By Karen Freifeld Reuters) -Seagate Technology Holdings PLC has agreed to pay a $300 million penalty in a settlement with U.S. authorities for shipping over $1.1 billion worth of hard disk drives to China’s Huawei in violation of U.S. export control laws, the Department of Commerce said on Wednesday. Seagate sold the drives to Huawei…
By Allison Lampert and Rajesh Kumar Singh (Reuters) -A technology failure that temporarily halted all departures of Southwest Airlines Co flights on Tuesday is raising fresh concerns about the resiliency of the U.S. carrier’s IT infrastructure, industry experts and the carrier’s pilots’ union said on Wednesday. The Dallas-based carrier has blamed the hour-long outage on…
(Reuters) – Michael Schumacher’s family are planning legal action against a German weekly magazine over an ‘interview’ with the seven times Formula One champion that was generated by artificial intelligence. A spokesperson for the Schumacher family, asked by Reuters for a comment on Wednesday, pointed to published reports of legal action. The Ferrari great has…
By Leigh Thomas PARIS (Reuters) -France will see its national debt burden fall faster than previously expected even though the cost of interest payments is set to soar, Finance Minister Bruno Le Maire said on Thursday. The national debt burden, which reached a record just shy of 3 trillion euros at the end of last…
(Reuters) -Richard Branson’s Virgin Orbit Holdings Inc and its subsidiaries in the United States filed a Chapter 11 bankruptcy plan with the U.S. Bankruptcy Court for the District of Delaware, the company said in a statement on Wednesday. Earlier this month, Virgin Orbit filed for Chapter 11 bankruptcy protection after the satellite launch company struggled…
By Ankur Banerjee SINGAPORE (Reuters) -Corporate governance in Japan has suddenly become a cause celebre, rousing the world’s third-largest stock market out of decades of lethargy and drawing in hordes of foreign investors. Japan’s stock market has long been seen by investors as a ‘value trap’ where companies focus on market share, hoard cash and…
BERLIN (Reuters) – Deutsche Bank plans to reduce its executive board to nine members from 10 and to cut some jobs in infrastructure and in its private banking business to save costs, a source close to the bank told Reuters on Thursday. Germany’s largest bank, which is due to present first-quarter results on April 27,…
By Wayne Cole SYDNEY (Reuters) -Australia’s central bank is expected to get a new specialist board to manage monetary policy that will give independent expert members more responsibility for setting interest rates, a dilution of the bank’s traditional power over policy. A 272-page review of the Reserve Bank of Australia (RBA) released on Thursday outlined…
SHANGHAI (Reuters) – Chinese internet users berated German automaker BMW on Thursday, accusing it of discrimination at the Shanghai auto show amid claims workers at its Mini booth favoured foreign over domestic visitors during an ice cream giveaway promotion. Mini apologised for the incident in question, saying in a statement on its official Weibo account…
By Marie Mannes STOCKHOLM (Reuters) – Sweden’s AB Volvo lifted its outlook for key heavy-duty truck markets in Europe and North America this year on Thursday as it reported a 32% year-on-year rise in order intake for the first quarter. The maker of vehicles under brands such as Mack Trucks and Renault as well as…
