In a major development in the world of sports and entertainment, World Wrestling Entertainment (WWE) and Ultimate Fighting Championship (UFC) have agreed to merge to create a new company controlled by Endeavor Group. The deal was announced on Monday morning and is expected to be completed in the second half of 2023. According to the…
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FTC orders Illumina to divest its $7.1 billion acquisition of cancer test developer Grail
The Federal Trade Commission (FTC) has ordered Illumina to divest its $7.1 billion acquisition of cancer test developer Grail, citing concerns that the deal would stifle innovation and competition in the market for multi-cancer early detection tests. The FTC’s decision reverses an administrative judge’s ruling from September, which had dismissed the FTC’s initial challenge to…
General Motors sold over 60,000 vehicles in U.S. during first quarter of 2023
General Motors (GM) said automobile sales in U.S. surged 18% in the first quarter of 2023 from a year ago, to over 600,000 vehicles delivered. “We gained significant market share in the first quarter, pricing was strong, inventories are in very good shape, and we sold more than 20,000 EVs in a quarter for the…
Saudi Arabia and OPEC+ countries announce 1.16 million bpd cut in oil production
Saudi Arabia and other OPEC+ oil producing countries have announced further cuts in their production amounting to around 1.16 million barrels per day. Saudi Arabia said it would cut output by 500,000 bpd while Iraq will reduce its production by 211,000 bpd, according to official statements. UAE said cut production by 144,000 bpd, Kuwait announced…
Tesla reports 36% increase in vehicles deliveries for first-quarter of 2023
American automaker Tesla reported 36% increase in deliveries in the first quarter of 2023 ended March 30 to 422,875 vehicles, compared to the 310,048 deliveries posted during the same period a year earlier, and 4% sequential growth against 405,278 units delivered in the last quarter of 2022. First-quarter vehicle production stood at 440,808 units. The…
U.S. government seeks to reduce or remove tax credits on electric cars
The U.S. government has notified electric vehicle tax rules that will reduce or remove tax credits on some zero-emission models but grant buyers another two weeks before the new requirements take effect. According to Reuters, the Treasury Department rules are aimed at weaning the United States off dependence on China for EV battery supply chains…
Huawei partners Chery, BAIC,Anhui Jianghuai to produce Aito electric vehicles
Huawei Technologies is teaming up with Chery Automobile, BAIC Motor and Anhui Jianghuai Automobile Group in jointly developing and manufacturing Aito-branded electric vehicles, “Huawei, which has already a partnership with Seres Group to make Aito cars, plans a series of models including SUVs, sedans and multipurpose vehicles under the Aito brand, Richard Yu, Huawei’s Smart…
Consumer price inflation in Pakistan recorded at 35.37% in March 2023
KARACHI: Consumer price inflation in Pakistan surged to a record 35.37% in March 2023 compared with the corresponding month last earlier, the Bureau of Statistics said on Saturday. March inflation number eclipsed February’s 31.5%, the bureau said, as food, beverage and transport prices surged up to 50% year-on-year. According to Reuters, a spokesman at the…
Italy has bans ChatGPT because of unlawful data collection
Italy has imposed a ban on the use of the artificial intelligence (AI) bot ChatGPT, citing OpenAI’s “unlawful collection of personal data.” OpenAI, which is supported by Microsoft, has been directed by the national privacy regulator to halt the collection of data from Italian users until it rectifies its data collection practices. However, the UK…
Tesla recalls its Semi electric trucks after brake defect found
Tesla has issued a voluntary recall on its Semi trucks as the electronic parking brake valve module found to contain a defect, according to recall filings posted on the website of the National Highway Traffic Safety Administration. As many as, 35 Semi trucks were affected. The trucks were built with an electronic parking brake valve…
Virgin Orbit shuts operations, to lay off all workforce
Virgin Orbit is ceasing operations after failing to secure a funding lifeline, CEO Dan Hart told employees during an all-hands meeting Thursday afternoon. The company will lay off nearly all of its workforce. The company will eliminate all but 100 positions, amounting to about 90% of the workforce, Hart said, noting the layoffs will affect…
Primark increases pay rates for its stores staff across UK
Primark, an Irish multinational fast fashion retailer with stores across Europe and in the United States, will raise the hourly pay rates for all its hourly paid store staff across England, Scotland, and Wales to £11 an hour, while in London, the rate will rise to £11.51. This increase represents a 12% rise compared to…