BUSINESS

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International coffee prices have reached an all-time high record following a sharp increase. Arabica coffee prices surged to over $3.44 per pound on Tuesday, an 80% increase this year alone, marking a fresh high for global coffee production. Robusta prices also hit a record high in September.

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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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Boeing has resumed production of the 737 MAX following a stoppage of nearly three months caused by an extended labor strike in the Seattle area. The company announced that its Renton factory recommenced production of the 737 MAX on Friday. Additionally, operations at its Everett facility, where the 767, 777, and 777X are manufactured, are set to resume in the coming days.

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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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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.