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TrendCrunch Daily business & finance news updates

30/07/2023

Florida judge has dismissed Walt Disney Co’s solicitation to excuse a claim filed by an oversight district, potentially complicating Disney’s own legal battle against Governor Ron DeSantis. The oversight district’s lawsuit aims to nullify “private cabin bargains” that were brokered between...

29/07/2023

Inflation in Germany has continued its downward trajectory, defying economists’ expectations and presenting challenges to the European Central Bank’s (ECB) inflation objectives. The latest data from the federal statistics office reveals that Germany’s harmonized consumer prices increased by 6....

28/07/2023

The United States economy has showcased remarkable resilience, boasting a 2.4% growth in the second quarter. This impressive figure has not only surpassed economists’ projections but has also alleviated concerns of a potential recession amid rate increases. As a result, global equity markets exper...

27/07/2023

Mercedes-Benz has increased its operating profit forecast for the year, with the automaker expecting its earnings before interest and taxes (EBIT) in 2023 to match that of the previous year, reaching an impressive €20.5 billion. The decision to raise the operating profit forecast comes in the wake...

26/07/2023

In a rare display of unity, both parties in the U.S. Congress have introduced legislation aimed at curbing stock trading by government officials and their relatives. The “Ban Stock Trading for Government Officials Act,” modeled after the previously implemented Stop Trading on Congressional Knowl...

26/07/2023

In a mixed financial report, Ryanair has announced a reduction in its forecast for passenger growth due to ongoing Boeing delivery delays. Despite quarterly profits exceeding pre-pandemic levels, the airline is approaching the upcoming months with caution. During the months of May and June, Ryanair....

24/07/2023

Oil prices have experienced a significant boost, registering a nearly 2% increase, marking the fourth consecutive weekly surge. The ongoing price rally was primarily triggered by supply shortages anticipated in the coming months, coupled with escalating tensions between Russia and Ukraine. At the cl...

19/07/2023

Meta has announced the commercial release of Llama 2, the new iteration of its open-source AI model. The decision offers a cost-effective alternative to the proprietary models from industry giants OpenAI and Google, potentially shaking up the AI landscape. Llama 2, which builds on the success of its...

19/07/2023

In a legal clash with far-reaching implications for the electric vehicle industry, Tesla has taken Cap-XX, an Australian company, to federal court in Texas. The lawsuit alleges that Cap-XX’s supercapacitors, crucial for energy storage in electric vehicle batteries, infringe on two U.S. patents own...

19/07/2023

Singapore’s economy managed to narrowly avoid slipping into a recession during the second quarter, but concerns loom as China’s economic decline and disruptions in trade flows continue to weaken global demand. After experiencing a contraction of 0.4% in the first three months of the year, the ci...

11/07/2023

The Royal Bank of Canada (RBC) has announced an extension to the consultation period for its proposed acquisition of HSBC’s Canadian unit. The 15-day extension comes as a result of a technical error that prevented the Finance Department from receiving some submissions via email. As a result, stake...

11/07/2023

Meta Platforms has launched its own microblogging platform called Threads, aimed at rivalling Twitter. Within hours of its release, the platform has garnered significant attention, drawing in millions of users eager to explore its features and potential. Mark Zuckerberg, the chief executive officer....

06/07/2023

In a historic milestone, Apple Inc has emerged as the first company to achieve a staggering $3 trillion market capitalization. The tech giant’s remarkable feat underscores the enduring investor confidence in the company, particularly in light of its recent quarterly results that surpassed expectat...

06/07/2023

The United States has taken a firm stance against China’s recent export restrictions on gallium and germanium, metals vital to the production of semiconductors and electronics. These measures, implemented by China as of 1 August, have caused significant supply shortages and price increases, forcin...

05/07/2023

Samsung Biologics has announced two significant contracts totaling $897 million with pharmaceutical giant Pfizer. The agreements entail the production of biosimilar products for Pfizer at Samsung’s state-of-the-art Plant 4 facility in South Korea, extending through 2029. The latest contracts with ...

30/06/2023

Google has announced its intention to block Canadian news from its platform within the country. The decision comes as a direct response to the implementation of a new law, the Online News Act, also known as Bill C-18, which mandates payment to local news publishers. Facebook’s Meta Platforms Inc. ...

29/06/2023

In a strategic move to bolster its cloud and automation capabilities, IBM has announced its acquisition of Apptio, a leading platform for technology expenditure management. The deal, valued at $4.6 billion in cash, will see Apptio transition from Vista Equity Partners to the renowned tech giant. The...

29/06/2023

The dollar index experienced a notable surge following remarks made by global central bank leaders, most notably Federal Reserve Chair Jerome Powell. Powell’s comments during a recent press conference have stirred speculation about the possibility of another rate increase at the upcoming July meet...

29/06/2023

American Equity Investment Life Holding (AEL), a prominent annuity provider specializing in insurance contracts for stable retirement income, has recently attracted the attention of Brookfield’s reinsurance subsidiary, its largest shareholder. The takeover bid, announced on Monday, values AEL at a...

