Business

Pertaining to and impacting businesses, markets and the economy

 
Poland seeks legal action over stolen painting sold in Germany
Polish authorities have sought legal action and restitution for a 1928 painting by Wassily Kandinsky auctioned in Germany. The painting, believed to have been stolen from the National Museum in Warsaw in 1984, was sold for over $400K.
 
EU caps price of Russian oil at $60 a barrel
The European Union has concluded a deal for $60 per barrel price cap on Russian oil. Ursula von der Leyen, President of the EU Commission, stated, "The EU agreement on an oil price cap, coordinated with G7 and others, will reduce Russia’s revenues significantly. It will help us stabilise global energy prices, benefitting emerging economies around the world."
 
Twitter suspends Ye over offensive tweets
US rapper Kanye West, now called Ye, posted some tweets, one of which showed a symbol that looked like a combination of swastika and a Jewish star. Ye's antisemitic outbursts have led to loss of business deals and suspensions in the past.
 
Cryptocurrency firm BlockFi files for Chapter 11 bankruptcy
Cryptocurrency firm BlockFi has filed for Chapter 11 bankruptcy protection. Founded by fintech executive-turned-crypto entrepreneur Zac Prince, the company claimed its bankruptcy stemmed from its exposure to the FTX collapse and broader turmoil in crypto markets.
 
Apple supplier Foxconn apologises after labor unrest at Zhengzhou plant
On Thursday, Apple's major supplier Foxconn claimed a "technical error" occurred when hiring new recruits at a COVID-hit iPhone factory in China. Protesters smashed surveillance cameras and clashed with police as hundreds of workers protested at the iPhone plant in Zhengzhou city on Wednesday.
 
Northern Ireland trans-Atlantic low-cost airline to debut in 2024
A new Northern Irish airline plans to run flights across the Atlantic starting in the summer of 2024. In a statement, Fly Atlantic stated that it plans to serve British, European, Canadian, and American destinations once it begins operations.
 
China signs 27-year gas deal with Qatar
QatarEnergy has signed a 27-year deal to supply China’s Sinopec with liquefied natural gas (LNG). QatarEnergy chief Saad al-Kaabi stated, "Today is an important milestone for the first sales and purchase agreement for North Field East project, it is 4 million tonnes for 27 years to Sinopec of China."
 
Disney’s new CEO Bob Iger announces restructuring
Reinstated Disney CEO Bob Iger is rushing to reverse the organizational changes former CEO Bob Chapek made. Iger was renamed the company's CEO and subsequently announced his restructuring intentions within 24 hours.
 
Elizabeth Holmes sentenced to over 11 years for Theranos fraud
Elizabeth Holmes, Theranos Inc. founder convicted of defrauding investors, was sentenced to more than 11 years in prison. US District Judge Edward Davila delivered the sentence Friday in federal court.
 
Twitter employees start quitting after Musk’s statement
Hundreds of Twitter employees are estimated to be leaving Twitter, following an ultimatum from Elon Musk that staffers sign up for "long hours at high intensity," or leave. In a follow-up email, Musk stated, "If possible, I would appreciate it if you could fly to SF to be present in person," adding he would be at the company’s headquarters until midnight and would return Saturday morning.