(Reuters) – Meta Platforms Inc’s Facebook has in-principle agreed to settle a lawsuit in the San Francisco federal court seeking damages for letting third parties including Cambridge Analytica access the private data of users, a court filing showed. The financial terms were not disclosed in the filing on Friday that asked the judge to put…
SHANGHAI (Reuters) -Chinese chip foundry Semiconductor Manufacturing International Corp (SMIC) said it had signed a framework agreement to invest $7.5 billion for a new 12-inch foundry production line in Tianjin. The plans mark an ongoing expansion for the Shanghai-based company, which is under U.S. sanctions related to ties to China’s military, which the company denies….
HONG KONG (Reuters) – Washington and Beijing have reached an agreement allowing U.S. auditors to inspect China-based accountants, the first step in a process that could prevent around 200 Chinese companies being kicked off American stock exchanges. SAMUEL SIEW, MARKET SPECIALIST, CGS-CIMB, SINGAPORE “This is seen as a positive first step. However, things are not…
SHANGHAI (Reuters) -Profits at China’s industrial firms sank in July, reversing previous gains as fresh COVID-19 curbs dragged down demand and squeezed factory margins, while power shortages due to heatwaves threatened production. Profits at China’s industrial firms fell 1.1% in January-July from a year earlier, wiping out the 1.0% growth logged during the first six…
(Reuters) – Netflix Inc is looking to charge about $7 to $9 per month for its new advertising-supported subscription plan, Bloomberg news reported late on Friday. The company plans to introduce its budget-friendly option in the final three months of the year across at least half a dozen geographies. However, the full rollout may have…
By David French (Reuters) – Wall Street ended Friday with all three benchmarks more than 3% lower, as Federal Reserve Chief Jerome Powell’s signal that the central bank would keep hiking rates to tame inflation nixed nascent hopes for a more modest path among some investors. The Nasdaq led declines among the three U.S. benchmarks,…
MEXICO CITY (Reuters) – Mexican airline Volaris fired a pilot who filmed two of the carrier’s planes nearly crashing at Mexico City’s international airport in May, as the pilot broke airline rules by using a phone when she was not allowed to, Volaris said on Friday. The pilot, Libertad Salmeron, acknowledged in interviews that she…
(Reuters) -3M Co must face more than 230,000 lawsuits accusing it of selling defective earplugs to the U.S. military, after a U.S. judge on Friday ruled that the bankruptcy of a subsidiary did not stop lawsuits against the non-bankrupt parent company. Companies that file for bankruptcy typically receive an immediate reprieve from lawsuits, and 3M…
By Jessica DiNapoli and Alexander Marrow NEW YORK (Reuters) -Coca Cola HBC AG has started making a local cola, Dobry Cola, in Russia after stopping production and sales of Coca-Cola Co products following the mass exodus of Western companies earlier this year. Dobry has been a juice brand in Russia but Coca-Cola HBC https://www.reuters.com/business/retail-consumer/coca-cola-bottler-detail-costs-exiting-russia-2022-08-10/, which…
AMSTERDAM (Reuters) -Klaas Knot, a member of the European Central Bank’s governing council, said in an interview with Dutch national broadcaster NOS on Friday that he favours large interest rate hikes to tame inflation. Knot, who is also the Netherlands’ Central Bank president, was speaking from Jackson Hole, Wyoming, where the U.S. Federal Reserve is…
