Jonathan Wong
The Latest
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Former Volkswagen CEO Martin Winterkorn Faces Trial Over Dieselgate Scandal Allegations
Martin Winterkorn, the former CEO of Volkswagen Group, faced trial Tuesday on serious charges related to the company's massive emissions scandal, commonly referred to as Dieselgate. Winterkorn, 77, is accused of fraud, market manipulation, and making false statements in connection with Volkswagen's use of rigged software that allowed millions of diesel vehicles to cheat on emissions tests. The trial marks a significant development in a scandal that has had profound repercussions for the automotive industry and Volkswagen's global operations. 
Martin Winterkorn, the former CEO of Volkswagen Group, faced trial Tuesday on serious charges related to the company's massive emissions scandal, commonly referred to as Dieselgate. Winterkorn, 77, is accused of fraud, market manipulation, and making false statements in connection with Volkswagen's use of rigged software that allowed millions of diesel vehicles to cheat on emissions tests. The trial marks a significant development in a scandal that has had profound repercussions for the automotive industry and Volkswagen's global operations. -
Disney-Directed Blackout Hits DirecTV Customers as Licensing Dispute Escalates
DirecTV subscribers woke up to a major disruption on Sunday as all Disney-owned networks, including ESPN, ABC, and more, vanished from the service. This sudden blackout has ignited a fierce dispute between DirecTV and The Walt Disney Co., marking a dramatic escalation in their ongoing carriage battle. 
DirecTV subscribers woke up to a major disruption on Sunday as all Disney-owned networks, including ESPN, ABC, and more, vanished from the service. This sudden blackout has ignited a fierce dispute between DirecTV and The Walt Disney Co., marking a dramatic escalation in their ongoing carriage battle. -
Volkswagen Considers Historic German Plant Closures as Cost-Cutting Measures Intensify
Volkswagen AG, the German automotive giant, is contemplating a significant restructuring that includes the unprecedented step of closing factories in Germany, marking a potential shift in the company's 87-year history. The move, driven by the need for deeper cost reductions and increased competitiveness, has ignited a fierce backlash from trade unions and political leaders. 
Volkswagen AG, the German automotive giant, is contemplating a significant restructuring that includes the unprecedented step of closing factories in Germany, marking a potential shift in the company's 87-year history. The move, driven by the need for deeper cost reductions and increased competitiveness, has ignited a fierce backlash from trade unions and political leaders. -
Intel CEO Pat Gelsinger to Propose Major Restructuring: Asset Sales and Cost Cuts on the Agenda
Intel Corp. is poised to undertake a significant strategic overhaul aimed at rejuvenating the company's fortunes, as CEO Pat Gelsinger prepares to present a comprehensive cost-cutting and asset-divestment plan to the board of directors later this month. The proposed strategy is expected to address Intel's current financial challenges and enhance its competitive stance in the rapidly evolving semiconductor industry. 
Intel Corp. is poised to undertake a significant strategic overhaul aimed at rejuvenating the company's fortunes, as CEO Pat Gelsinger prepares to present a comprehensive cost-cutting and asset-divestment plan to the board of directors later this month. The proposed strategy is expected to address Intel's current financial challenges and enhance its competitive stance in the rapidly evolving semiconductor industry. -
Goldman Sachs to Cut 1,300 Jobs Amid Market Recovery Signs and Cost-Cutting Measures
Goldman Sachs is set to trim its workforce significantly, with plans to lay off between 1,300 and 1,800 employees, according to reports from the Wall Street Journal. This latest round of job cuts, which will affect approximately 3% to 4% of the bank's global workforce, is part of the company's annual performance review process. 
