COMPANIES

Chinese technology major Huawei created shockwaves with a smartphone that boasts of 5G-like speeds and, crucially, has at its heart a homegrown 7nm chip -- technology that China was not known to possess. IBT speaks to experts on whether U.S. curbs on China's access to advanced chip technology are failing.

Elon Musk's X Corp.on Friday sued the state of California over a law requiring social media companies to publicly post their policies regarding hate speech, disinformation, harassment and extremism.

Virgin Galactic on Friday announced it had sent three paying customers on an hour-long journey to space and back, racking up its fourth successful flight in as many months.

The gatekeepers, which the European Union says are companies that provide "an important gateway between businesses and consumers in relation to core platform services," have six months to provide a "detailed" report to prove they comply with the DMA's provisions.

After news of the layoffs emerged, Roku stocks jumped about 3% higher.

The Chinese tech giant's Huawei Cloud Riyadh office, which was announced Monday at the Huawei Cloud Summit Arabia 2023, will focus on serving consumers across the Middle East, Central Asia and Africa.

Struggling Chinese developer Country Garden has made multi-million-dollar interest payments on two outstanding loans, reports said Tuesday, narrowly avoiding what would have been its first default.

Embattled Qantas chief executive Alan Joyce is retiring two months earlier than planned, the Australian airline said Tuesday, with Vanessa Hudson taking over as the carrier's first female boss.

Toothpaste, chocolate, washing powder and deodorant -- everyday products are increasingly under lock and key at US retailers, as petty theft and organized shoplifting rise while consumers grapple with costs of living.

Country Garden creditors have approved postponing the repayment of a key loan, narrowly avoiding a potential default, Bloomberg reported Saturday.

Pegasystems is cutting another 4% of its headcount after it slashed its workforce in January, joining several other software firms affected by the greater tech reckoning.

SkyKick, which has been in a years-long legal standoff with British media conglomerate Sky, has implemented a new round of layoffs around five months since it last conducted job cuts.

Nvidia shares rose Tuesday after it announced an expansion of its AI partnership with Google Cloud, becoming the best performer so far this year in the S&P 500.

Chinese AI company SenseTime has reportedly cut its workforce after an earlier restructuring last year. The company recently won the Best Paper Award at the CVPR 2023 conference.

Xpeng continues to forge partnerships as it explores possibilities in shared smart mobility, with its latest move coming through the acquisition of ride-hailing giant DiDi's smart EV arm.

Just two months after it laid off 20% of its staff, Chingari has reportedly implemented another workforce reduction, this time affecting a larger portion of its headcount.

The layoffs will largely affect corporate and back-office roles that are "primarily duplicative" or may be aligned to changing systems or processes, or "may not fit" with the company's current priorities.

BioWare is laying off 50 workers weeks after parent company Electronic Arts moved the SWTOR game to an outside studio.

Biotech companies have also been hit by the wider tech reckoning that has so far resulted in more than 231,000 job cuts so far this year.

The Subway sandwich chain is near a deal to be acquired for more than $9 billion in a transaction that could be announced as soon as Wednesday, a person familiar with the matter said.

Thailand has threatened to take legal action against Facebook over cryptocurrency scams on the platform that are being facilitated through advertisements.

Elon Musk has admitted that X, previously known as Twitter, may be poised to fail less than a year after he acquired the social network for $44 billion, and some users believe Linda Yaccarino is to blame.

Elon Musk said Friday his social media company X would scrap a feature that allows users to block posts from specific accounts.

United States Steel has launched a strategic review after receiving several unsolicited offers for a partial or total takeover, and has already rebuffed one "unreasonable" offer.

Microsoft is already enjoying the benefits of its investment in OpenAI and now it is reportedly banking on Databricks to launch a new AI service.

Ola Electric founder and CEO Bhavish Aggarwal said the facility will open next year. It will allow them to start using Indian-manufactured cells in their motorbikes.

Vietnamese EV maker VinFast now has a market valuation above established carmakers such as Volkswagen, Ford and others after its Nasdaq debut. The company is looking to sell up to 50,000 EVs this year, backed by its U.S. expansion.

Indonesia-based Noice has implemented layoffs more than a year after it raised $22 million in a funding round. The startup joins Spotify and a few other streaming platforms that cut staff this year.

SecureWorks has once again announced layoffs just months after it reduced its headcount by around 9%, this time affecting a larger percentage of the workforce.