Finance
Boeing Strike Persists as Workers Decline Latest Contract
October 24, 2024 – Following a rejection of a new labor contract proposal by Boeing machinists on Wednesday, the costly strike, which has halted the production of some of the troubled company’s best-selling aircraft and led to the layoff of thousands of workers, is set to continue for several more weeks. The International Association of…
Western Digital Faces $315.7M Penalty for Data Encryption Patent Infringement
October 20, 2024 – According to a report by Reuters, a jury in a California federal court has ordered Western Digital to pay $315.7 million in damages for infringing on a data encryption patent held by SPEX Technologies. The patent, originally developed by Spyrus Inc., pertains to data encryption technology for PCMCIA and Compact Flash…
ASML’s Shares Tumble as Third-Quarter Results Disappoint, Losing Top European Tech Valuation
October 18, 2024 – Dutch lithography giant ASML has experienced a significant drop in its share price following the premature leakage of its financial report, which indicated a substantial decline in performance. The company’s stock plummeted by 15.6% on October 15th and further fell by 5.1% on the 16th, closing at 633.9 euros. Consequently, ASML…
German States Pledge to Avert Volkswagen Factory Closures and Layoffs
October 17, 2024 – In a significant development on Tuesday, four German federal states – Lower Saxony, Saxony, Hesse, and Berlin – have vociferously opposed the closure of Volkswagen factories and layoffs within their jurisdictions, according to Eurasia Daily. A jointly signed document by the states’ economic ministers stated, “All factories must remain fully intact.”…
Negotiation Stalemate: Boeing Rescinds 30% Wage Hike Offer to Strikers
October 10, 2024 – In a move that has escalated tensions, aerospace giant Boeing has withdrawn its wage increase proposal to striking workers, citing a breakdown in negotiations with union representatives. The company has placed blame on the union for not giving due consideration to its offer. The International Association of Machinists and Aerospace Workers…
Apple Veteran Dan Riccio Bows Out, Leaving Vision Pro as His Swan Song
October 10, 2024 – Bloomberg reports that Dan Riccio, a longtime Apple employee, is set to retire from the company later this month, marking the end of a 26-year career. Riccio, who most recently served as the Vice President of Engineering overseeing the development of Vision Pro, reported directly to Apple CEO Tim Cook. His…
Samsung Taps High School Talent to Bolster R&D Amid Skills Gap
September 30, 2024 – According to a report by Nikkei Asia, Samsung Group is intensifying its recruitment efforts among high school graduates as the labor market for highly skilled talent in South Korea tightens. The company is assigning these graduates not only to production lines but also to research and development departments, aiming to elevate…
India Launches Investigation into Fire at Tata’s iPhone Parts Factory
September 30, 2024 – A devastating fire broke out at the Tata Electronics iPhone component factory in southern India on September 28th, resulting in a complete halt of production. Authorities in Tamil Nadu have initiated an investigation into the incident. According to reports, the blaze originated in a section of the plant designated for storing…
Apple’s New ‘iPad-Style’ Smart Home Device to Arrive Next Year with homeOS
September 30, 2024 – According to a recent prediction by Bloomberg’s Mark Gurman, Apple’s next operating system could be homeOS, designed to run on two brand-new smart devices. Gurman revealed that one of the “most important products” in development is a desktop device codenamed J595. This innovative gadget combines mechanical limbs with a large iPad-like…
Coherent Sells Wafer Fab for £20 Million After Being Cut Off by Apple
September 30, 2024 – Semiconductor giant Coherent Corporation announced on September 27th the sale of its wafer fabrication plant located in Newton Aycliffe, County Durham, UK. The divestment is part of the company’s continuous efforts to optimize its operations and streamline its global business footprint. “The divestiture of the Newton Aycliffe facility aligns with our…