Business

American Airlines readies more jets to meet rising demand

American said that as of March 26, average bookings for the next seven days had reached 90% of levels experienced before the pandemic upended air travel in 2019, with a domestic load factor of about 80%. “The Company presently expects this strength in bookings to continue through the end of the first quarter and into […]

Business

Buffett-backed Chinese EV maker BYD profit up 162% in 2020

BYD reported 4.23 billion yuan ($643.75 million) net profit in 2020, up from 1.61 billion yuan in 2019. That compared with a 4.6 billion yuan net profit estimated by 22 analysts, according to Refinitiv data. The Shenzhen-based car company, which has partnerships with Japan’s top automaker Toyota and German Daimler in China, sold 426,972 vehicles […]

Business

With stick and carrot, Saudi starts winning over firms in regional race

When CSG opted to shift its regional headquarters this year from Dubai to Riyadh, it marked an early win for Saudi Arabia and proved a surprisingly easy move for the U.S. technology firm: the new office was up and running in just two months. CSG is among several foreign companies that agreed earlier this year […]

Business

U.S. trade regulator will not appeal Qualcomm case to Supreme Court

The Federal Trade Commission said on Monday it would not ask the U.S. Supreme Court to review its appeals court loss against Qualcomm Inc, which the agency had accused of breaking antitrust law in selling chips for smartphones. In October, the U.S. 9th Circuit Court of Appeals said it would not rehear arguments over whether […]

Business

U.S. safety agency says it will gather information on Tesla-truck crash in New Jersey

The U.S. auto safety agency said on Monday that it will collect information about an accident in which a Tesla vehicle crashed into a tractor-trailer in New Jersey. The Tesla driver, a 44-year-old, said he had his cruise control on “when he momentarily lost focus on the roadway” and drove his car under the trailer […]

Business

Global banks brace for losses from Archegos fallout

Global banks may lose more than $6 billion from the downfall of Archegos Capital, sources familiar with trades involving the U.S. investment firm said on Monday, and regulators and investors fear the episode could reverberate more widely. Japan’s Nomura and Credit Suisse of Switzerland warned of major losses from lending to Archegos for equity derivatives […]

Business

Nike sues company that made ‘Satan Shoes’ with Lil Nas X

Athletic shoe maker Nike Inc on Monday sued a New York-based company that produced “Satan Shoes” purported to contain a drop of human blood as part of a collaboration with “Old Town Road” rapper Lil Nas X. Nike said in the lawsuit that the company, MSCHF Product Studio Inc, infringed on and diluted its trademark […]