Category: Business

Chinese coffee chain Luckin Coffee said on Wednesday its board had found no evidence of misconduct by Chief Executive Jinyi Guo during a month-long investigation into allegations made by some employees. Guo, who took over after the competitor to Starbucks ousted co-founder and chairman Charles Zhengyao amid an internal fraud investigation, had denied the allegations. […]

Vestas said on Wednesday it would reduce its production capacity in United States, which entails cutting 450 positions in three factories across Colorado, as the company cited lower near-term demand. “With a larger fleet under service and lower demand in the near-term, we are therefore consolidating our setup in Colorado,” Chief Operating Officer Tommy Nielsen […]

Shopify Inc hinted revenue growth would slow this year, as vaccine rollouts encourage people to return to stores, after the Canadian e-commerce firm trounced profit and revenue expectations for the holiday quarter on soaring online demand. The company said it does not expect the near doubling of gross merchandise volume (GMV), an industry metric to […]

The United Arab Emirates civil aviation authority has authorised Boeing 737 MAX planes to resume flying, state news agency WAM said on Wednesday. The plane was grounded globally in March 2019 after two fatal crashes in five months killed 346 people. Emirati carrier flydubai is a major buyer of the jet. The United States lifted […]

Australia claimed an early win in a protracted licencing battle with Google on Wednesday as media companies lined up to announce content deals with the internet giant that were reportedly far more lucrative than their global rivals. A month after the Alphabet Inc-owned company threatened to shut down its search engine in Australia to avoid […]

U.S. investment firm Artisan Partners on Wednesday called on French food group Danone to separate its medical nutrition business from its baby foods unit and offload its Asian water brand Mizone to boost returns. Danone, touted as a prime target for an activist fund, has come under pressure in recent weeks to make management changes […]

Output at U.S. factories increased more than expected in January even as a shortage of semiconductors weighed on the production of motor vehicles, pointing to resilience in the manufacturing sector recovery. Manufacturing production rose 1.0% last month after gaining 0.9% in December, the Federal Reserve said on Wednesday. That was the ninth straight monthly advance […]