Reliance Industries Ltd. reported a 5.4% profit decline for the quarter ending June 30, falling short of expectations due to ongoing issues in its oil-to-chemicals sector, despite a 12% revenue increase.
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Businesses, Airlines Struggle Amid Global Microsoft-Crowdstrike Tech Outages
More than 2,000 flights in the US were canceled by Sunday evening following the tech outage. Hundreds to thousands of businesses worldwide are still struggling following a faulty software update that caused global tech outages on Friday.
Joe Biden Stands Down From White House Race — Here’s How the Business World Reacted
US President Joe Biden announced that he was standing down from the country’s presidential election this November, endorsing Vice President Kamala Harris on his stead.
Family Business in Hong Kong Under Fire for Repackaging Tofu in Poor Hygiene Conditions
Hong Kong company known for its fermented Tofu, Liu Ma Kee, faces backlash after it was revealed that they imported and repackaged tofu under unsanitary conditions, contrary to its claims of producing it from scratch.
Disneyland Workers Vote to Authorize A Strike To Protest Wages and Benefits
Disneyland employees in California have authorized a potential strike, with nearly 99% of union members supporting the move amid ongoing contract negotiations over wages and benefits.
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Bissell has recalled 3.3 million Steam Shot Handheld Steam Cleaners in North America due to a burn risk, following over 150 injury reports linked to the defect.
Boeing, facing severe financial and reputational damage from the 737 Max crashes, is implementing a comprehensive recovery plan involving better safety measures, workforce training, and buying back its troubled fuselage supplier.
Stellantis recalls over 24,000 plug-in hybrid minivans due to a potential battery fire risk, advising owners to park outdoors and avoid charging. At the same time, they investigate a defect linked to seven reported fires.
A recent update to CrowdStrike Falcon Sensor software caused widespread "blue screen of death" errors for Microsoft users worldwide, impacting both individuals and businesses and resulting in a 1.3% drop in Microsoft's stock price.
The company also said it will no longer participate in or support "external social or cultural awareness parades, festivals, or events.”
To compensate for the lost value, payments would need to increase to more than $4,400 a year. Read more here.
The new mini-model is an offshoot of GPT-4o, the company's fastest and most powerful AI model to date. Learn the features of this new model here.
The S&P 500 slid 0.78% on Thursday while the Dow fell 1.29%. Read more about it here. The US stock market saw a significant slump Thursday amid speculations the Federal Reserve could cut its benchmark rates in September.
Previous election seasons saw the S&P 500 slump and the Dow Jones Industrial Average trade below 11,000.
