Business

The ongoing systems outage at CDK Global, now in its second week, is causing significant financial damage to car dealerships, with losses potentially reaching $944 million if the disruption continues for three weeks, as estimated by Anderson Economic Group. This software glitch, triggered by a cyberattack, has severely impacted the operations of nearly 15,000 car dealerships in North America, making …

Turkey welcomed the Financial Action Task Force’s (FATF) decision to remove it from the “gray list” of countries needing to improve measures against money laundering and terrorism financing. This move, announced in Singapore, is expected to boost foreign investments in Turkey’s recovering economy. Turkish Finance Minister Mehmet Simsek and Vice-President Cevdet Yilmaz both expressed optimism about the positive impact on …

European Union officials announced on Tuesday that Microsoft has breached EU antitrust laws by bundling its Teams application with its other popular business software. This decision could result in a fine of up to 10% of Microsoft’s global revenue, approximately $21 billion based on last year’s earnings. The EU’s investigation, initiated by a 2020 complaint from Slack (now owned by …

A scenario troubling America’s auto industry involves Chinese carmakers potentially setting up in Mexico to exploit North American trade rules. This would enable them to flood the U.S. market with ultra-low-priced electric vehicles (EVs), significantly cheaper than American EVs, which average around $55,000. Such competition could lead to factory closures and job losses in the U.S. This echoes past issues …

The U.S. Treasury Department announced on Tuesday new economic sanctions targeting 50 individuals and entities in Hong Kong, the UAE, and the Marshall Islands. These sanctions address a “sprawling shadow banking network” facilitating Iran’s military operations. The targeted network is involved in the sale of Iranian oil and petrochemicals, providing financial support for Iran’s military activities, proxy groups like Yemen’s …

A new report commissioned by Brazil for its G20 presidency proposes a global tax on the super-rich. The plan, created by French economist Gabriel Zucman, suggests a 2% tax on individuals with over $1 billion in assets, potentially raising $200-$250 billion annually. Currently, billionaires pay around 0.3% of their wealth in taxes. This revenue could fund public services and climate …

Volkswagen has issued a recall for 271,330 Atlas SUVs due to defective passenger-side airbags. The recall affects Atlas models from 2021 to 2024 and Atlas Cross Sport models from 2020 to 2024. The US National Highway Traffic Safety Administration (NHTSA) reported a wiring issue that could prevent the airbags from deploying. Volkswagen identified that seat heaters might interfere with weight …

Nvidia has recently lost its status as the world’s most valuable publicly traded company after a significant decline in its stock price, dropping nearly 13% over the past week. On June 18, Nvidia’s market capitalization soared to $3.34 trillion, briefly surpassing Microsoft. However, Nvidia’s market cap has since dropped by $430 billion, falling to $2.91 trillion. This decline places Nvidia …