Around 109,000 technology industry employees from 392 companies have been laid off since the start of the year, according to the industry employment tracking website Layoffs.Fyi. At the current pace, around 650,000 tech employees could lose their current jobs, which is about a 300 percent increase from 2022, when 160,997 people got pink slips, according…
Ottawa’s ‘Sustainable Jobs’ Plan Pilloried as Imposing Top-Down Planning, Stifling Free Market
February 22, 2023
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News Analysis In efforts to reach net zero by 2050, Ottawa’s strategy to transform the workforce toward “sustainable jobs”—”green” jobs in a low-carbon economy—sparked extensive criticism from analysts due to its top-down approach and departure from traditional market-based economics. On Feb. 17—the Friday before a long weekend and overshadowed by the verdict on the government’s…
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