World shares declined Thursday as investors watched for signs of progress on a deal to avert a default on U.S. government debt. U.S. futures were mixed and oil declined. Germany slipped into recession as its economy contracted 0.3 percent in the first quarter of the year. The data from the Federal Statistical Office showed a…
Stock Market Today: World Shares Decline on Worries Over US Debt; Germany Slips Into Recession
May 25, 2023
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Telecoms Company Avid Sued by 49 States Over ‘Billions of Illegal Robocalls’
Attorneys general from 49 U.S. states are suing telecommunications company Avid Telecom, claiming the firm is “initiating and facilitating billions of illegal robocalls to millions of people.” The lawsuit (pdf) was filed on May 23 in the U.S. District Court for the District of Arizona, where Avid Telecom is headquartered. Defendants in the suit are listed…
EU Seeks Top Court Backing in $14 Billion Tax Fight Against Apple
LUXEMBOURG—EU competition regulators appealed to the bloc’s highest court on Tuesday to override a lower tribunal and make Apple pay a record 13 billion euros ($14.3 billion) in Irish back taxes. The case, which has far-reaching implications for corporate tax bills, is the most high-profile of EU antitrust chief Margrethe Vestager’s campaign against sweetheart deals…
Apple Inks Multi-Billion-Dollar Deal With Broadcom for US-Made Chips
Apple Inc. on Tuesday said it has entered a multi-billion-dollar deal with chipmaker Broadcom Inc. to use chips made in the United States. Under the multi-year deal, Broadcom will develop 5G radio frequency components with Apple that will be designed and built in several U.S. facilities, including Fort Collins, Colorado, where Broadcom has a major…
Peloton the Rebrand: High End Exercise Bike Maker Says It’s Now a Health Company for All
Peloton is undergoing a significant rebrand, dumping its identity as a seller of luxury exercise bikes and equipment to heath technology for all. “We’re shifting perceptions from in-home to everywhere, fitness enthusiasts to people at all levels, exclusivity to inclusivity across all Peloton members present and future,” Chief Marketing Officer Leslie Berland said in a…
Accenture Secures Up to $2.6 Billion Contract to Modernize IRS Systems
An Accenture Plc. unit said on Wednesday it had secured an up to $2.6 billion deal with the Internal Revenue Service (IRS) for modernizing the government tax agency’s systems. Accenture Federal Services said it had been awarded the contract for seven years, adding that it will have to compete for future orders to support the…
White House Condemns China for Micron Ban But Will Keep Communications Open
May 25, 2023
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The White House has condemned the Chinese regime for its ban on purchases of memory chips from the American company Micron on May 24, saying it’s retaliation over the recent G7 statement. However, the White House expressed that Beijing’s sanction won’t affect Washington’s efforts to improve communication with China. White House national security spokesperson John…
Kohl’s Reports Surprise Profit in Q1 Helped by Inventory Cuts
NEW YORK—Kohl’s posted a surprise profit for the fiscal first quarter, helped by the department store chain’s moves to cut inventory in the wake of weak sales. The company, based in Menomonee Falls, Wisconsin, also affirmed its annual financial guidance, pushing up shares 11 percent higher in premarket trading on Wednesday. Kohl’s said that it…
Abercrombie & Fitch Reports Surprise Profit, Raises Sales Forecast
Abercrombie & Fitch Co. on Wednesday posted a surprise quarterly profit and lifted its full-year sales forecast, as the clothing retailer banks on its efforts to fill shelves with in-demand goods, sending its shares up as much as 29 percent. The apparel retailer has worked to increase its stock across all its labels and lure…
South Korean Supplier Plans $40 Million Auto Parts Plant in Georgia Near New Hyundai Complex
STATESBORO, Ga.—A South Korean company will build a $40 million factory in coastal Georgia to make heating and cooling systems near a Hyundai Motor Group auto assembly plant. Hanon Systems announced Tuesday that it would build the plant in Statesboro, with plans to hire at least 160 new employees. Hanon Systems is the eighth major…
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