Business

Tesla is set to reduce its workforce by approximately 10% following a disappointing first quarter in sales, as reported by various news outlets on Monday. Elon Musk, the CEO of Tesla, communicated the decision through a memo to the employees, indicating that the layoffs could impact around 14,000 of the company’s 140,473 workers as of the end of the previous …

China’s economy outperformed expectations in the first quarter, posting a 5.3% growth rate on an annual basis, surpassing forecasts that suggested a 4.8% increase, according to recent data. Quarter-over-quarter, the economy grew by 1.6%. Despite difficulties recovering from the pandemic’s economic impacts, the Chinese economy has shown signs of acceleration due to government measures supporting the housing market and investment. …

The Biden administration has agreed to allocate up to $6.4 billion to Samsung Electronics to establish a cutting-edge computer chip manufacturing and research hub in Texas. Announced by the Commerce Department on Monday, this funding is part of a larger investment expected to surpass $40 billion, including private contributions. This initiative stems from the CHIPS and Science Act, enacted by …

During his talk at Tongji University in Shanghai, German Chancellor Olaf Scholz emphasized the need for fairness in trade relations with China, highlighting concerns over dumping and overproduction amid his visit marked by potential EU tariffs on Chinese electric vehicles and differing views on Russia’s actions in Ukraine. Scholz, addressing students, stressed the importance of unimpeded competition for companies, reflecting …

Lebanon, despite its current hardships, is witnessing a spark of optimism. The third Middle East Clean Energy (MECE) conference is scheduled to occur in Beirut from May 8 to May 10, 2024. This event is a showcase for the forefront of clean and renewable energy technologies, illuminating the path toward a more sustainable future for both Lebanon and the broader …

Serbia is on the verge of securing an agreement to buy 12 Rafale multi-role combat aircraft from France, as stated by Serbian President Aleksandar Vucic during his recent visit to Paris. This acquisition from France signifies a departure from Serbia’s usual reliance on Russia for military hardware. President Vucic’s announcement came amidst his discussions with French President Emmanuel Macron and …

On Monday, global stock markets mostly saw gains as investors awaited earnings reports from leading worldwide companies and a report on consumer prices, which is expected to serve as an indicator of inflation in the U.S. In early trading, France’s CAC 40 rose by 0.4% to 8,095.02, and Germany’s DAX increased by 0.5% to 18,258.45. The FTSE 100 in Britain …

After concluding a four-day dialogue with Chinese officials, Treasury Secretary Janet Yellen announced on Monday in Beijing that the U.S. will urge China to revise its industrial strategies, which are seen as detrimental to American employment. Yellen acknowledged the discussions also touched on security concerns, particularly the U.S.’s unease over Chinese entities potentially aiding Russia in the Ukraine conflict. Her …