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Tokyo stocks plunge on tech sell-off amid rising interest rates
Tokyo stocks plunged Tuesday, led by the selling of technology issues on concern over higher borrowing costs amid rising long-term interest rates in the United States and Japan. The 225-issue Nikkei Stock Average ended down 761.60 points, or 1.94 percent, from Monday at 38,471.20. The broader Topix index finished 56.09… Read
Tesla plans to lay off 10% of workforce after dismal quarterly sales
After reporting dismal first-quarter sales, Tesla is planning to lay off about a tenth of its workforce as it tries to cut costs, multiple media outlets reported Monday. CEO Elon Musk detailed the plans in a memo sent to employees. The layoffs could affect about 14,000 of the 140,473 workers… Read
Trump Media stock slides again to bring it more than 66% below its peak as euphoria fades
The stock price for Donald Trump's social media company slid again Monday, pushing it more than 66% below its peak set late last month. Trump Media & Technology Group closed down 18.4% at $26.61 as more of the euphoria that surrounded the stock fades. It's a sharp comedown since nearing… Read
Yen sinks to 154 range vs dollar for 1st time in 34 years
The yen fell below the 154 line against the U.S. dollar on Monday in New York for the first time in nearly 34 years on receding expectations that the U.S. Federal Reserve will cut interest rates soon amid signs of persistent inflation. The value of the Japanese currency depreciated against… Read
China set to post slowing growth on housing, consumption woes
China's economy is expected to have slowed in the first three months of the year as it continues to be buffeted by a debilitating property sector crisis and flagging consumer activity. Beijing officials last month set a target of around five percent growth for the year -- a goal they… Read
Asian stocks track Wall Street's decline as Middle East tensions escalate
Asia stocks pulled back on Monday as worries about potentially escalating tensions in the Middle East rattled financial markets, pushing investors to look for safer places for their money. U.S. futures rose and oil prices fell despite tensions roiling the Middle East where an attack late Saturday marked the first time Iran… Read
How immigrant workers in U.S. have helped boost job growth and stave off a recession
Having fled economic and political chaos in Venezuela, Luisana Silva now loads carpets for a South Carolina rug company. She earns enough to pay rent, buy groceries, gas up her car — and send money home to her parents. Reaching the United States was a harrowing ordeal. Silva, 25, her… Read
Japan chipmaker Rapidus establishes Silicon Valley subsidiary
Japanese chip venture Rapidus Corp has established a subsidiary in Silicon Valley to expand its reach in the world-leading IT and semiconductor hub. Rapidus Design Solutions LLC, located in Santa Clara, California, will be led by President and General Manager Henri Richard, an executive with decades of leadership experience in… Read
U.S. Steel shareholders approve takeover by Nippon Steel opposed by Biden administration
U.S. Steel shareholders have overwhelmingly approved the company's sale to Nippon Steel of Japan for $14.1 billion in cash, voicing unequivocal support for a combination that has drawn opposition from the Biden administration on economic and national security grounds. More than 98% of the shares voted at a special investor… Read
Treasury wants to boost foreign investment review powers, as Congress dissects Nippon Steel, TikTok deals
U.S. Treasury wants to enhance the power of a little-known, secretive government committee to review deals made between U.S. firms and foreign investors. This comes as high-profile deals involving foreign investment in the U.S. — like Chinese firm ByteDance’s ownership of popular social media app TikTok and Japanese firm Nippon… Read
