Alphabet Shares Slide On Report Samsung Abandoning Google For Bing

Shares of Alphabet slid during premarket trading in New York on Monday following a New York Times report on Sunday that revealed South Korean consumer electronics giant Samsung was considering replacing Google with Microsoft’s Bing as the default search engine on its devices.  NYT said Google’s employees were “shocked” when they heard about the news in March.…

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UBS May Slash 36,000 Positions Following Credit Suisse Takeover

The forced bail-in sale of Credit Suisse to UBS will lead to a staggering number of job cuts, ranging from 20% to 30%, which equates to a reduction of approximately 25,000 to 36,000 positions, as reported by SonntagsZeitung newspaper, quoting insiders. Earlier this month, UBS agreed to acquire its struggling competitor Credit Suisse for 3 billion Swiss francs ($3.3…

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World Bank Warns Of ‘Lost Economic Decade’ As Turmoil Spreads

The world is in a precarious situation, with the potential for nuclear conflict. Central banks are taking aggressive measures to address decades-high inflation by raising interest rates, which in turn is causing a banking crisis in the Western world. As recession risks surge worldwide and international trade fractures, the future of the global economy appears…

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The EU Will Lag On AI For The Same Reason It Lost On Phones And EVs

Let’s discuss why the EU lags on artificial intelligence, electric vehicles, cloud storage, phone technology, and nearly everything else… Eurointelligence comments Europe is Losing the AI Battle. Having missed the first stage of the digital revolution, Europe is now in danger of missing the next big phase: that of artificial intelligence, a technology that is now…

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Hyperinflationary Hell: Lebanese Central Bank Devalues ‘Lira’ By 90%

Cash is now king in Lebanon, where a three-year economic meltdown has led the country’s once-lauded financial sector to atrophy and turned the country into a Venezuelan-esque hyperinflationary hell. The country has been hit hard by events over the past few years, starting with COVID. In August 2020, the city of Beiruit was practically destroyed by…

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Tesla To Announce New $3.5 Billion Production Facility For Semis In Nevada

If there’s a demand problem, Tesla certainly isn’t acting like it. Just days after the company slashed prices on its models in both the U.S. and China, it is now being reported that Tesla is seeking to open yet another production facility – this one slated to be in northern Nevada.  The planned $3.5 billion plant is going…

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Norway Replaces Russia As Germany’s Top Gas Supplier

Norway became Germany’s single-largest natural gas supplier in 2022, overtaking Russia, as total German gas imports dropped by 12.3% compared to 2021, the German Federal Network Agency, Bundesnetzagentur, said on Friday. Norway provided 33% of the gas Germany imported last year, followed by Russia, whose share fell to 22% for last year, compared to a 52% share in…

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NASA Considers SpaceX For Emergency Return Mission For Potentially Stranded Astronauts

spacex

Three weeks ago, the Russian Soyuz spacecraft sprang a coolant leak while docked at the International Space Station, leaving the craft’s spaceworthiness in question.  NASA and Russia’s space agency, Roscosmos, have been investigating what caused a punctured coolant line. The Soyuz is supposed to return two cosmonauts and one US astronaut to Earth this month. Reuters said…

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Europe’s Big And Expensive Energy Mistake

Europe failed to prioritize energy security and has now found itself overly reliant on Russian energy and paying sky-high prices for power France is dealing with this issue by renationalizing its largest utility in order to ensure the survival of nuclear power. Germany, which is arguably the country that has suffered most from energy security…

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