Jonathan Wong
The Latest
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GM Cuts Over 1,000 Jobs in Software Division as It Reshapes Digital Future
General Motors (GM) has announced the layoff of more than 1,000 salaried employees in its software and services division as the automaker seeks to streamline operations and prioritize investments in emerging technologies. The layoffs, which include approximately 600 positions at GM's tech campus near Detroit, are part of a broader strategic review following leadership changes within the division earlier this year. 
General Motors (GM) has announced the layoff of more than 1,000 salaried employees in its software and services division as the automaker seeks to streamline operations and prioritize investments in emerging technologies. The layoffs, which include approximately 600 positions at GM's tech campus near Detroit, are part of a broader strategic review following leadership changes within the division earlier this year. -
Nationwide Auto Insurance Rates Soar, California Sees Record 54% Hike
As inflation and rising costs continue to strain American households, one expense is taking a particularly steep climb: auto insurance. According to a recent report from Insurify, an auto insurance comparison website, car insurance rates are expected to rise by an average of 22% across the United States by the end of 2024. In some states, however, the increases are even more staggering, with California drivers facing an unprecedented 54% hike in their premiums. 
As inflation and rising costs continue to strain American households, one expense is taking a particularly steep climb: auto insurance. According to a recent report from Insurify, an auto insurance comparison website, car insurance rates are expected to rise by an average of 22% across the United States by the end of 2024. In some states, however, the increases are even more staggering, with California drivers facing an unprecedented 54% hike in their premiums. -
Federal Judge Blocks Launch of Venu Sports Streaming Service in Antitrust Win for Fubo
In a significant legal setback for media giants Disney, Warner Bros. Discovery, and Fox Corporation, a U.S. federal judge has temporarily blocked the launch of their joint sports streaming service, Venu Sports. This decision comes just weeks before the start of the NFL season, casting uncertainty over the planned debut of the highly anticipated platform. 
In a significant legal setback for media giants Disney, Warner Bros. Discovery, and Fox Corporation, a U.S. federal judge has temporarily blocked the launch of their joint sports streaming service, Venu Sports. This decision comes just weeks before the start of the NFL season, casting uncertainty over the planned debut of the highly anticipated platform. -
Revolut's Valuation Soars to $45 Billion in Latest Share Sale, Surpassing Major European Banks
British fintech firm Revolut has reached a significant milestone, securing a $45 billion valuation in its latest secondary share sale, a move that positions the startup ahead of some of Europe's largest traditional banks. This new valuation marks a sharp increase from the $33 billion the company was valued at in July 2021, reflecting its rapid growth and increasing dominance in the fintech sector. 
British fintech firm Revolut has reached a significant milestone, securing a $45 billion valuation in its latest secondary share sale, a move that positions the startup ahead of some of Europe's largest traditional banks. This new valuation marks a sharp increase from the $33 billion the company was valued at in July 2021, reflecting its rapid growth and increasing dominance in the fintech sector. -
Texas Instruments Secures $1.6 Billion in Federal Funds for Major U.S. Chip Factory Expansion
Texas Instruments (TI) announced on Friday that it will receive up to $1.6 billion in funding from the U.S. Department of Commerce. The funding is part of the broader initiative under the CHIPS and Science Act, which seeks to revitalize the U.S. semiconductor industry amid growing global competition and supply chain concerns. 
Texas Instruments (TI) announced on Friday that it will receive up to $1.6 billion in funding from the U.S. Department of Commerce. The funding is part of the broader initiative under the CHIPS and Science Act, which seeks to revitalize the U.S. semiconductor industry amid growing global competition and supply chain concerns. -
United Airlines CEO Scott Kirby Expresses Renewed Confidence in Boeing After Meeting New CEO Kelly Ortberg
United Airlines CEO Scott Kirby has voiced renewed optimism about Boeing's future following a recent meeting with the aerospace manufacturer's new CEO, Kelly Ortberg. This marks a significant shift in tone from one of Boeing's top customers, who has been notably critical of the company's recent struggles, particularly with delayed aircraft deliveries. 
United Airlines CEO Scott Kirby has voiced renewed optimism about Boeing's future following a recent meeting with the aerospace manufacturer's new CEO, Kelly Ortberg. This marks a significant shift in tone from one of Boeing's top customers, who has been notably critical of the company's recent struggles, particularly with delayed aircraft deliveries. -
Walmart Raises Outlook as Sales Surge: Gains from Higher-Income Shoppers and E-Commerce Growth
Walmart has once again exceeded Wall Street's expectations, reporting a nearly 5% increase in quarterly revenue and raising its full-year outlook as it continues to draw in higher-income shoppers and boost its e-commerce presence. The retail giant's impressive performance underscores its resilience in a challenging economic environment, as it navigates the complexities of consumer behavior amidst persistent inflation. 
Walmart has once again exceeded Wall Street's expectations, reporting a nearly 5% increase in quarterly revenue and raising its full-year outlook as it continues to draw in higher-income shoppers and boost its e-commerce presence. The retail giant's impressive performance underscores its resilience in a challenging economic environment, as it navigates the complexities of consumer behavior amidst persistent inflation. -
UBS Surpasses Expectations with Strong Q2 Profits, Boosted by Credit Suisse Integration
Swiss banking giant UBS has defied market expectations, reporting a quarterly net profit of $1.1 billion for the April-June period, more than double what analysts had forecast. The impressive results were driven by strong performance in investment banking and faster-than-expected savings from the integration of its former rival, Credit Suisse. This marks the first set of financial results since UBS completed the historic merger with Credit Suisse in May, a deal orchestrated by Swiss authorities to rescue the beleaguered bank. 
Swiss banking giant UBS has defied market expectations, reporting a quarterly net profit of $1.1 billion for the April-June period, more than double what analysts had forecast. The impressive results were driven by strong performance in investment banking and faster-than-expected savings from the integration of its former rival, Credit Suisse. This marks the first set of financial results since UBS completed the historic merger with Credit Suisse in May, a deal orchestrated by Swiss authorities to rescue the beleaguered bank. -
Elliott Targets Southwest Airlines with Boardroom Shakeup, Nominates 10 New Directors
Elliott Investment Management, a prominent hedge fund, has escalated its campaign to overhaul Southwest Airlines' leadership by nominating 10 new candidates for the company's 15-member board of directors. 
Elliott Investment Management, a prominent hedge fund, has escalated its campaign to overhaul Southwest Airlines' leadership by nominating 10 new candidates for the company's 15-member board of directors. -
Mars to Acquire Cheez-It Maker Kellanova in $36 Billion Mega-Deal, Expanding Snack Empire with Cheez-It and Pringles
Mars, the family-owned conglomerate known for its iconic brands like M&M's and Snickers, has announced its acquisition of Kellanova, the maker of Cheez-It and Pringles, for a staggering $36 billion. 
Mars, the family-owned conglomerate known for its iconic brands like M&M's and Snickers, has announced its acquisition of Kellanova, the maker of Cheez-It and Pringles, for a staggering $36 billion.
