Archive | business

Apple Fined $12 Million USD Over Claims About the iPhone’s Water Resistance

Apple has received a fine for €10 million EUR ($12 million USD) for inaccurate claims about how waterproof its iPhones are from Italy’s competition regulator, Autorità Garante della Concorrenza e del Mercato (AGCM). The fine, announced today, comes soon after Apple paid out a $113 million USD fine to settle its “batterygate” investigation state-side.The AGCM […]

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GAP Succumbs to Pandemic Sales Drought, Continues Shuttering Stores

With a disappointing Q2 2020 under its belt, GAP is still facing uncertain waters in Quarter 3. The fast-fashion juggernaut reported another round of losses — that admittedly beat expectations — and even more store closures, leading to shrinking stock prices. Though some of its brands are seeing impressive growth — including Old Navy and […]

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Tesla’s Market Value Soars Past $500 Billion USD for the First Time Following 550% Growth in 2020

On the same day its CEO Elon Musk overtook Microsoft’s Bill Gates to become the world’s second-richest man, American electric vehicle maker Tesla saw its market value soar past the $500 billion USD mark for the very first time in the company’s history.On Tuesday, the automaker’s stock price climbed by more than 4 percent, pushing […]

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Dr. Martens Prepares for IPO in Early 2021

Dr. Martens is continuing plans for its IPO early next year, with the private equity company that owns the heritage label appointing two banks to lead the listing. Permira, which acquired the company for around £300 million GBP (approximately. $398 million USD) in 2013, has appointed Goldman Sachs and Morgan Stanley to act as global […]

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Tesla, Lucid Motors, Uber and More Create Lobbying Group for Zero Emission Transportation

A number of large players within the electric vehicle market have now come together to create a new lobbying group for the future of EVs, including Tesla, Uber, and Lucid Motors.Named the Zero Emission Transportation Association (ZETA), its main target is for all vehicles sold in the U.S. to be fully electric by the year […]

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Tesla To Join S&P 500 Index This December

According to S&P Global, Tesla will be joining the S&P 500 Index, effective December 21. Elon Musk’s electric vehicle and clean energy company based in Palo Alto, California has become a household name and now holds a market cap of nearly $387 billion USD. Additionally, Tesla reported its largest quarterly profit to date with $874 […]

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Moderna Shares Skyrocket Following the Annoucement of a 94.5% Effective COVID-19 Vaccine

Shares in Moderna Inc. have shot up by 16 percent in premarket trade today after the biotech company announced its COVID-19 vaccine candidate, mRNA-1273, demonstrated 94.5 percent efficacy in a Phase 3 trial. This follows last Monday’s news that Pfizer had manufactured a 90 percent effective COVID-19 vaccine, which led to an uptick in shares […]

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Tech Stocks Rally Following Dip Caused by Pfizer’s Vaccine Announcement

Tech stocks have now rallied following a big hit earlier in the week due to Pfizer’s announcement of a potential vaccine for COVID-19 with 90 percent effectiveness.The announcement caused investors to pull their money from the tech and stay-at-home industries over to more cyclical stocks that are due for a rebound as the economy recovers […]

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SEGA Asks 650 Employees to Voluntarily Retire Amid $97 Million USD in Expected Losses

SEGA’s parent company Sega Sammy Holdings has now asked 650 of its employees to voluntarily retire, at the same time reducing salaries for its directors.According to new reports, the decision came as part of Sega Sammy’s latest restructuring, which also saw the company sell off 3.51 million shares in Sanrio, demoting it from being the […]

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Commerce Department Extends TikTok’s Sale Deadline to November 27

Back in September, a U.S. District Court judge blocked the Trump administration’s ban on TikTok, a decision which was subsequently upheld by a federal judge in late October. Despite these rulings, the Commerce Department’s Committee on Foreign Investment in the United States (CFIUS) says that while the order to ban has been blocked, the president’s […]

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Commerce Department Extends TikTok’s Sale Deadline to November 27

Back in September, a U.S. District Court judge blocked the Trump administration’s ban on TikTok, a decision which was subsequently upheld by a federal judge in late October. Despite these rulings, the Commerce Department’s Committee on Foreign Investment in the United States (CFIUS) says that while the order to ban has been blocked, the president’s […]

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German Court Declares Techno Is Music, Nightclubs To Receive Ticket VAT Cuts

Germany’s federal fiscal court BFH has declared that techno is music, and as a result, has announced that the country’s nightclubs will receive a tax cut on its ticket fees.As the world continues its pandemic-related lockdown, which has subsequently put a big strain on nightclubs, institutions, and the music industry, many venues are struggling to […]

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Farfetch Stocks Swell in Response to 71% Revenue Growth

Boom times for Farfetch, which is enjoying a surge of investor attention following several big financial moves in the latter half of 2020. Following the announcement (then investment) from Alibaba, Farfetch has revealed its Q3 financial results to the widespread pleasure of investors, helping to offset the weight of some hefty losses.In Q3 2019, Farfetch […]

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The RealReal Finds Silver Lining in Latest Round of Quarterly Losses

The RealReal’s tumultuous 2020 continues. Despite the secondhand retailer’s clear authority in the secondhand fashion market, its financial troubles haven’t quite been alleviated yet, though there are positives amidst turmoil.Based in San Francisco, The RealReal isn’t the only tech company struggling to navigate the ongoing coronavirus pandemic but even still, its burdens are exacerbating. For […]

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