BUSINESS

ARCHEGOS FOUNDER BILL HWANG GUILTY IN FRAUD CASE

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The founder of US investment firm Archegos, Bill Hwang, was found guilty Wednesday of fraud and market manipulation in a case focused on the fund's 2021 implosion that cost major banks billions of dollars.

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BOB’S STORES SHUTTING DOWN AFTER SEVEN DECADES IN BUSINESS

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Bob’s Stores, a beloved discount retailer in northeast America, is shutting down after nearly 70 years in business. The company recently filed for Chapter 11 bankruptcy protection and will soon close all 21 of its locations, liquidating its inventory in the coming weeks.

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SHEIN PROMISES A BIG INVESTMENT IN THE UK AHEAD OF ITS IPO LAUNCH IN LONDON

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Shein, the fast-fashion e-commerce giant, is making bold moves to improve its image and expand its presence in Europe and the UK ahead of a potential initial public offering (IPO) in London. The company, known for its ultra-low prices and rapid production model, has pledged to invest 250 million euros ($271 million) over five years in these markets, signaling a shift in strategy as it faces mounting criticism and regulatory challenges.

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FISKER SET TO SELL EVS AT $14,000 FOLLOWING COURT APPROVAL

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Electric vehicle startup Fisker has requested approval from a Delaware bankruptcy court judge to sell its remaining inventory of Ocean SUVs at a significant discount. The company, which filed for Chapter 11 bankruptcy protection in June, aims to offload 3,321 electric vehicles to New York-based American Lease for $46.25 million, averaging approximately $14,000 per vehicle.

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SAMSUNG FORECASTS A 1400% LEAP IN IT'S PROFITS

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Samsung Electronics has forecast a remarkable 1,400% jump in profits for the second quarter of 2024, driven primarily by the surging demand for advanced computer chips fueled by the artificial intelligence (AI) boom. This unprecedented growth reflects the company's strategic positioning in the rapidly evolving tech landscape and highlights the transformative impact of AI on the global semiconductor industry.

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META VIOLATES DMA ACT ON IT'S "PAY OR CONSENT " MODEL, FAILING THE EU COMPETITION RULES

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The European Commission's preliminary findings, released on July 1, 2024, have determined that Meta's "pay or consent" model for Facebook and Instagram users in Europe violates the Digital Markets Act (DMA). This decision marks a significant blow to the tech giant's data-driven advertising strategy.

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FEDERAL PROSECUTORS CONSIDERING REVIVING BOEING CHARGES

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Boeing, the aerospace giant, finds itself at a critical juncture as federal prosecutors consider reviving a criminal charge against the company. The outcome, expected by Sunday, July 7, 2024, could have far-reaching consequences for the aviation industry leader.

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HYUNDAI'S AFFORDABLE EV SKIPS THE US MARKET

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Leaving the American electric vehicle enthusiasts disappointed, Hyundai has announced that its latest compact EV, the Inster, will not be making its way to US shores. This decision highlights the ongoing struggle to bring affordable electric options to the North American market, where demand for such vehicles is growing.

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