Brasilia (Business Emerge), September 5: In an ongoing battle over free speech, Brazil’s conservative party, Partido Novo, has launched a legal challenge against a court ruling that has led to the suspension of Elon Musk’s X platform. The party claims that the ban on the social media site, which has a massive following in the country, violates constitutional rights. This challenge is now being handled by a different judge, adding another layer of complexity to the dispute. Supreme Court Justice Alexandre de Moraes recently ordered the platform to be blocked in Brazil after it failed to comply with directives to…
Author: Kevin Miller
Washington (Business Emerge), August 17: TE Connectivity, a global electronics giant, has reached a $5.8 million settlement with the U.S. Department of Commerce after it was found to have violated export control laws. The violations involved the illegal shipment of wires, circuit-board connectors, and other items to entities associated with China’s hypersonics, drone, and military electronics initiatives between 2015 and 2019. The U.S. has significantly tightened export controls on technology, especially targeting Chinese entities, to prevent advancements in China’s military capabilities that could pose a threat to national security. TE Connectivity, headquartered in Switzerland with key operations in Pennsylvania and…
Beijing (Business Emerge), August 17: JD.com, a leading e-commerce giant in China, reported a significant increase in profits for the second quarter, surpassing market expectations. The company’s emphasis on competitive pricing successfully drew budget-conscious consumers to its platform, contributing to this strong financial performance. JD.com has been strategically focusing on offering discounts and more affordable products in response to the growing cautiousness among Chinese consumers regarding their spending. This shift in consumer behavior has intensified competition among major e-commerce players, sparking a price war as companies like JD.com and Alibaba vie for the same customer base. The company’s Chief Executive…
Washington (Business Emerge), August 17: Applied Materials anticipates a slight uptick in fourth-quarter revenue, projecting approximately $6.93 billion, plus or minus $400 million, as the demand for AI-driven chip-making equipment continues to rise. This forecast narrowly surpasses Wall Street’s average estimate of $6.92 billion, according to LSEG data. The company also predicted an adjusted profit per share ranging between $2.00 and $2.36, compared to analysts’ expectations of $2.14 per share. However, despite the promising forecast, shares of the Santa Clara-based company dipped by 2.8% in extended trading, even after closing nearly 5% higher earlier in the day. The drop in…
Sweden (Business Emerge), August 17: Swedish gaming giant Embracer Group reported a sharp 50% decline in its first-quarter operating profit, driven by a reduced number of game releases. The company, known for owning the popular Tomb Raider franchise, has faced several challenges that have impacted its financial performance. As Embracer continues to navigate through these hurdles, the company remains committed to releasing games valued at 3.9 billion Swedish crowns ($372.70 million) for the fiscal year. Despite this commitment, Embracer’s shares dropped by 10% by 0700 GMT, further exacerbated by a larger-than-anticipated decline in first-quarter sales within its Entertainment & Services…
NewYork (Business Emerge), August 17: Epic Games has officially reintroduced its popular multiplayer shooter game, Fortnite, to iPhones across the European Union, as well as to Android devices globally, after a four-year absence. This move follows recent EU legislation that has opened the door for Epic Games to make this comeback, the company announced on Friday. Originally launched in 2017 by Epic Games, a U.S.-based developer backed by China’s Tencent, Fortnite quickly became a sensation with its “battle royale” mode, attracting millions of devoted players worldwide. However, in August 2020, Fortnite was removed from Apple and Google’s app stores due…
Business Emerge, August 17: Texas Instruments has announced that it will receive up to $1.6 billion in funding from the U.S. Commerce Department, a significant step towards expanding its domestic chip production capabilities. This financial support will be directed towards the construction of three new manufacturing plants—two in Texas and one in Utah—under the U.S. CHIPS and Science Act. In addition to the government funding, Texas Instruments anticipates securing between $6 billion and $8 billion in investment tax credits from the U.S. Treasury Department. Furthermore, the company will benefit from $10 million allocated specifically for workforce development initiatives. These efforts…
Seoul (Business Emerge), July 25: South Korea’s SK Hynix has announced its highest quarterly profit since 2018, driven by the rising demand for artificial intelligence (AI) chips. The company, which supplies Nvidia with high bandwidth memory (HBM) used in generative AI chipsets, projects continued growth in AI chip demand for the latter half of the year. With an operating profit of 5.47 trillion won ($3.96 billion) for the April-June quarter, SK Hynix marked its third consecutive profitable quarter, a sharp turnaround from the substantial losses it suffered last year. This achievement aligns with market expectations and highlights the company’s strategic…
Paris (Business Emerge), July 25: Google Cloud is set to enhance its Vertex AI service with the integration of Mistral AI’s Codestral, a state-of-the-art artificial intelligence model designed for code generation tasks. This collaboration underscores the significant expansion and acceptance of Mistral AI, which many industry analysts regard as Europe’s counterpart to the AI developments supported by Microsoft-backed OpenAI. Google continues to innovate by developing its generative AI solutions through Vertex AI. “Today marks a milestone as Google Cloud becomes the first major cloud provider to introduce Codestral – Mistral AI’s pioneering generative AI model for code generation – as…
California (Business Emerge), July 25: In a strategic move to bolster its AI capabilities, Microsoft has partnered with Lumen Technologies to utilize Lumen’s network equipment, aiming to expand AI workload capacity across its data centers. This collaboration is set to address the increasing demand for advanced AI services. The partnership will see Lumen leveraging Microsoft’s Azure cloud services, which is expected to significantly improve Lumen’s financial health. By shifting to Azure, Lumen anticipates an enhancement in cash flow exceeding $20 million within the next year. This financial boost aligns with Lumen’s ongoing efforts to recover from its recent debt restructuring.…