Browsing: News – Business

The state of California has charged Amazon with violating competition law by preventing sellers from offering lower prices elsewhere. According to the lawsuit, the moves have harmed competitors and increased the cost of online shopping for everyone. It is the most serious legal threat Amazon has faced in the United States. However, a similar lawsuit in the United States was dismissed earlier this year due to insufficient evidence of higher prices. Proving consumer harm in the form of higher prices is a critical issue in US competition law. Amazon stated that, similarly to the DC case, California’s complaint was “exactly…

The European Central Bank has announced a record rise in eurozone interest rates to combat inflation. Prices in the EU are rising at the fastest rate in a half-century as energy costs skyrocket. The European Central Bank raised all of its key interest rates by three-quarters of a percentage point and warned that it would likely raise rates again later this year. In July, the bank raised interest rates for the first time in more than 11 years. “Price pressures have continued to strengthen and spread across the economy,” the ECB stated following its most recent decision. The ECB increased…

Cineworld shares have dropped more than 60% as fears grow that the world’s second largest cinema chain is about to declare bankruptcy. The company, which also owns the Picturehouse chain in the United Kingdom, is in debt to the tune of $5 billion. Like other movie theater chains, Cineworld was severely impacted by the pandemic. Cineworld recently reported lower-than-expected post-Covid customer levels, blaming “limited” film releases. According to the Wall Street Journal, Cineworld is preparing to file for bankruptcy, plummeting its stock price. Cineworld has been contacted for a response. The company hoped that blockbusters like the latest Bond film,…

Tencent, the Chinese tech giant, has laid off over 5,000 employees and shut down parts of its business as it deals with its first sales decline in history. In the April-June period, revenue fell 3% year on year, owing to declines in ad spending and its online gaming business. WeChat owner (Tencent) is feeling the effects of a gaming regulatory crackdown as well as a broader economic downturn. China’s central bank cut interest rates on Monday in an attempt to stimulate activity. The country, which is still responding to Covid outbreaks with mass shutdowns, reported last month that its economy…

After a nearly six-month suspension due to the Ukraine conflict, the Moscow Exchange will reopen to foreign investors in part on Monday. It states that only investors from “non-hostile countries” will be permitted to trade bonds. The decision excludes many of Russia’s largest investors who have imposed sanctions on the country’s economy. In February, Russia closed its markets to prevent money from leaving the country during the war. The Moscow Exchange said in a statement that it would reopen its bond market to “non-resident clients from non-hostile countries, as well as non-residents whose ultimate beneficiaries are Russian legal entities or…

The Saudi Arabian oil giant Aramco achieved a profit of $48.4 billion (or £29.8 billion) during the second quarter of 2022, which set a new record for the company. It is the largest increase in earnings for the world’s largest energy exporter since it went public three years ago, marking a 90% year-on-year increase and making it the largest increase in earnings ever. As a direct result of Russia’s invasion of Ukraine, oil and gas prices have significantly increased. Although Russia is one of the world’s largest exporters, Western nations have committed to reducing their reliance on the country to…

In 2019, Johnson & Johnson (J&J) announced that company will no longer produce or sell its baby powder containing talc in any market. More than two years after the healthcare giant stopped selling the product in the US, the announcement has finally been made. Tens of thousands of women have filed lawsuits against J&J, claiming that their talcum powder contained asbestos and was the direct cause of their ovarian cancer. However, the manufacturer insisted once again that decades of outside studies prove the product is risk-free. “As part of a global portfolio assessment, we have made the commercial decision to transition…

Elon Musk, owner of Tesla, has sold another 7.92 million worth shares of the company, which brought in a total of approximately $6.88 billion (£5.7 billion). According to regulatory filings, the sales occurred after the company’s annual shareholder meeting the previous week. Mr. Musk claims that he requires the funds in the event that he is compelled to purchase Twitter for $44 billion. After announcing one month ago that he would back out of a deal to buy the social media platform, the multibillionaire is currently engaged in a legal battle with the company that owns the platform. According to…

Following Russia’s invasion of Ukraine in March, McDonald’s restaurants there were forced to close, but the fast food chain recently announced plans to reopen the restaurants there. The quick-service restaurant chain expressed the hope that the action would contribute to the restoration of a “small but important sense of normalcy.” The burger giant has announced that over the next few months, there will be a phased reopening in Kyiv and western Ukraine in areas that have been determined to be safe. Prior to the outbreak of hostilities, Ukraine was home to more than a hundred McDonald’s restaurants. Since then, the…

Mark Cuban’s new company, which publicly started in January, sells hundreds of generic, regularly used pharmaceuticals at drastically reduced prices. And by big, I mean it. Looking at the prices will make your jaw drop. The generic version of Actos, which is prescribed for diabetic patients and is generally sold for $74.40 at standard pharmacies, is available for $6.60 for 30 pills. Apriso’s generic form, which is indicated for individuals with gastrointestinal problems and costs $122.70 at regular pharmacies, costs $36.60 for 30 pills. And that’s only a taste. The Mark Cuban Cost Plus Drug Company’s (yep, that’s the actual…