Author: WTX Business Team

Amazon responsible for product recalls, says US US regulators have determined that Amazon is responsible for handling recalls of unsafe products sold on its platform and must improve its recall process. The US Consumer Product Safety Commission (CPSC) criticised Amazon’s current alerts as insufficient, ordering the company to develop a new plan for addressing such issues. The CPSC’s decision follows a 2021 lawsuit against Amazon, accusing the company of distributing over 400,000 hazardous items, including…

Air NZ becomes first big carrier to drop climate goal Air New Zealand has scrapped its ambitious goal to cut carbon emissions by 2030, citing difficulties in obtaining more efficient aircraft and sustainable jet fuel. This makes it the first major airline to back away from a near-term climate target. The airline is now working on a new short-term objective while remaining committed to achieving net zero emissions by 2050, in line with industry-wide goals.…

Shares drop in US and Asia as AI stocks slide Financial markets in the US and Asia experienced sharp declines as investors sold off technology stocks, particularly those related to artificial intelligence (AI). In New York, the S&P 500 dropped 2.3%, the tech-heavy Nasdaq fell 3.6%, and the Dow Jones Industrial Average decreased by 1.2%. Major firms like Nvidia, Alphabet, Microsoft, Apple, and Tesla led the losses. In Asia, Japan’s Nikkei index fell by 3%.…

Musk to move SpaceX and X HQ over gender-identity law Billionaire Elon Musk announced plans to move the headquarters of SpaceX and social media platform X from California to Texas. This decision follows Musk’s opposition to a new Californian law prohibiting schools from requiring staff to disclose information about a child’s gender identity to parents. Musk expressed his frustration, stating, “This is the last straw.” This is the final straw. Because of this law and…

Xi tackles slow growth as economy falls short of expectations China’s economy slowed down in the second quarter, growing by 4.7% and falling short of expectations after a strong start to 2024. This comes as China’s leaders gather for the Third Plenum to address the country’s sluggish growth, aiming to meet an annual growth target of around 5%. The economy faces challenges like a prolonged property crisis, local government debt, weak consumption, and high unemployment.…

Markets Indices Crypto Monday’s Business Highlights A mix bag this week after a rollercoaster weekend, President Trump’s attempted assassination by Jewish radical, Agonising Euro defeat for the English and bodies being dumped in the river. But the markets have responded as Burberry cancels dividend sending shockwaves to investors. Asian markets slip because the Chinese did not meet GDP targets. But the UK is receiving a raft of economic upgrades for positive economic performance. Crypto markets…

Markets Indices Crypto Today’s Business Highlights The Banking sector took a hit after a boost yesterday as banking complaints surged to a 10 year high. Gold prices have risen slightly and Sterling has strengthened against the Dollar but has remained relatively stable against the Euro. Despite the uncertainty in the deadlock in the French Parliament. Bitcoin is trading at a lower rate than yesterday and all the crypto’s have seen a drop since yesterday. Following…

Markets Indices Crypto Today’s Business Highlights The Labour government are revelling in their honeymoon period as the economy has got a much needed boost today. With news that GDP is better than expected as the economy grows. Another dodgy investment banker is convicted of fraud. As a jury in New York has found the Wall Street investor, Sung Kook ‘Bill’ Hwang, guilty of fraud and market manipulation. And Labour are heading to take on industry…

Tech giant Samsung workers to strike indefinitely A union representing workers at Samsung Electronics in South Korea has called for an indefinite strike, demanding better pay and benefits. This decision followed a three-day general strike by the National Samsung Electronics Union (NSEU), which claims that management has ignored their demands for talks. The union represents nearly 25% of Samsung Electronics’ workforce and reports that about 6,500 workers have joined the strike, disrupting production. Samsung disputes…

Jeff Bezos to sell another $5bn of Amazon shares Amazon founder Jeff Bezos plans to sell another 25 million shares of the tech giant, valued at nearly $5 billion. This decision follows Amazon’s stock market value reaching a record high on Wednesday. In February, Bezos announced he would sell around $8.5 billion worth of shares, marking his first sale since 2021. Amazon’s stock has surged over 30% this year, driven by high expectations for the…

Korean web comic giant set for $2.7bn market debut Webtoon Entertainment, the world’s largest webcomic platform, has pegged its market value at $2.67 billion (£2.11 billion) as it prepares for its US listing. The company’s shares are set to begin trading on the Nasdaq stock exchange on June 27 at $21 each, hitting the top end of their marketed range. The Los Angeles-based company is owned by South Korean tech giant Naver, which has seen…

VW to invest up to $5bn in electric vehicle maker Rivian German car giant Volkswagen (VW) announced plans to invest up to $5 billion in electric vehicle (EV) maker Rivian, creating a joint venture to share technology. Following the announcement, Rivian shares surged nearly 50%. This collaboration comes as competition among EV manufacturers intensifies and Western nations impose tariffs on Chinese imports. VW will initially invest $1 billion in Rivian, with an additional $4 billion…

Microsoft back as most valuable firm as Nvidia slips Nvidia has lost its position as the world’s most valuable company to Microsoft following a 3.5% drop in its share price on Thursday. Nvidia briefly held the top spot from Tuesday, with a market valuation of $3.34 trillion. However, its shares fell to $130.78, reducing its valuation to around $3.22 trillion, allowing Microsoft to reclaim the title with a valuation exceeding $3.3 trillion. Nvidia’s ascent was…