26/06/2023

Oil prices experienced a downward trend as Brent crude settled down 0.4% and U.S. West Texas Intermediate (WTI) crude fell 0.5%, closing at lower prices. Several factors contributed to this decline, including the increase in interest rates by major central banks, disappointing Chinese stimulus data,...

26/06/2023

PwC Australia has taken a significant step in addressing the recent scandal that has plagued its reputation. The company has signed an exclusive agreement with Allegro Funds, a leading Australian private equity firm, to sell its government practice for a sum of A$1. This move comes in the wake of a....

23/06/2023

In a recent paper authored by a Federal Reserve economist, it has been proposed that both the Federal Reserve and the European Central Bank (ECB) consider scaling back a significant portion of the money they have injected into institutions over the past decade. The move is seen as a response to the....

23/06/2023

In a move aimed at revitalizing sluggish auto sales, China has announced a massive tax incentive program worth 520 billion yuan ($72.3 billion) for electric vehicles (EVs) and green automobiles. The tax breaks are set to stimulate growth in the world’s largest auto market, providing a much-needed ...

23/06/2023

In a bid to combat fraudulent activities on its platforms, Google has taken legal action against a Los Angeles man and his associated companies. The tech giant alleges that Ethan QiQi Hu established hundreds of fake business listings and subsequently sold them to legitimate businesses, engaging in a...

15/06/2023

New Zealand’s economy faced a contraction in the first quarter, raising concerns for the government’s chances of re-election. The central bank’s recent declaration that the cash rate has reached its maximum level further complicates the situation. The cash rate currently stands at 5.5%, having...

15/06/2023

GameStop, the American video game retailer that captured the attention of investors during the meme-stock frenzy of 2021, is facing another round of challenges. In an effort to boost shareholder morale following the recent CEO transition, Ryan Cohen, the chairman of GameStop, has purchased $10 milli...

07/06/2023

Prominent Vancouver-based mining company Teck Resources has received a series of enticing offers for its steelmaking coal business. As the offers pour in, Teck has made it clear that it will diligently evaluate each proposal before making a final decision. Teck has chosen not to disclose the identit...

06/06/2023

The lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against Binance and its CEO Changpeng Zhao has sent ripples through crypto markets, with a number of share prices tumbling within the industry. The SEC’s charges against Binance include allegations of artificially inflating tra...

01/06/2023

The certification of Boeing’s 737 MAX 7 is experiencing a prolonged timeline due to newly imposed documentation requirements, according to a company executive. Despite the delay, Boeing remains optimistic that the aircraft will be certified by the end of this year. Both the MAX 7 and MAX 10 models...

29/05/2023

The state energy company of Malaysia, Petronas, has been exonerated of any wrongdoing following a rigorous anti-corruption investigation. The Malaysia Anti-Corruption Commission (MACC) recently concluded its probe into corruption allegations involving Petronas and an international energy and gas com...

29/05/2023

OpenAI CEO Sam Altman has assured that the company has no plans to abandon its presence in Europe, reversing a previous threat that raised concerns about compliance with AI regulations. The European Union (EU) is currently in the process of formulating comprehensive regulations for artificial intell...

29/05/2023

Oil prices experienced a notable uptick on Monday, following the announcement of a tentative debt ceiling agreement in the United States. The rise in prices signals a resurgence in investor confidence and a renewed appetite for speculative assets, including commodities. Brent crude futures, the inte...

21/05/2023

Attorneys representing Florida Governor Ron DeSantis are seeking the disqualification of a federal judge overseeing the ongoing legal dispute between DeSantis and Walt Disney Co. The move comes as Disney accuses DeSantis of targeting the corporation based on the political views held by its leadershi...

19/05/2023

Microsoft is facing allegations of contract violations concerning its use of Twitter’s data, as claimed by Twitter itself. The tech giant has been accused by Elon Musk’s attorney of improperly utilizing Twitter’s data, including sharing it without permission with government agencies. In respon...

19/05/2023

San Francisco and Walgreens Boots Alliance have come to an agreement, finalizing a landmark $230 million settlement over Walgreens’ involvement in the city’s devastating opioid epidemic. The ruling was delivered by Judge Charles Breyer of the U.S. District Court, who held Walgreens liable for it...

15/05/2023

Japan’s wholesale inflation has continued to slow for the fourth consecutive month in April, according to data released by the Bank of Japan (BOJ) on Monday. This is largely attributed to a moderation in raw material costs. The Corporate Goods Price Index (CGPI), which measures the price companies...

11/05/2023

Seattle-based cryptocurrency exchange Bittrex Inc. has filed for bankruptcy protection, just three weeks after the U.S. Securities and Exchange Commission (SEC) accused the company of operating an unregistered securities exchange. Bittrex has denied the allegations and stated that the crypto assets....

10/05/2023

Toyota, the world’s largest carmaker, has unveiled its growth plan for the fiscal year that ends in March 2024. The Japanese firm forecasts a 10% climb in operating profit and a more aggressive push towards electrification. The growth plan comes after new CEO Koji Sato, who was installed last mont...

01/05/2023

Tesla’s website has indicated that the Model S and Model X are not currently available for order in certain Asia-Pacific nations, including Australia, Thailand, Singapore, and New Zealand. According to the website, other Tesla Inc. models, such as the Model 3 and Model Y, are available in these co...

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