Tech News

Concerns over Credit Suisse viability surge as shares dive

Credit Suisse shares plunged to new lows Monday, spurring swelling fears and even suggestions the bank could face a "Lehman Brothers moment", despite expert assurances it is too big to fail.. Credit Suisse figures among the banks worldwide that were labelled "too big to fail" after the Lehman Brothers debacle and were required to put aside large amounts of capital to ensure they could withstand future crises without affecting the rest of the banking sector.

Mon, Oct 3, 2022 3 mins read

Tech News

US Supreme Court to hear cases challenging tech firm immunity

The US Supreme Court, in a decision with potentially far-reaching ramifications, agreed on Monday to hear two cases challenging the legal immunity of internet companies from liability for content posted by their users.. Under Section 230 of the 1996 Communications Decency Act, social media companies such as Google, Facebook and Twitter are not considered to be publishers and are not legally liable for content posted by their users.

Mon, Oct 3, 2022 1 mins read

Tech News

Vodafone, Hutchison in talks to merge UK ops

Vodafone on Monday confirmed it was in talks over merging its UK operations with rival Three UK, owned by Hong Kong-based CK Hutchison.. Vodafone said a combination would allow "the necessary scale to be able to accelerate the rollout of full 5G in the UK", which has been partly hampered by Britain banning Chinese giant Huawei from involvement in the technology offering faster downloads than 4G. Vodafone said it would have a majority 51-percent stake and CK Hutchison the remainder in a non-cash deal.

Mon, Oct 3, 2022 1 mins read

Tech News

US manufacturing growth slows to lowest since 2020: survey

US manufacturing growth slowed in September to its weakest pace in more than two years amid a decline in orders, as well as easing price pressures, according to an industry survey released Monday.. Seven of the industries surveyed contracted compared to August, while nine reported growth.

Mon, Oct 3, 2022 1 mins read

Tech News

Kim Kardashian pays $1.26 mn for unlawful crypto promo

US reality star Kim Kardashian has agreed to pay a $1.26 million fine after unlawfully pushing a cryptocurrency on Instagram without revealing that she was paid to do so, the Securities and Exchange Commission announced Monday. . The fine includes a penalty of $1 million plus $260,000, representing the amount Kardashian paid plus interest, the SEC said in a statement.

Mon, Oct 3, 2022 1 mins read

Tech News

OPEC+ tipped to make big cut in oil output

Major oil-producing nations led by Saudi Arabia and Russia are expected to make this week their biggest output cut since the start of the Covid pandemic in efforts to buttress prices.. He said Saudi Arabia was currently producing 11 million barrels per day.

Mon, Oct 3, 2022 3 mins read

Tech News

UK economy not out of woods despite tax U-turn

Britain's debt-fuelled economy remains threatened by recession and the pound mired by trouble despite the government of new Prime Minister Liz Truss performing a swift tax U-turn.. UK gilts, or government bonds, remain supported by an emergency Bank of England intervention after yields rocketed following the debt-fuelled budget late last month.

Mon, Oct 3, 2022 2 mins read

Tech News

Singapore proposes new law to tackle harmful online content

Social media sites could be blocked or fined in Singapore if they fail to stop users in the tightly-controlled country from accessing "harmful" content under a proposed law introduced in parliament on Monday.. Online communication services "with significant reach or impact in Singapore" may also be required to introduce measures to prevent Singapore users, particularly children, from accessing harmful content, the ministry said, without naming the platforms.

Mon, Oct 3, 2022 1 mins read

Tech News

Turkey's inflation rate hits fresh 24-year high

Turkish inflation jumped to a new 24-year high exceeding 83 percent in September, official data showed Monday, as President Recep Tayyip Erdogan presses for more interest rate cuts despite surging prices.. "We think inflation will rise a bit further but with President Erdogan calling for further easing the central bank is likely to deliver another interest rate cut this month," he wrote in a note to clients. 

Mon, Oct 3, 2022 2 mins read

Tech News

Turkey's inflation rate hits fresh 24-year high

Turkish inflation jumped to a new 24-year high exceeding 83 percent in September, official data showed Monday, after the central bank cut interest rates despite surging prices.. Turkey's monetary policymakers are bucking the global trend of central bank raising interest rates to combat inflation, as high borrowing rates cool down the economy and prices.

Mon, Oct 3, 2022 1 mins read