Jonathan Wong
The Latest
-
GM to Relocate Corporate Base to Hudson's Tower, Plans Renaissance Center Redevelopment
General Motors is set to move its headquarters to a new skyscraper in downtown Detroit, marking a significant shift from its long-standing base at the Renaissance Center. This move was confirmed ahead of a scheduled press conference with GM CEO Mary Barra and Dan Gilbert, a prominent real estate developer and owner of the NBA's Cleveland Cavaliers. 
General Motors is set to move its headquarters to a new skyscraper in downtown Detroit, marking a significant shift from its long-standing base at the Renaissance Center. This move was confirmed ahead of a scheduled press conference with GM CEO Mary Barra and Dan Gilbert, a prominent real estate developer and owner of the NBA's Cleveland Cavaliers. -
Boeing Lags Behind Airbus in Q1 2024 Deliveries Amid Ongoing Safety Concerns
Boeing's commercial aircraft deliveries have taken a significant hit in the first quarter of 2024, with the U.S. manufacturer delivering just 83 planes, a sharp decline from the 130 delivered in the same period last year. In contrast, European rival Airbus saw a 12% increase in deliveries, with 142 planes delivered in Q1 2024, up from 127 in the same quarter of 2023. 
Boeing's commercial aircraft deliveries have taken a significant hit in the first quarter of 2024, with the U.S. manufacturer delivering just 83 planes, a sharp decline from the 130 delivered in the same period last year. In contrast, European rival Airbus saw a 12% increase in deliveries, with 142 planes delivered in Q1 2024, up from 127 in the same quarter of 2023. -
Goldman Sachs Reports Strong Q1 Earnings, Led by Investment Banking Surge
Goldman Sachs has reported its highest earnings per share since 2021, marking a significant rebound with a 28% rise in profit to $4.13 billion for the first quarter, or $11.58 per share, surpassing Wall Street expectations of $8.56 per share. This financial uplift was primarily driven by a resurgence in its investment banking sector, which saw a 32% increase in fees, amounting to $2.08 billion. 
Goldman Sachs has reported its highest earnings per share since 2021, marking a significant rebound with a 28% rise in profit to $4.13 billion for the first quarter, or $11.58 per share, surpassing Wall Street expectations of $8.56 per share. This financial uplift was primarily driven by a resurgence in its investment banking sector, which saw a 32% increase in fees, amounting to $2.08 billion. -
Samsung to Receive $6.4 Billion CHIPS Act Funding for Massive Semiconductor Plants in Texas
The Biden administration has announced that Samsung, the South Korean electronics giant, will receive $6.4 billion in direct funding under the CHIPS and Science Act to support the company's $40 billion investment in building a massive chipmaking hub in Taylor, Texas, and expanding its existing facility in Austin. 
The Biden administration has announced that Samsung, the South Korean electronics giant, will receive $6.4 billion in direct funding under the CHIPS and Science Act to support the company's $40 billion investment in building a massive chipmaking hub in Taylor, Texas, and expanding its existing facility in Austin. -
Tesla to Cut 15,000 Jobs Globally in Drive for Cost Reduction and Increased Productivity
Tesla, the world's largest automaker by stock market value, is set to cut around 15,000 jobs globally in a bid to reduce costs and bolster productivity, according to reports from tech publication Electrek and Reuters. The electric vehicle maker, led by Elon Musk, has been grappling with soft demand for its vehicles, increased competition, and the impact of higher interest rates across much of the western world. 
Tesla, the world's largest automaker by stock market value, is set to cut around 15,000 jobs globally in a bid to reduce costs and bolster productivity, according to reports from tech publication Electrek and Reuters. The electric vehicle maker, led by Elon Musk, has been grappling with soft demand for its vehicles, increased competition, and the impact of higher interest rates across much of the western world. -
Citigroup's Q1 Profit Slips as Severance Costs and FDIC Fees Weigh on Earnings
Citigroup reported a 27% drop in first-quarter profit on Friday, as the bank grappled with higher expenses related to employee severance and a contribution to replenish a government deposit insurance fund. 
Citigroup reported a 27% drop in first-quarter profit on Friday, as the bank grappled with higher expenses related to employee severance and a contribution to replenish a government deposit insurance fund. -
Ford Expands Recall for Bronco and Escape Over Fire Concerns, Prompting Federal Probe
Ford Motor Company has expanded a recall involving its Bronco and Escape vehicles due to risks that cracked fuel injectors could lead to engine compartment fires. This recall now affects nearly 43,000 vehicles, specifically the 2022 Escape and both the 2022 and 2023 Bronco Sport editions equipped with 1.5L engines, according to information from the National Highway Traffic Safety Administration (NHTSA). 
Ford Motor Company has expanded a recall involving its Bronco and Escape vehicles due to risks that cracked fuel injectors could lead to engine compartment fires. This recall now affects nearly 43,000 vehicles, specifically the 2022 Escape and both the 2022 and 2023 Bronco Sport editions equipped with 1.5L engines, according to information from the National Highway Traffic Safety Administration (NHTSA). -
Apple Shares Soar 4.3% as Company Gears Up for AI-Focused M4 Chips Across Entire Mac Lineup
Apple shares experienced their best day since May 5, 2023, climbing 4.3% to a share price of $175.04 on Thursday. 
Apple shares experienced their best day since May 5, 2023, climbing 4.3% to a share price of $175.04 on Thursday. -
Nvidia Shares Slide 10% from Record Highs Amid Concerns Over AI Model Sizes and Competition
Nvidia, the chipmaking giant that has been riding the artificial intelligence wave, has seen its shares enter "correction territory" as the stock has fallen 10% from its most recent all-time closing high. The company's shares closed at $853.54 on Tuesday, down 2% for the session, marking a significant pullback from the record high of $950 achieved on March 25. 
Nvidia, the chipmaking giant that has been riding the artificial intelligence wave, has seen its shares enter "correction territory" as the stock has fallen 10% from its most recent all-time closing high. The company's shares closed at $853.54 on Tuesday, down 2% for the session, marking a significant pullback from the record high of $950 achieved on March 25. -
TSMC's Revenue Soars Amid AI Boom, Backed by U.S. CHIPS Act Funding
Taiwan Semiconductor Manufacturing Co. (TSMC), the world's premier contract chipmaker, has experienced a notable surge in its monthly revenue, the most rapid since November 2022, primarily fueled by the burgeoning demand for artificial intelligence (AI) chips. March saw the company's revenue climb to NT$195.2 billion ($6.1 billion), a significant 34.3% increase from the previous year, with the first quarter's total reaching NT$592.6 billion, up 16.5% year-on-year. 
Taiwan Semiconductor Manufacturing Co. (TSMC), the world's premier contract chipmaker, has experienced a notable surge in its monthly revenue, the most rapid since November 2022, primarily fueled by the burgeoning demand for artificial intelligence (AI) chips. March saw the company's revenue climb to NT$195.2 billion ($6.1 billion), a significant 34.3% increase from the previous year, with the first quarter's total reaching NT$592.6 billion, up 16.5% year-on-year.
