BUSINESS

The family-owned hedge fund run by Hwang had taken huge bets on a few stocks with money borrowed from banks, and when several of those bets turned sour, the fund was unable to meet "margin calls" to cover the losses.

The biggest single commitment is by Microsoft which on Sunday announced four billion euros in investment for developing data centers.

Brussels also said it would investigate whether social media platform X, owned by tech billionaire Elon Musk, can be exempted from the rules.

French pharmaceutical giant Sanofi and struggling US rival Novavax announced Friday an alliance to sell a Covid vaccine and develop another that combines with a flu shot.

Taiwan Semiconductor Manufacturing Company controls more than half the world's output of chips, and supplies them for everything from Apple's iPhones to Nvidia's cutting-edge artificial intelligence hardware.

Sunak -- whose governing Conservatives are trailing the main opposition Labor Party before a general election and suffered heavy losses in English local polls last week -- has made economic growth one of his top priorities.

Japanese auto giant Honda on Friday logged a record annual profit thanks to improving global vehicle sales, but issued a cautious outlook for the current fiscal year.

BBVA's new bid came three days after Sabadell's board of directors rejected a merger proposal, saying it was "not in the best interest" of the bank.

Concord, a rival to Hipgnosis, said in a statement that it would not hike its $1.5-billion bid after Blackstone agreed a $1.6-billion offer.

The BoE is widely expected to maintain borrowing costs at 5.25 percent for a sixth meeting in a row, mirroring a wait-and-see approach by the US Federal Reserve and European Central Bank.

The suit, filed at a federal court in Washington, argued that the move violates the First Amendment, charging that "Congress has made a law curtailing massive amounts of protected speech."

Struggling foreign automakers in China are looking for help from local tech giants to try to stay competitive in the world's biggest electric car market, where shiny smart screens, assisted driving and sophisticated map technology are in high demand.

The results for 2023-24 were helped by foreign currency effects, in particular the weak yen, as well as brisk sales, notably of hybrid vehicles.

The FAA said it opened the investigation after Boeing notified it that the company may not have completed required inspections, which are needed to ensure a safe and functional electrical flow between aircraft components.

The announcement comes after fellow tech titan Microsoft unveiled billions of dollars of investment in the same sectors in Southeast Asia last week as firms look to take advantage of growing demand in the region.

Switzerland's biggest bank said its turnover increased by 46 percent to $12.7 billion, largely thanks to its investment banking arm, which had been the key project in the mega-merger.

The European Commission "concluded that the notified transaction would not raise competition concerns", the EU's powerful antitrust regulator said in a statement.

Von der Leyen said there were "imbalances that remain significant" and "a matter of great concern". She singled out Chinese subsidies for electric cars and steel that were "flooding the European market".

The companies released a joint statement that said the new deal included "improved remuneration" for artists and songwriters under the Universal Music Group (UMG) umbrella, and will also assuage concerns over the growth of AI-generated content on TikTok.

Federal Judge Amit Mehta, whose decision is not expected until later in the year, raised his questions during two days of hearings that come six months after the conclusion of testimony.

Apple took in a record high amount from digital goods and services sold to fans of the iPhone-maker's gadgets, chief executive Tim Cook said in an earnings release.

China is the world's biggest spender in the luxury sector, accounting for half of global sales. But as its post-pandemic recovery falters, consumption has flagged, sending jitters through the industry.

Danish shipping giant Maersk posted a huge drop in net profit for the first quarter on Thursday as Yemeni rebel attacks force it to avoid the vital Red Sea route.

The world economy is expected to expand by 3.1 percent this year, up from a previous projection in February of 2.9 percent, according to the the Organization for Economic Cooperation and Development.

Microsoft pledged a $2.2 billion investment in artificial intelligence and cloud computing in Malaysia on Thursday to help develop the country's AI infrastructure.

The group unveiled a fresh $3.5-billion stock buyback and forecast capital expenditure this year would reach between $22 billion and $24 billion.

Elon Musk's EV company, which moved earlier this month to cut more than 10 percent of its 140,000 employees, will disband two departments and lay off most of the employees from the groups, reported the Information late Monday.

For months, the US central bank has maintained its benchmark lending rate at a 23-year high to cool demand and rein in price increases -- with a slowdown in inflation last year fueling optimism that the first cuts were on the horizon.

The amount included more than $7 billion already spent on repairs and compensation for about 430,000 affected people, it added.