Category: Business News

Business News

Chinese companies receive far more state support – making it harder for Western businesses to compete, data suggests | BusinessNews

byTaufan
Chinese manufacturers receive nine times more government support than their Western counterparts, according to calculations from the Organization for Economic Co-operation and Development (OECD) which helps explain the country’s complete dominance in so many sectors, from solar panels and batteries to steel. The figures produced by the OECD show that Chinese businesses benefit from government subsidies equivalent, on average, to 3.7% of their revenues. This compares to average state aid of only 0.4% of revenues for countries in the rich world. Money latest: Bitcoin suffers nightmare month The data is a critical part of the explanation for Chinese dominance in…
Business News

Butte gentlemen’s club to reinvent itself

byTaufan
It’s the end of a 25-year run for Sagebrush Sam’s Gentlemen’s Club in Rocker.The adult entertainment establishment that has featured exotic dancers since 1999 closed its doors on Tuesday, but those doors won’t be closed for long. The business will reopen sometime this summer as the Silver Bow Event Center and moving forward, its owner, Rick Joseph Jr., has plenty of plans in the works. Rick Joseph Jr., owner of Sagebrush Sam’s, stands for a portrait in the offices of The Montana Standard on Thursday, May 16, 2024 in Butte. JOSEPH SCHELLER, The Montana StandardJoseph said the decision…
Business News

CAA Signs Documentary Producer CreativeChaos

byTaufan
CreativeChaos vmg, a producer of documentary films and series, has signed with CAA for representation.The company, founded by Ilan Arboleda and Tom Donahue in 2010, bills itself as a “venture media group” (hence the “vmg” in its name) and is behind films including HBO’s Casting By and Bleed Out and Netflix’s #MeToo doc This Changes Everythingamong other titles.Casting Bydirected by Donahue, was nominated for a News & Documentary Emmy in 2014 and played a role in the Academy of Motion Picture Arts and Sciences creating a casting directors branch — which eventually led to an Oscar category for…
Business News

Elon Musk in China to discuss enabling Full Self Driving

byTaufan
Elon Musk is visiting Beijing with media reports saying he aims to discuss enabling autonomous driving mode on Tesla cars in China. Mr Musk wants to enable Full Self Driving (FSD) in China and transfer data collected in the country abroad to train its algorithms. FSD is available in countries including the US but not in China. The news came after a US report tied Tesla’s autonomous driving modes to at least 13 crashes, involving one death. During a meeting with Chinese Premier Li Qiang, Mr Musk was quoted by state media as saying Tesla was willing to deepen cooperation…
Business News

Google cuts hundreds of ‘Core’ workers, moves jobs to India, Mexico

byTaufan
Sundar Pichai, chief executive officer of Alphabet Inc., during Stanford’s 2024 Business, Government, and Society forum in Stanford, California, US, on Wednesday, April 3, 2024. Justin Sullivan | Getty ImagesJust ahead of its blowout first-quarter earnings report on April 25, Google laid off at least 200 employees from its “Core” teams, in a reorganization that will include moving some roles to India and Mexico, CNBC has learned. The Core unit is responsible for building the technical foundation behind the company’s flagship products and for protecting users’ online safety, according to Google’s website. Core teams include key technical units from…
Business News

Godrej Industries, Godrej Consumer, Godrej Agrovet jump 1-5% after family decides to split business empire

byTaufan
Godrej Group stocks including Godrej Industries, Godrej Consumer Products and Godrej Agrovet, gained over 1-5% in early trade on Thursday after the Godrej family reached an agreement to split the conglomerate into two branches.Godrej Industries share price jumped as much as 3% to hit a fresh 52-week high of ₹989.90 apiece on the BSE, while Godrej Consumer Products shares gained 2.8% and Godrej Agrovet share price rallied 5.5%. On the other hand, Godrej Properties share price declined over 4.4% in early trade on May 2. According to the Family Settlement Agreement issued on the stock exchanges by the company,…
Business News

FTX investors to get their money back – plus interest | BusinessNews

byTaufan
People who lost their money in FTX, once one of the biggest cryptocurrency exchanges in the world, are to be paid back, with interest. Billions were lost when the cryptocurrency exchange headed by convicted fraudster Sam Bankman Fried went bust in November 2022, with an estimated one million customers losing funds. Money latest: Struggling iconic tea brand spends £12m on ad But now the company has recovered more than enough to repay those customers and its creditors, it says. Paying people back If plans are approved by a US bankruptcy court, people who held cryptocurrency, such as Bitcoins, with the…
Business News

Mozambique-China rosewood trade: The illicit business fuels an insurgency

byTaufan
Forests with valuable trees – not just rosewood – are divided up into chunks, or concessions. Anyone who wants to log these areas must pay a fee to the authorities. These are typically licensed to a Mozambican national – the middleman – and rented out to Chinese logging firms. Trading sources who did not want to be named estimate that 30% of the timber logged in Cabo Delgado is at high risk of coming from emergency-occupied forests. There are thought to be three main forested areas in Cabo Delgado where logging and timber sales take place: Nairoto; Muidumbe and Mueda,…