Big Mac’s comeback: McDonald’s reopens in Ukraine | Business and economic news

The hamburger giant has withdrawn its business from Russia after Moscow sent troops to Ukraine last February. McDonald’s will begin reopening some of its restaurants in Ukraine in the coming months, a symbol of the war-torn country’s return to a sense of normalcy and a show of support after the US fast food chain and … Read more

Lion Air victims receive payout after Boeing settlement money disappears | Business and economic news

Medan, Indonesia – A US law firm has taken the rare step to compensate the families of the victims of the Lion Air crash in Indonesia after the family’s lawyers in California failed to pay them the full amount of their settlement with Boeing. Chicago-based Edelson PC paid at least $2 million to five families … Read more

Trump refuses to answer questions in NY investigation into his company | Donald Trump news

Ex-president insists he “did nothing wrong” but says he invoked the Fifth Amendment because he had “absolutely no choice.” Former US President Donald Trump has said he declined to answer questions under oath during an appearance before the New York State Attorney General in an investigation into his business dealings. Trump had appeared in Attorney … Read more

Chipmakers tumble amid fears of worst downturn in 10 years | Business and economic news

Shares of Semiconductors plunged after Micron Technology Inc. became the latest chipmaker to warn of dwindling demand, raising concerns that the industry is headed for a painful downturn. In the US, the Philadelphia semiconductor index fell 4.6% on Tuesday with all 30 members in the red, its biggest drop in about two months. In Asia, … Read more

DOJ prepares to sue Google next month over advertising market | Technology News

The United States’ federal control over Google’s digital advertising activities can be traced back to the Trump administration. Through Leah Nylen and Gerry SmithBloomberg Published on 9 Aug 2022Aug 9, 2022 The US Department of Justice is preparing to sue Google next month, according to people familiar with the case, which will take years of … Read more

US Senate passes bill to fight climate change, cut drug costs | Business and economic news

Democrats in the United States have passed a sweeping $430 billion bill intended to fight climate change, lower drug prices and raise some corporate taxes, in a big win for President Joe Biden. The package, known as the Inflation Reduction Act, was passed by the Senate on Sunday by a 51-50 party vote, with Vice … Read more

Senate Democrats Approve Budget Package, Big Win for Biden | Business and economic news

Democrats pushed their election-year economic package to the Senate, a hard-fought compromise less ambitious than President Joe Biden’s original vision — but one that still fulfills the entrenched party goals of slowing climate change, moderating pharmaceutical costs and taxing large companies. The package on Sunday sits next to the House where lawmakers are poised to … Read more

China’s Mortgage Boycott: Could the Real Estate Market Crumble? | Business and Economy

From: Counting the costs Chinese home buyers are refusing to pay mortgages on properties they have bought because developers can’t finish them. Real estate is one of the biggest drivers of economic growth in China, accounting for a third of the country’s $18 trillion gross domestic product (GDP). Not only the wider economy depends on … Read more

Robinhood cuts staff as trade boom collapses | Business and economic news

Robinhood Markets Inc is cutting nearly a quarter of its workforce as a pandemic trading boom has subsided. The app-based brokerage laid off 23 percent of its workforce as it posted a 44 percent drop in revenue from slumping trading activity, in a Tuesday earnings announcement that came a day ahead of schedule and exceeded … Read more

Hong Kong enters second recession since massive protests in 2019 | Business and Economy

The economy of the international financial center will contract by 1.4 percent in the second quarter, after a previous decline of 3.9 percent. Hong Kong has slipped back into a technical recession, new government figures showed Monday, weighed down by rising interest rates, weakening global trade and the city’s continued adherence to strict coronavirus controls. … Read more