Goldman Sachs is set to trim its workforce significantly, with plans to lay off between 1,300 and 1,800 employees, according to reports from the Wall Street Journal. This latest round of job cuts, which will affect approximately 3% to 4% of the bank's global workforce, is part of the company's annual performance review process. -
Aviva Faces $26 Million Tax Evasion Charges in India Over Fake Invoice Scheme
According to a notice sent to Aviva on August 3rd, the company's Indian operations allegedly paid around $26 million from 2017 to 2023 to entities that purportedly offered marketing and training services. These vendors, however, did not perform any actual work and were merely fronts for funneling funds to Aviva's agents. 
According to a notice sent to Aviva on August 3rd, the company's Indian operations allegedly paid around $26 million from 2017 to 2023 to entities that purportedly offered marketing and training services. These vendors, however, did not perform any actual work and were merely fronts for funneling funds to Aviva's agents. -
Dollar General Stock Plummets 32% Amidst Struggling Consumer Base and Operational Issues
Dollar General Corp. (DG) experienced a staggering 32% drop in its stock price on Thursday, marking its largest single-day decline on record. The discount retailer's steep stock plunge follows a dismal earnings report that revealed significant operational and consumer-related challenges. The company's revised outlook, indicating weaker-than-expected same-store sales growth, has rattled investors and raised concerns about the future of the dollar store business model. 
Dollar General Corp. (DG) experienced a staggering 32% drop in its stock price on Thursday, marking its largest single-day decline on record. The discount retailer's steep stock plunge follows a dismal earnings report that revealed significant operational and consumer-related challenges. The company's revised outlook, indicating weaker-than-expected same-store sales growth, has rattled investors and raised concerns about the future of the dollar store business model. -
Nvidia Shares Drop Despite Record Revenue as AI Boom Faces Market Skepticism
Nvidia Corporation, the dominant player in the AI chip market, has witnessed a surprising decline in its stock price despite reporting record-breaking revenues and an optimistic outlook for the future. The company's shares fell by 6% in after-hours trading on Wednesday, and continued to slide by 2% in early Thursday trading, despite impressive earnings and a positive forecast for the upcoming quarter. 
Nvidia Corporation, the dominant player in the AI chip market, has witnessed a surprising decline in its stock price despite reporting record-breaking revenues and an optimistic outlook for the future. The company's shares fell by 6% in after-hours trading on Wednesday, and continued to slide by 2% in early Thursday trading, despite impressive earnings and a positive forecast for the upcoming quarter. -
American Eagle Posts 60% Profit Surge Despite Sales Miss, Shares Drop
American Eagle Outfitters (AEO) reported a dramatic 60% increase in profits for the second fiscal quarter of 2024, driven primarily by reduced product costs. However, despite this substantial profit growth, the company fell short of Wall Street's sales expectations for the second consecutive quarter, leading to a notable drop in its stock price. 
American Eagle Outfitters (AEO) reported a dramatic 60% increase in profits for the second fiscal quarter of 2024, driven primarily by reduced product costs. However, despite this substantial profit growth, the company fell short of Wall Street's sales expectations for the second consecutive quarter, leading to a notable drop in its stock price. -
Best Buy Surpasses Earnings Expectations Amid Stabilizing Sales Trends
Best Buy Co., Inc. (BBY) has reported better-than-expected earnings and raised its profit forecast, signaling a potential stabilization in its sales trajectory. On Thursday, the retailer revealed that it had generated $9.29 billion in revenue for the quarter ended August 3, surpassing analysts' expectations of $9.24 billion. The company's adjusted earnings per share (EPS) also exceeded forecasts, climbing to $1.34 from $1.25 a year earlier, and outstripping the anticipated $1.16. 
Best Buy Co., Inc. (BBY) has reported better-than-expected earnings and raised its profit forecast, signaling a potential stabilization in its sales trajectory. On Thursday, the retailer revealed that it had generated $9.29 billion in revenue for the quarter ended August 3, surpassing analysts' expectations of $9.24 billion. The company's adjusted earnings per share (EPS) also exceeded forecasts, climbing to $1.34 from $1.25 a year earlier, and outstripping the anticipated $1.16.
