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TSMC’s $11.6bn US production agreement boosts Joe Biden AI chip ambitions
Taiwan Semiconductor Manufacturing Co., the world's largest chipmaker, has agreed that its most advanced products will be made in Arizona starting in 2028. This is a major boost for White House efforts to bring manufacturing of…
Hunt to boost UK superfund with pensions giant
The UK's largest long-term retirement and savings business has drawn up plans for a new superfund that will support fast-growing businesses as a boost to Jeremy Hunt.
Phoenix, the company that owns Standard Life, has begun creating a…
Hedge funds are circling around struggling UK investment trusts
Hedge funds are swooping on the UK's £200bn Investment Trust sector, which is being shunned and undercut by cheaper competitors.
Investment Trusts have been a cornerstone in UK equity markets for more than 100 years. They are now facing…
Rolls-Royce tests the most powerful and environmentally friendly business jet engine
Rolls-Royce has started flight testing on its most powerful and environmentally friendly business jet engine.
The Pearl 10X is a new engine developed specifically for the Dassault Falcon 10X. This aircraft will be in service by 2027.…
China gets involved in tea wars brewing up in the Himalayas
Chinese tea buyers have disrupted a heated trade dispute between Nepal and India, which has led to the introduction of counterfeit Darjeeling tea into teapots that were not expecting it.
Indian tea estates are under pressure because of a…
Shein profits more than double to $2bn before planned listing
Shein, an online fast-fashion company, has seen its profit more than double as it waits for Beijing's approval to list its blockbuster in New York or London.
Shein has recorded a record profit of over $2bn for 2023. The company's website…
Flutter, the owner of Paddy Power, hopes that the US listing will attract retail investors
As Paddy Power prepares to move its primary listing to New York, the Paddy Power owner wants to convert its rapidly growing US customer base to shareholders.
In January, the company, which has the largest market share of FanDuel in the…
Hong Kong’s port is losing ground as exporters shift to mainland China
Hong Kong is losing out to competitors in south-east Asia and mainland China in terms of seaborne cargo volume.
Drewry, a maritime consultancy, says that the container throughput in Hong Kong dropped 14 percent last year and reached…
Why Ocado could become a tech giant if it is listed in New York
If the grocery store can break free from its UK roots, a lucrative future awaits.
Tim Steiner, Ocado's chief executive officer, praised the £750m partnership with Marks & Spencer as a win-win for both parties.
He said that M&S…
Morrisons’ losses mount amid debt finance pressures
Morrisons reported widening losses for the first quarter, after being weighed down with debt financing costs related to its private equity acquisition.
The supermarket chain reported pre-tax losses in the amount of £156m for the 13 weeks…
Formula One owner closes on €4bn MotoGP deal
According to sources familiar with the situation, Formula One owner Liberty Media has exclusive negotiations to purchase the company that owns MotoGP. This would bring together the two elite racing series: the car and the motorcycle.
The…
Baltimore Bridge collapse: Carmakers and insurance companies prepare for the fallout
After the collapse of the Francis Scott Key Bridge in Baltimore, carmakers have announced that they will be rerouting shipments to other cities. Insurers have also warned of claims worth billions of dollars.
After the closure of…
Founder Emad Mostaque exits AI picture start-up StabilityAI
Emad Mostaque has left Stability AI. The pioneering start-up that he founded in order to create images at will.
Mostaque was gifted and talented. He formed StabilityAI in order to promote the Stable Diffusion Tool, which allows users…
Chinese giant to build UK’s largest gigafactory
It has been revealed that a Chinese company, which makes batteries for BMW electric vehicles, is about to invest billions of pounds in the construction of Britain's largest gigafactory.
EVE Energy is the largest producer of cylindrical…
US accuses Apple of building smartphone market monopoly in antitrust case
In the latest attack on the Big Tech giants, Joe Biden's government is suing Apple over its alleged use of power to limit competition and restrict consumer choice in the smartphone industry.
Apple is under pressure from rivals and…
Raiffeisen pulls AT1 bond deal over Russia deal fears
Raiffeisen Bank International abandoned its planned sale of risky debt on Wednesday after a "negative market reaction" following a report claiming that the US put pressure on the Austrian bank over a deal it had made with Russian oligarch…
Kering, the owner of Gucci, issues a profit warning following a slump in China sales
Kering, the luxury goods company owned by Francois-Henri Piault, issued a profit warning due to a decline in demand for its flagship brand Gucci.
The Paris-based company, unlike its competitors in the same sector who have done better,…
Pfizer begins to reduce its stake in Haleon
Pfizer is selling a stake of its former joint venture in consumer healthcare, Haleon. The sale will be worth approximately £2.3 billion.
The American drug company intends to reduce its remaining holdings in the manufacturer of Sensodyne…