A trial is set to start over a class-action lawsuit regarding whether Tesla CEO Elon Musk knowingly misled investors by claiming that funding was “secured” to take the company private in 2018. After closing the deal to purchase Twitter in October 2022, the Tesla CEO now has to face his earlier statements on the same social…
Tesla CEO Elon Musk Faces Trial in Shareholder Case Over Tweets in 2018
January 18, 2023
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Business & Marketsclass action lawsuitCompanieseconomyElon MuskInvestmentJudiciaryMedia & Big Techpersonal financeshareholdersteslaUS
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ABB Chairman ‘Optimistic’ About Worldwide Chip Shortage Easing Down Soon
The chairman of Swedish-Swiss engineering giant ABB is expecting the global semiconductor shortage to ease soon, but believes diversifying the chip supply chain is “very important” as China–Taiwan tensions remain a “risk.” The semiconductor shortage was “really an issue” last year, specifically the first two to three quarters, Chairman Peter Voser said in an interview…
World Shares Mixed, Yen Falls After BOJ Keeps Policy Intact
January 18, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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BANGKOK—World shares were mixed Wednesday, with Tokyo gaining more than 2 percent after Japan’s central bank kept its lax monetary policy unchanged, dispelling speculation it would yield to pressure to tighten credit to counter rising inflation. Germany’s DAX lost 0.1 percent to 15,170.03 and the CAC 40 in Paris was down less than 2 points,…
Major Texas University Blocks Students From Using TikTok on Network
January 18, 2023
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Big Tech, Censorship, and SocialismBusiness & MarketsChinaChina Business & EconomyCompaniesEducation & Family NewsFeatured TopicsInfiltrating the WestLocal NewsMedia & Big TechRegional-Local NewsSpecial TopicstechnologyTexasTikTokUSUS NewsUS-China relations
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The University of Texas at Austin has banned students from using Chinese-owned TikTok on its Wi-Fi network, in line with Gov. Greg Abbott’s December directive that all state agencies eliminate the cybersecurity risks posed by the video-sharing app. In a message to students on Jan. 17, Jeff Neyland, adviser to the university’s president for technology strategy, said the school is…
Prices Will Keep Rising Despite ‘Peak Inflation’ Chatter, Warns Unilever CEO
Unilever CEO Alan Jope has warned of the possibility of persistently high prices in the near future even if inflation levels out, adding that soaring costs have not yet reached their peak. Jope made the comments while speaking to CNBC at the World Economic Forum in Davos, Switzerland, on Jan. 17, where the businessman was asked if…
Carvana Adopts ‘Poison Pill,’ Sells $4 Billion of Auto Loans
Carvana Co. has adopted a “poison pill” to limit shareholders from raising their stakes and has reached an agreement to sell up to $4 billion of auto loans, the struggling used car retailer said on Tuesday. The company’s shares gained 6.5 percent to $7.47 in afternoon trade. Ally Bank and Ally Financial will buy the…
US Government Seeks to Outlaw TikTok but Faces Obstacles
January 18, 2023
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biden administrationBusiness & MarketsChinaCompaniesDefending AmericaFeatured TopicsNational SecuritytechnologyThreat from Communist ChinaTikTokUSUS-China relations
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President Joe Biden signed legislation in December banning federal employees from using TikTok on government devices due to national security threats. And more than 25 states have taken measures against the popular app, either by prohibiting its usage on government devices or filing litigation. Some believe that these measures are good, but not enough. They…
KKR to Buy S&P Global’s Engineering Solutions Unit for $975 Million
Private equity giant KKR & Co. will buy S&P Global’s engineering solutions business for $975 million, the financial services provider said on Tuesday. The move comes months after S&P Global said it would sell the unit, which serves more than 6,000 customers in the aerospace, defense, energy and architecture industries, among others. “The divestiture of…
United Airlines Expects to Quadruple Profit in 2023
CHICAGO—United Airlines Holdings on Tuesday forecast at least a four-fold jump in full-year profit for this year and reported fourth-quarter earnings that topped Wall Street estimates on robust travel demand, sending its shares higher. The Chicago-based carrier sees an adjusted profit of $10 to $12 per share for 2023, up from $2.52 per share last…
Emerson Electric Unveils Hostile $7 Billion Bid for National Instruments
U.S. engineering and industrial software company Emerson Electric Co. on Tuesday disclosed a nearly $7 billion offer for National Instruments Corp., which it has been trying to buy unsuccessfully for several months. The software firm’s all-cash bid of $53 per share, which was first submitted to NI on Nov. 3, represents a premium of about…
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