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  • China must innovate in semiconductor design or fall behind the global market, expert says

    China must develop new chip-design technologies that do not rely on advanced manufacturing processes, according to one of the mainland's leading authorities on semiconductors, as the domestic integrated circuit (IC) industry faces increased US technology restrictions. "It's time to commit to building our own technological ecosystem," Wei Shaojun, a professor at Tsinghua University's School of Integrated Circuits and vice-president of the China Semiconductor Industry Association, said in his keyn

  • Russia signs $13bn-a-year oil deal with India in blow to Western sanctions

    The 10-year deal is for the supply of 500,000 barrels of oil per day, or about 0.5 per cent of the world’s supply

  • Korean Air acquires Asiana, creating one of Asia's biggest airlines

    STORY: Korean Air said Thursday it has completed its long-drawn-out acquisition of local rival Asiana. That creates one of Asia’s biggest airlines. The $1.3 billion deal was first announced four years ago, making it the longest time ever to complete a tie-up between two carriers. Progress was hampered by competition concerns. Korean had to make significant concessions to mollify watchdogs around the world. That included handing routes to other airlines, and selling off Asiana’s cargo business. Now the enlarged group looks set to account for just over half of South Korea’s passenger capacity. And it will rank 12th among world airlines, measured by international capacity. That’s all according to a Reuters analysis of available data. Korean says the takeover will not mean layoffs. It says Asiana will be run as a subsidiary for two years, before the companies are fully integrated. The new entity will then retain the Korean Air name, but under new branding. A single low-cost carrier will also be created as part of the reorganisation.

  • With China in sights, US plans curb on countries' advanced semiconductor access: sources

    The US government plans to issue a new rule before the end of this month aimed at curbing Chinese companies' sourcing of advanced artificial intelligence (AI) chips from unrestricted third-party countries, according to sources. The new export control measure will focus on controlling the global shipments of powerful graphics processing units (GPUs) that have become instrumental in the training of AI models, closing loopholes in existing rules, according to two people familiar with the matter, wh

  • A key pillar of Russia's wartime economy could soon be taking another hit

    Oil demand is down while supplies are ample — which allows the US to tighten energy sanctions against Russia without a surge in prices.

  • 5 Retirement Issues the Middle Class Will Face in 2025

    Think retirement planning is tough now? Well, buckle your seatbelts because things are about to get a bit rockier in the coming year. The middle class faces some serious challenges in 2025. Read More:...

  • I’m a Retired Boomer: 3 Debts You Should Definitely Pay Off Before Retirement

    For many people, the goal at the end of their career is to retire completely debt-free. This means no more monthly loan payments, no interest charges and no worrying about late fees or the impact...

  • Stellantis will be compliant with 2025 EU carbon rules, carmaker's Europe chief says

    TURIN (Reuters) -Stellantis will be compliant with European Union targets for 2025 intermediate carbon reduction, aiming to increase electric vehicle (EV) sales or potentially to cut production of petrol vehicles, the company's European head said on Thursday. Jean-Philippe Imparato, who took up Europe's chief position in October, said the company has no intention of paying EU fines in 2025, adding this was not even a "talking point" for Stellantis. Based on EU rules, Stellantis's EV sales in Europe would have to increase from 12% of the current total to 21%, he said, with potential fines of 300 million euros ($315 million) for any missed percentage point.

  • Retirement Planners: Why You Should Reconsider This Golden Rule of Retirement

    If you've met with a financial planner or sought retirement advice online, you've likely heard of the 4% rule, a guideline used by retirees to help plan how much they can safely spend in retirement...

  • India to decide soon whether to curb steelmaking raw material imports, source says

    India will reach a decision soon on whether to impose import restrictions on metallurgical coke, a key ingredient in steelmaking, a source with direct knowledge of the matter told Reuters. India, the world's second-largest producer of crude steel, proposed a plan in April to protect local suppliers of low-ash metallurgical coke by imposing country-specific quotas to limit annual imports to 2.85 million metric tons for one year. Those consultations have concluded, and the decision is now pending with the federal trade ministry, the source said on Wednesday.

  • A comprehensive list of 2024 tech layoffs

    The tech layoff wave is still going strong in 2024. Following significant workforce reductions in 2022 and 2023, this year has more than 130,000 job cuts across 457 companies, according to independent layoffs tracker Layoffs.fyi. Companies like Tesla, Amazon, Google, TikTok, Snap and Microsoft have conducted sizable layoffs in the first months of 2024.

  • Chinese EV maker Nio takes aim at foreign luxury marques BMW, Audi with new sedan

    International car brands, already experiencing a sharp sales decline, have one more thing to worry about as Chinese electric vehicle (EV) maker Nio began sales of a new luxury sedan to challenge the likes of BMW's 7 series and Audi's A8. The fully electric ET9 executive sedan, which the company expects to begin delivering in March, will spearhead a move among Chinese EV makers to break the dominance of conventional petroleum-powered luxury vehicles built by foreign rivals, said William Li, CEO o

  • Macy's says internal control not effective after employee made entries to hide $154 million

    Macy's said its CEO Tony Spring and financial chief Adrian Mitchell, under the board's oversight, re-evaluated the effectiveness of the internal control and noted that its financial reporting was not effective as of Feb. 3, due to the material weakness. The department store chain said it was implementing changes to improve its internal control and to remediate the material weakness.

