BUSINESS

This December 9, 2021, image courtesy of Trans Mountain Corporation shows winter pipeline construction work in Valemount, British Columbia, Canada. The first major new pipeline to be built in Canada in decades is set to open on May 1

Canada's First New Oil Pipeline In Decades Starts Operating

Built alongside an existing 1,150-kilometer (715-mile) line erected in 1953 that already moves about 300,000 barrels of oil per day, it was meant to increase market access for the world's fourth largest oil exporter and get a better return for Canadian crude.

HSBC Announces Surprise Retirement Of Chief Executive

HSBC said CEO Noel Quinn would step down after almost five years in the post
Quinn, 62, who streamlined HSBC to focus more on Asia, has decided to pursue a portfolio of business interests that allow him to have more time with family, HSBC said in a statement alongside quarterly results.
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The overnight success of OpenAI's ChatGPT thrust generative AI as Silicon Valley's latest tech revolution, lifting Microsoft, OpenAI's main backer, to become the world's most valuable company

Microsoft Expands Its AI Empire Abroad

The overnight success of OpenAI's ChatGPT thrust generative AI as Silicon Valley's latest tech revolution, lifting Microsoft, OpenAI's main backer, to become the world's most valuable company.
Meta's growth is due in particular to its sophisticated advertising tools and the success of "Reels"

Meta Profits Soar But Costs Of AI Cause Worry

The company founded by Mark Zuckerberg said that net profit in the January to March period rose to $12.4 billion with total revenue, mainly from selling ads, up an impressive 27 percent, at $36.5 billion.
Critics allege TikTok is subservient to Beijing and a conduit to spread propaganda, claims that China and the company strongly deny

Bill To Ban TikTok In US Clears Congress

The measure was part of a $95 billion foreign aid package, including military assistance to Ukraine, Israel and Taiwan, which has now cleared Congress and heads to President Joe Biden's desk.
Brussels has launched a wave of investigations against China in the past few months

EU Opens Probe Into China's Medical Device Market

Brussels fears China is favoring its own suppliers when it comes to the procurement of medical devices. The EU's official administrative journal, announcing the probe, set out ways that could be happening, including through a "Buy China" policy.
Honda hopes to sell only zero-emission vehicles by 2040, with a goal of going carbon-neutral in its own operations by 2050

Honda To Build Major EV Plant In Canada: Govt Source

The federal government as well as the province of Ontario, where the plant will be built, will both provide some financial incentives for the deal, according to the source, who spoke on condition of anonymity.
The services sector propped up the eurozone's economic activity in April

Eurozone Business Activity Accelerates In April

The HCOB Flash Eurozone purchasing managers' index (PMI) published by S&P Global registered a figure of 51.4 in April from 50.3 in March. It was the highest in 11 months. Any reading above 50 indicates growth, while a figure below 50 shows contraction.
Middle-earth Enterprises & Friends will manage the intellectual property rights Embracer has for "The Lord of the Rings" and the "Tomb Raider" games

'Tomb Raider' Owner Embracer Splits Into Three Companies

The new entity, Middle-earth Enterprises & Friends, will manage the group's most well-known and big budget game studios -- such as Crystal Dynamics, Dambuster Studio and Eidos-Montreal -- representing net sales of 14.1 billion kronor ($1.3 billion).
Taiwan Semiconductor Manufacturing Company -- whose clients include Apple and Nvidia -- controls more than half the world's output of silicon wafers

Taiwan Chip Giant TSMC's Profits Surge On AI Demand

Taiwan Semiconductor Manufacturing Company -- whose clients include Apple and Nvidia -- controls more than half the world's output of silicon chips, which have been called the "lifeblood" of the modern world.
Christine Lagarde, president of the European Central Bank, pictured at a press conference in Frankfurt am Main, Germany, on April 11, 2024

'We Are Not Fed-dependent,' ECB Chief Says On Rate Cuts

Speaking in Washington on the sidelines of spring meetings at the International Monetary Fund, Lagarde said Europe was seeing a "disinflationary process" -- with observers betting on the first rate cut to take place in June.
Volkswagen's assembly plant in Chattanooga, Tennessee. will be the first to vote in the United Auto Workers (UAW) campaign to organize Southern plants

Tennessee VW Workers Hold Key Unionization Vote

Volkswagen employees in Tennessee will begin casting ballots Wednesday in a vote that could make theirs the first foreign carmaker to unionize in the American South, expanding gains made by organized labor in the auto heartland of Detroit.
ASML saw a decline in net profits and bookings

ASML Profits Down Amid China Chip Spat

ASML is one of the leading manufacturers of equipment to make state-of-the-art semiconductor chips, which power everything from mobile phones to cars.
Meta's independent oversight board can make recommendations regarding the social media giant's deepfake porn policies but it is up to the tech firm to actually make any changes

Meta 'Supreme Court' Takes On Cases Of Deepfake Porn

The move by what is referred to as a Meta "supreme court" for content moderation disputes comes just months after the widespread sharing of lewd AI-generated images of megastar Taylor Swift on X, formerly Twitter.
South Korean semiconductor giant Samsung will build a new chip facility in Texas and expand its existing one, according the agreement

US To Grant Samsung Up To $6.4 Bn For Chip Plants

The award is the latest from the US government as it looks to cement its lead in the chip industry -- especially for chips needed for the development of AI -- both on national security grounds and also in the face of competition with China.

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