By Daniel Wiessner (Reuters) -Uber Technologies Inc, DoorDash Inc and other app-based food delivery companies filed lawsuits on Thursday seeking to strike down New York City’s novel law setting a minimum wage for delivery workers. The companies filed separate complaints in New York state court claiming the law, which takes effect July 12, is based…
MADRID (Reuters) – U.S. chipmaker Broadcom will invest in a European Union-funded programme to develop a semiconductor industry in Spain, Chief Executive Charlie Kawwas said late on Thursday. “Excited to announce our decision to invest in Spain’s semiconductor ecosystem under their semiconductor support program,” Kawwas said on his Twitter account. The project in which Broadcom…
By Joyce Lee and Heekyong Yang SEOUL (Reuters) -Samsung Electronics Co Ltd reported a likely 96% plunge in second-quarter operating profit on Friday, largely in line with forecasts, as an ongoing chip glut drives large losses in the tech giant’s key business despite a supply cut. The world’s largest memory chip and smartphone maker estimated…
(Reuters) – China said on July 3 it would restrict exports of two metals used in semiconductors and electric vehicles, escalating a technology war with the United States and potentially causing more disruption to global supply chains. Following are responses from some companies to the announcement of curbs from Aug. 1 on Chinese gallium and…
By Joe Cash BEIJING (Reuters) – U.S. Treasury Secretary Janet Yellen met with China’s central bank governor Yi Gang and former economy tsar Liu He for informal talks on the global, U.S., and Chinese economies on Friday, according to a U.S. Treasury official Yellen comes to Beijing seeking to ease tensions between the world’s two…
By Lewis Jackson SYDNEY (Reuters) – PwC Australia advised Uber and Facebook how to restructure in face of an Australian law clamping down on tax avoidance, but both companies said on Friday they were surprised to find out PwC’s advice may have been based on leaked government plans. The “big four” firm is under pressure…
By Ben Blanchard and Jan Schwartz TAIPEI (Reuters) -Volkswagen is monitoring metals markets after China imposed export restrictions on two minor metals used in semiconductors and electric vehicles, it said on Thursday, while some chipmakers played down fears of shortages. Fears are growing that more curbs on strategic exports including rare earths could be coming…
By Ismail Shakil OTTAWA (Reuters) -Canada will provide up to C$15 billion ($11.23 billion) in production incentives for a Stellantis-LG Energy Solution (LGES) electric vehicle battery plant, the federal and Ontario governments said on Thursday, a day after the companies said construction at their plant would resume. The production incentives agreed with Stellantis and LGES…
By Jamie McGeever (Reuters) – A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. Asian markets are set for a torrid end to the week on Friday as another spike up in U.S. bond yields and the prospect of interest rates being kept higher for longer triggered waves of…
(Corrects grammar in first paragraph) By Katie Paul NEW YORK (Reuters) -Meta Platforms on Wednesday launched a direct challenge to Twitter with Threads, garnering millions of users in hours as it sought to take advantage of its rival’s much-weakened state after a series of chaotic decisions from owner Elon Musk. Those quick to join the…
