BUSINESS

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China announced on Monday that it has initiated an investigation into US chip giant Nvidia for purportedly breaching its anti-monopoly laws, according to a prominent government agency, as both countries compete for supremacy in global chipmaking.

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Carlos Tavares, who drove auto giant Stellantis with aggressive cost-cutting and high car prices, reached the end of the road as CEO when his strategy hit a dead end. Tavares engineered one of the most ambitious mergers in automotive history in 2021 when more than a dozen brands, including Jeep, Fiat, Chrysler, Peugeot and Citroen, were put under the same roof.

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On Monday, thousands of Volkswagen workers staged a walkout, marking the second round of strikes amid the intensifying dispute between unions and management regarding the company's significant cost-cutting measures.

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A Regulation expert by the name Dr Maria Luisa Stasi is alleging the tech giant Microsoft overcharged companies for its Window Server software, used in cloud computing. She is seeking compensation of over £1bn on behalf of UK businesses. Thousands of UK businesses could receive payouts if the legal claim filed against tech giant Microsoft is successful.

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Intel's CEO Pat Gelsinger on Monday was announced to have resigned after a difficult tenure at the company. The once-dominant chipmaker’s stock surged as it missed the AI boom and was surpassed by most of its rivals. Gelsinger took over as Intel’s chief executive in February 2021, returning to the company at which he worked for decades, including as chief technology officer. He had left Intel for a stint as CEO of software giant VMWare.

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British airline EasyJet on Wednesday reported a 40-percent rise in annual net profit on strong demand for its package holidays. Profit after tax stood at £452 million ($569 million) in the 12 months to the end of September, building on its return to profit last year following losses in the wake of the Covid pandemic.