  • Can I Live Comfortably at 65 with $750K in Savings and $1,800 Social Security?

    Can you retire at 65 with $750,000 in a Roth IRA and $1,800 in monthly Social Security? Based on median incomes and the 10x rule, most people will need about $740,000 to finance a secure retirement. So in theory, a $750,000 Roth IRA and $1,800 in Social Security benefits will be enough for many individuals […] The post I Have $750K in a Roth IRA and Will Receive $1,800 Monthly From Social Security. Can I Retire at 65? appeared first on SmartReads by SmartAsset.

  • 3 Stocks That May Be Undervalued By The Market In December 2024

    In December 2024, global markets have been marked by mixed performances, with major U.S. indexes like the S&P 500 and Nasdaq Composite reaching record highs while others like the Russell 2000 experienced declines. Amidst this backdrop of divergent sector performances and geopolitical developments, investors may find opportunities in stocks that appear undervalued by the market. Identifying such stocks often involves looking beyond current market trends to assess a company's intrinsic value...

  • Consulting firm McKinsey to pay $650 million to resolve US opioid charges

    McKinsey & Co has agreed to pay $650 million to resolve charges over advice it provided Purdue Pharma on how to "turbocharge" sales of its addictive painkiller OxyContin, the U.S. Department of Justice said on Friday. The consulting firm entered into a five-year deferred prosecution agreement filed in federal court in Abingdon, Virginia, to resolve criminal charges brought as part of the latest corporate prosecution concerning the marketing of addictive painkillers that helped fuel the deadly U.S. opioid epidemic. A former senior McKinsey partner, Martin Elling, has also agreed to plead guilty to obstructing justice by destroying records concerning McKinsey's work for Purdue.

  • Three men detail new rape allegations against Sean 'Diddy' Combs

    The shocking new lawsuits allege Combs knocked out the men with alcohol before "frighteningly consistent" sexual assaults. The incidents took place between 2019 and 2022, according to documents filed in New York's Supreme Court and obtained by NBC. The way Combs went after these men was "very consistent, frighteningly consistent, exactly consistent," lawyer Thomas Giuffra told NBC News. One of the accusers alleged that Combs and "his associates from Bad Boy Records" took turns in the sexual assault.

  • Iranian oil prices to China hit new multi-year highs as sanctions hit shipping, sources say

    The price of Iranian crude oil sold to China has risen to the highest in years as fresh U.S. sanctions have tightened shipping capacity and driven up logistics costs, trade sources and analysts said. Rising prices for Iranian oil as well as Russian crude are raising costs for independent Chinese refiners that account for about a fifth of demand at the world's top crude importer, underscoring challenges ahead as the Trump administration is expected to ramp up pressure on Iran.

  • Paula Abdul settles sexual assault lawsuit against “American Idol ”producer Nigel Lythgoe: 'Hard-fought personal battle'

    "I am grateful that this chapter has successfully come to a close and is now something I can now put behind me," the "American Idol" judge said.

  • Boeing blues: a mom-and-pop supplier feels the pain

    STORY: Rosemary and Larry Brester don’t immediately look like players in the big business of making jet planes. But their family run firm in the Seattle area has been supplying Boeing with metal parts for decades. And it’s small companies like this that could be hardest hit by the troubles at the aerospace giant. "All of a sudden it was the MAX issue that was going on with the Boeing company. And then with the door plug issue, it just kind of escalated everything, and everything was put on hold, and we saw a drastic shift in how our business, the income, coming into the business and the type of works that, you know, work that we were getting and the jobs - totally shifted and so it became a struggle. And then the strike hit and then it just made it worse. It's the worst I've ever seen it."The pair began making parts for Boeing in 1973. It was a literal mom-and-pop business, with Rosemary taking care of their young kids in between work, and Larry cranking out parts in the garage. Over the years, they’ve expanded, and come to love the industry. "We actually had drinks with Buzz Aldrin at one of the aerospace events in the U.K., and so I think that that was a highlight. And we still stay connected today. So that's nice.”But they remain a small cog in the vast Boeing supply chain - and that leaves them exposed to the firm’s troubles. Because the jet maker has been lurching from one crisis to another, including a midair blowout that led regulators to cap output over safety concerns. And then a major strike that saw production of its best-selling 737 MAX jets brought to a complete halt. This week, Boeing said output was starting again, but experts say it could take months to ramp up - leaving a legion of suppliers worldwide short of business. Back in the machine shop the usual buzz of workers on day and swing shifts has gone quiet, with just Larry left to turn out a few parts."Well, in my end of it. I love seeing the different components that come in because a lot of times we have new things from engineers that it looks like a neat challenge to manufacture.”Nearing the end of their careers, this pair can afford to be sanguine. But they’ve put hiring plans on hold for now, spelling missed opportunity for hopeful workers and the local economy. Even so, Rosemary and Larry bet Boeing will recover, given time."We would be bored to death."And they’re not listening to any suggestion that it’s time to call it a day.