Credit rating agency Moody’s Investors Service anticipates the Swiss investment banking company Credit Suisse’s losses to reportedly reach US$3 billion by the end of the year, putting its core capital below 13% level. A loss of 1.9 billion Swiss francs ($1.91 billion) was recorded by Credit Suisse in the H1 of the year. The bank stated in July that it anticipated operating with a common equity tier 1 (CET1) ratio of between 13% and 14% for the remainder of 2022. Senior vice-president of Moody's financial institution

LS Electric, the top Korean electric firm, has reportedly planned to expand in Vietnam as well as across the ASEAN market, as per company officials. The move comes as Koo Ja-kyun, LS Electric Chairman, aims to increase the firm’s global market share. In the mid-1990s, LS Electric was one of the first domestic power firms to enter the Vietnamese market and was successful in establishing a sales system in the domestic power industry. After that, in 1997, the business created a corporation in Vietnam's capital city of Hanoi and

Tesla, the US-based automotive and clean energy company, has reportedly planned to remove ultrasonic sensors from its Model Y and Model 3 EVs. The move is believed to be the next phase in Tesla CEO Elon Musk's ambition to only utilize cameras and software to enable its advanced driver assistant system as well as other active safety measures. From this month, the 12 ultrasonic sensors that are generally located on the front and rear bumpers of Tesla's vehicles will no longer be included in any Model 3 or Model Y vehicles made f

Ukraine needs to revise its labor laws as well as redouble attempts to privatize thousands of firms in order to restore Ukraine’s economy, as per the economic adviser of its president. Alexander Rodnyansky, an advisor to Ukraine’s President Volodymyr Zelenskyy, has reportedly claimed that the war-torn nation needed to ramp up attempts to restructure industries as it attempts to rebuild after Russia's invasion. According to him, the Ukrainian government must finance the conflict and lay the groundwork for rapid economic

Immerok, a Berlin-based real-time data processing startup, has reportedly raised €17 million ($16.7 million) to enhance the experience of companies using Apache Flink for real-time data processing. The firm currently has plans to introduce its cloud service and expand its staff. Immerok aims to help businesses leverage real-time data by offering developers a framework for building, running, and supporting Flink-based stream processing apps in the cloud without the need for expensive infrastructure knowledge. The firm just received further funding to expand its service

Lemonade, the US-based insurance company, is reportedly set to launch in the UK, which will be its fourth European expansion and fifth in total, with some support from one of the largest and oldest British insurance providers Aviva. For the uninitiated, Lemonade entered the trillion-dollar insurance market in 2015 with a fresh perspective on how customers should be getting insurance. In contrast to outdated bureaucracy and brokers, mobile-first, AI-powered automated solution for filing and submitting claims was the strategy of the day.

Meta, the American tech giant, and owner of Instagram and Facebook has reportedly announced extensive plans to reorganize teams as well as lay off staff for the first time, ending a time of fast growth at the social media company. In the first significant budget cut since Facebook's inception in 2004, Meta's CEO Zuckerberg announced that the firm would stop further hiring and reorganize some departments to save costs and redefine priorities. He estimated that Meta would probably be smaller in size in 2023. Zuckerberg announced

The South Korean government has reportedly ordered two cryptocurrency exchanges to block access to around US$65 million worth of Bitcoin that is connected to the Terraform founder Do Kwon, the founder of the now-defunct company that created two digital coins. Kwon founded Terraform Labs, the organization that created the algorithmic UST or stablecoin TerraUSD, as well as its sibling token Luna.  Prior to their collapse in May, which sent shockwaves across the crypto industry, these coins' total worth was close to $60 billion.

Jaguar Land Rover (JLR), the British automobile manufacturer, has reportedly planned to train 29,000 global employees in key electrification skills such as engineering and servicing. The Future Skills Program will train 29,000 individuals within the next three years, with 10,000 of them based in the United Kingdom. To overcome the skills gap in the electric vehicle servicing segment, the company plans to train 11,450 workers throughout the 1300 JLR franchises globally. The corporation will hire a