Business

President Trump announced that the US blockade of Iranian ports is proving effective, urging Tehran to “just give up” amid escalating tensions. Iran’s Parliament Speaker dismissed the blockade’s impact, stating it has only increased global oil prices, while tensions in the Strait of Hormuz continue to disrupt markets.

Profits for Samsung Electronics are expected to jump by more than 10-fold compared to a year earlier. The news comes as prices of chips have recovered from a post-pandemic slump and demand for artificial intelligence (AI) related products booms.

McDonald’s is to buy back all its Israeli restaurants after a boycott of the fast-food chain in response to the Israel-Hamas war. The company said it had reached an agreement with Alonyal for the return of 225 outlets across the country employing 5,000 people.

Amazon has announced layoffs affecting hundreds of employees in its cloud computing division.According to its latest financial report, Amazon Web Services (AWS) has experienced significant growth, now contributing 14% to Amazon’s overall revenue.

Sam Bankman-Fried, the co-founder of the collapsed crypto exchange FTX, has been sentenced to 25 years in prison for defrauding customers and investors of his now-defunct firm. The once-billionaire was a prominent face of cryptocurrency until the company’s sudden collapse in 2022.

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